The answer is YES, there are often “blind spots” in your business insurance policies. Due to the high incidence of ransomware attacks last year, insurance premiums have increased as much as 40% and polices may have limitations to further protect the insurer. Mind the Gaps in Your Insurance Policy Recently, our Strategic Advisor in Evansville, IN gave us a few tips to better understand insurance policies. You should ask the following questions about your business’ Cyber Liability Insurance policy. Does my insurance coverage have sublimits? A sublimit is the maximum
Category Archives: Compliance
Do You Have Insurance Coverage Blind Spots?
Business Email Compromise is Your Biggest Threat
What is Business Email Compromise? In a Business Email Compromise is also know as a BEC scam, or email account compromise (EAC). It’s when criminals send an email message that appears to come from a known source making a legitimate request. Every week this month we’ve assisted a business with a breach caused by stolen email credentials. It is by far the most lucrative attack for cybercriminals. Businesses need to start taking cybersecurity more seriously, as one government agency is warning that ignorance of best practices can lead to “catastrophic
What is Driving Business Compliance?
There’s a long list of compliance requirements for businesses. PCI and HIPAA compliance are long-standing regulations that have driven credit card acceptance and healthcare entities for decades. Some that have tried to improve the security posture of impacted businesses, like CMMC with manufacturers, but have struggled to gain implementation and adoption. So, what is the strongest driver of compliance for your business today? Insurance and Supply Chain. Insurers are Driving Compliance Cyber Liability Insurance has been around quite a while, but due to the significant increase in breach incidents, they
Top 6 Reasons for Cyber Insurance Claim Denials
If you think that your cyber insurance claim will be cleared with no questions asked, think again. Insurance claim denial has risen. While reviewing your claim, your cyber insurance provider will assess whether you took “due care” to protect your business from being compromised by a cyberattack. While having a cyber liability insurance policy is non-negotiable today, you cannot be fully assured that your insurer will cover any of the costs you incur following a security breach. Hidden in the fine print of your cyber insurance policy document are certain
The Cyber Liability Insurance Crisis
It reminds us of the time(s) home owner insurers dropped residents of Florida after multiple hurricanes. Insurance companies are trying to stay afloat after a huge increase in claims. The soaring cost of breach incidents are changing the way insurers do business. As a result, it’s changing the way YOU do business. Insurers are requiring more from businesses before offering them cyber liability insurance coverage. And the cost of cyber liability insurance is increasing dramatically. The Soaring Cost of Cyber Liability Insurance Have you tried to renew your cyber liability
Why Invest in Cyber Liability Insurance?
The COVID-19 pandemic has impacted everyone in one way or another. If there is one category that most benefited from the pandemic, it’s cybercrime. Cybercrime shot up by almost 300% since the start of the pandemic! Businesses are much more likely to be closed by cybercrime than fires and natural disasters. So, adopt measures to protect your business like having Cyber Liability #Insurance (CLI). Cyber Liability Insurance (CLI) covers the financial loss that results from cyber events such as data breaches. However, cyber liability is not typically included within general
Prioritize Business Regulatory Requirements
One of the many challenges you probably face as a business owner is dealing with the vague regulatory requirements present in HIPAA and PCI-DSS legislation. Due to the unclear regulatory messaging, “assuming” rather than “knowing” can land your organization in hot water with regulators. The Health and Human Services (HSS) Office for Civil Rights receives over 1,000 complaints and notifications of HIPAA violations every year.* When it comes to PCI-DSS, close to 70% of businesses are non-compliant.* While you might assume it’s okay if your business does not comply with
6 Essential Elements of a Compliance Program
Why do small and mid-sized businesses (SMBs) need a compliance program? ✅ First, the trends are alarming. 42% of small businesses experienced a cyberattack in the last year. 75% was caused by giving too much privileged access to third parties. ✅ The free market is driving the demand to prove your business is secure, not regulations alone. You cannot buy cyber liability insurance without proof of your business security. You can’t receive an insurance claim payout without proof of your business security. Your supply chain and business associates demand it
What are You Risking with Non-Compliance?
One of the many challenges you probably face as a business owner is dealing with the vague requirements present in HIPAA and PCI-DSS legislation. Due to the unclear regulatory messaging, “assuming” rather than “knowing” can land your organization in hot water with regulators. Are you taking a risk? Do you know if you are non-compliant? The Health and Human Services (HSS) Office for Civil Rights receives over 1,000 complaints and notifications of HIPAA violations every year.1 When it comes to PCI-DSS, close to 70% of businesses are non-compliant.2 While you
A ‘Compliance First’ Mindset Limits Liabilities
By adopting a Compliance First strategy, you will identify vendors and solutions that do not comply with your requirements. Then, you can eliminate them from your selection process, and select from the rest. It also means evaluating your current solutions and vendors and replacing those that cannot support your compliance requirements. In simple terms, compliance is anything someone else makes you do. This means laws, regulations, contracts, and even the terms of a cyber insurance policy. Failure to act responsibly can have devastating results. Your business could endure hefty penalties,