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Address Today’s & Tomorrow’s Complex Cyber Risks

Equifax and other commonplace names such as Verizon, Anthem, Home Depot, Sony, Target, and Citibank have all been victims of high-profile cyber attacks and leaks, compromising customer and/or employee data. These organizations make headline news because of the scope and extent of their breaches but many companies – from small to mid-size and large firms – are victims of cyber losses. From hacks, attacks, identity theft, ransoms, and even extortion attempts, millions of records are continually stolen and money fraudulently obtained by hackers and fraudsters. The need to step up security measures and protection today is vital for all businesses.

 

Haughn & Associates (H&A) offers insurance coverage to respond to cyber exposures, a widespread risk faced by all industry sectors and types of businesses. We aim to tailor a policy that fits your risk profile to protect against financial loss and reputational damage.

Inside a Cyber Policy

The professional staff at H&A will customize your Cyber Liability insurance program to address your specific needs – from manufacturers that have increased exposures today due to advanced technology, including the Internet of Things, the use of cloud services and mobile, 3-D printing, etc.; to habitational risks that possess private customer information online; to a wide range of main-street businesses. It’s important to note that your General Liability insurance will not respond in the event of a cyber-related loss.

We can design a Cyber policy to include:

  • Forensic investigation to cover the cost to determine how the breach occurred, its scope, and how to best contain the damage.
  • Computer and data loss replacement or restoration costs.
  • Business interruption and extra expense, which covers lost profits and extra expenses following a data breach.
  • Public relations expenses/crisis management to help your business communicate appropriately to customers, business partners, and the public in response to news of a data breach to try to prevent and limit lost business.
  • Notification costs, call center, and credit monitoring for victims of the breach, covering the cost of a consultant working with your attorneys to prepare and provide the notifications.
  • Cyber extortion – covers ransom payments you make and extortion-related expenses you incur in response to a threat.
  • Third-party insurance to cover the cost to hire attorneys, consultants, and expert witnesses to defend your company from lawsuits by customers, business partners, and shareholders and the resulting settlements or judgments against you.

We can also cover fines and penalties under the High Tech Act, the Red Flags Rule, and HIPAA, depending on your industry.

Best Practices Key

Cyber criminals don’t discriminate; in fact, they view smaller businesses as easier targets because the level of defense is not as robust as a larger organization’s. Because of this, it’s important that in addition to having proper Cyber Liability insurance in place, you implement best practices in your organization to mitigate your risk. These include:

  • Implementing corporate security policies and making sure all your employees understand them.
  • Training employees in key areas – acceptable use of equipment, password polices, defense against social engineering and phishing attacks.
  • Encrypting all records and confidential data.
  • Performing frequent backups and testing these backups.
  • Thorough screening of employees to reduce the risk of a malicious insider.
  • Defending your network behind your firewall using network access control (NAC) – and making sure you can block rogue access and managing the bring-your-own-device (BYOD) dilemma.

Our Commitment to You

At Haughn & Associates (H&A), our core values and principles of integrity, honesty, dependability, innovation, and collaboration shape who we are and guide us; they ultimately allow us to provide our clients with high-quality insurance products and an unparalleled level of superior service. Each business, family, and individual is given the personalized attention needed to design the right fit of insurance and risk management protection.