What can be done about Data Breach or a Cyber Attach?
Prevention is always the best medicine:
1. Training employees on the proper methods for handling the devices, passwords and how to use the internet and cloud.
2. Keeping current with operating systems and application software updates
3. Having up-to-date antivirus and data breach software installed system wide.
4. Practicing good computer habits, ie changing passwords and using complex passwords.
5. Separations of duties
6. Have “trusted” employees take at least a consecutives week off a year for vacation.
If prevention does not work, Data Breach/Cyber Liability Insurance offers 1st party and 3rd party coverage. It needs to respond to the following exposures:
1st Party Claims
1. Incident Response Services
2. Ransom demands to unlock your system.
3. Notification requirements costs from federal & state laws & regulations to your clients that have suffered a data breach
4. System assistance in restoring your systems and data
5. Loss of income for the time that it takes to recover from a data breach
6. Harm to reputation & goodwill
7. Crisis Management and public relations costs
3rd Party Claims
1. Damages to clients that have suffered a data breach
2. Cost of defense to defend you from these claims
3. Regulatory Violations, fines and penalties that may be accessed against the firm