|
Cyber Insights Today October 15, 2024
Hosted by Richard Freiberg
Privacy and Security
https://www.buzzsprout.com/admin/1913940/episodes/15925642-cyber-insights-today-october-15-2024
I am Richard Freiberg. Today we will be addressing why risk management must be an integral part of your cyber response plan.
Risk management concerns should be part of cyber incident response plans to ensure companies make the best use of their insurance coverage and minimize unnecessary disclosure of potentially damaging information. Cyber incident response plans must be established well before a cyberattack occurs.
Including insurance information in response plans allows companies to quickly access approved vendors and ensures that communications during the critical period following a breach are covered by legal privilege.
The first step risk managers should take after discovering a cyber incident and beginning their response is to review their insurance policies. In addition to cyber liability policies, organizations may seek coverage under other policies, such as directors’ and officers’ liability insurance if the company’s stock price is affected by the disclosure of a breach, or kidnap, ransom, and extortion coverage in the event of a ransomware attack.
Next, insurers should be notified of the breach with a high-level notice. This notice is potentially discoverable by third-party claimants and regulators if litigation or regulatory action follows a cyber incident
Additionally, policyholders should establish a nondisclosure agreement with their insurers to keep communications under privilege, preventing plaintiff’s lawyers from accessing communications with the insurer in the event of a lawsuit.
As the incident response progresses, policyholders should be mindful of proof of loss deadlines in their policies, often one year, and seek extensions if necessary.
Risk managers should also build relationships with other professionals within their organizations and leverage those relationships during an incident. It’s crucial to build a coalition of resources, including external counsel, general counsel, and the information security team.
Effective communication between various departments ensures that insurers are aware of and approve the external vendors used in an incident response and that their costs are covered.
Follow Cyber insights Today on Apple Podcasts or Spotify.
That’s it for Cyber Insights Today.
DON’T BECOME ANOTHER STATISTIC!
Richard Freiberg
Profitability Consultant
Richard Freiberg CPA PC
Phone (980)339-3352
Cell (914)393-0033
www.rmfreibergcpa.com
LinkedIn
to subscribe to Cyber Insights Today
to subscribe to LinkedIn Newsletter Cyber Security
Providing valuable counsel to help boost your company’s bottom line, while navigating competitive forces, industry, and economic risks in today’s challenging environment
|
1 thought on “Cyber Insights Today October 15, 2024”
Risk management is super important for businesses!