According to the IBM 2023 Cost of a Data Breach Report the average total cost of a data breach reached an all time high of $4.45 million per incident. Organizations that reported low or no security system complexity experienced an average data breach cost of $3.84 million in 2023. Cloud environments were frequent targets for cyber attackers in 2023. Attackers often gained access to multiple environments, with 39% of breaches spanning multiple environments and incurring a higher-than-average cost of USD 4.75 million.
All this basically means that data breaches are expensive to fix. And many businesses do not survive them. In order to protect yourself and your business, there are certain things you can to improve your chances of surviving a breach.
Risk assessment. Perform a risk assessment to understand your organization and what you’re trying to protect.
Business preparation and continuity. Create policies that describe what you will do to reduce your risk and be able to stay in business.
Incident response. Create a plan for responding to a cyber-attack.
Employee training. Make sure your employees understand how to keep your business safe.
Network and website vulnerability identification and management. Perform penetration testing to identify gaps in your information system security and come up with plans to fix them.
Regular scanning and testing, including dark web scanning and ethical hacking. Monitor and test your internal and external environments for signs that you may have been compromised.
Cyber insurance policies. Obtain appropriate cyber insurance to help you to prepare for and recover from a cyber incident.
Cyber insurance is a key element of an effective cybersecurity system. It can help to offset the cost of recovering your business when a data breach occurs. Because of the high cost to recovery from a data breach and the increased frequency of cyber-attacks, the question we all have to ask ourselves is: Can we afford not to have cyber insurance?
In this webinar you’ll hear about the key tenets of cyber insurance including:
What is cyber insurance?
What does it do?
What do terms like “third party liability” and “first party loss” mean?
When should you consider buying cyber insurance?
What policy options do you have?
What are your obligations under a cyber insurance policy?
Presenter
Mark A Smith, Senior Vice President, CRC Insurance
Mark is a cyber focused insurance wholesaler, specializing in cyber since its emergence to prominence in 2007. As head of CRC’s national Cyber Team, he works closely with many cyber insurers in the development and refinement of cyber policy forms and endorsements. He is a frequent industry speaker, writer, and educator on all things cyber. He is a graduate of Washington State University and splits his time between Arizona and Wisconsin with his labradoodles Roca and Snickers.
This webinar was made possible by a grant from the Hawaii Department of Business, Economic Development and Tourism. Other supporters include the Chamber of Commerce Hawai‘i, the Hawai‘i Defense Alliance and the University of Hawai‘i.
