Newport Beach Insurance Centers is proud to have created a whole other website for Cyber Insurance, CyberINShelp.com, we believe the threat and need is that great.
Here are a few things we think you should know about Cyber security:
THE BASICS, your company needs to at least be doing the following:
Have a Firewall
Have your files backed-up
Regularly run antivirus
If you want to go A LITTLE FURTHER you can add the following:
Two-Factor Authentication, for example: Username / Password, and then a PIN (it’s hard to hack both)
Strong Password Policy, variance in types of characters, mandatory quarterly password changes
Implement Software to protect your browsers and emails from phishing, some Cyber policies may provide this.
THIS ARTICLE HAS FUN TIPS THAT TAKE CYBER SECURITY TO A WHOLE OTHER LEVEL:
theguardian.com/online-security-measures-digital-privacy-guide
You can put all of these practices in place (and more), and you still can’t guaranteed a perfect system. Just as antivirus, firewalls and network security gets stronger, so do hackers.
WHAT A TRUE CYBER POLICY WILL DO FOR YOU:
Broad coverage of regulatory claims, business interruption, digital assets, extortion, multimedia and privacy breeches
Hotline services for times of crisis
Response assistance, credit monitoring, IT forensics, legal guidance and PR
FREE PHISHING TEST SIGN-UP:
We’ll help you ping your employees with fake phishing emails, to help you see who opens them, and how much training your company needs. Phishing and social engineering are responsible for 90% of cyber hacks!
FActs
Nearly half of all Cyber attacks are on small businesses
Two Thirds of companies aren’t prepared to detect or block most Cyber attacks
The average data breach involves nearly $900,000 of lost assets
One fifth of companies lost customers as a result of a breach
Over half of all small businesses breached are out of business in six months
What is CCPA
The California Consumer Privacy Act (CCPA) introduces new rights for California residents – forcing companies that conduct business in the State of California to implement structural changes to their privacy programs or face non-compliance. The CCPA will take effect on January 1, 2020.
WhO
It APPLIES
To
If your company (or your parent company or a subsidiary) exceed at least one of the three thresholds CCPA Will apply:
If your annual gross revenue is at least $25 million
If you obtain personal information from at least 50,000 CA residents, households, and /or devices per year
At least 50% of your annual revenue is generated from selling CA residents’ personal data and information
WHy
Comply
Non-compliance with the CCPA puts you at risk of huge fines. We can expect the Attorney General to initiate a civil case against companies if they remain non-compliant after 30 days upon being notified about any related issues. This brings a risk of being fined up to $7500 per violation.
It means that if you violate the CCPA-guaranteed rights of 1,000 users, you might receive a fine of up to $7.500.000 in total ($7500×1000 users).
Cyber
Coverage
Transfer your risk with cyber insurance. Not all cyber insurance policies will address the risks CCPA compliance poses. Make sure your policy includes coverage for:
Compensation claims, that can arise from class action lawsuits.
PR costs incurred to mitigate the impact of a data breach and/or CCPA non-compliance.
Fines imposed by regulators (where insurable by law).
Legal fees from a regulatory investigation.
Costs incurred from deploying seasoned breach response teams in crisis.
MEDICAL CYBER
We are proud to offer specialty Cyber Insurance for hospitals. These policies cover Bodily Injury, where general Cyber Insurance polices would not. Medical Cyber would also cover HIPAA corrective actions, as well as lost Medicaid and Medicare reimbursements. Extensive Cyber crime is covered by these polices as well, including third party payment crimes, electronic theft, phishing and wire transfer fraud. Technical errors and omission as well as court attendance costs can also be added to these policies.
Please email Brett Fulmer at brett@NPBIC.com for more info, and a Medical Cyber policy summary.