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Prepare for Attack – Cyber Warfare is Here!

Barely a day goes by without some form of data breach being reported in the media, be it a competitor looking to gain an edge by stealing sensitive data, a disgruntled ex-employee looking to take retribution on a former employer, or the more traditional image of a technology “nerd” sitting in his bedroom pitting his wits against mankind.

We all know that the Bus Industry is not immune to Cyber Crime, and the time has come to defend yourself:

The media and politicians have chosen to label this kind of activity “Cyber Crime” or “Cyber Warfare”, and it is a lot more prevalent than people realise. Interestingly it is not just big corporate organisations that are at risk, so too are small to medium businesses (SMBs).

For example a survey released mid 2013 by McAfee found 45% of surveyed SMBs (between 25 – 250 employees) had been the target of an electronic attack in the prior year and 46% had suffered a data or security breach perpetrated by disgruntled and current employees.

This is now potentially the biggest threat your company faces, yet many companies still choose to bury their heads in the sand. With recent changes in legislation and more changes coming from various government bodies, now is the time to start understanding your exposures and preparing yourself.

Part of this is considering risk transfer with insurance cover.

So what is Cyber Insurance?

As technology and the way we communicate changes, more and more responsibility for the protection of privacy and personal data has fallen on business. It is your obligation to protect the data and the financial information of your customers. In addition, most of the valuable assets of a company now involve some form of network and data connection or storage: customer lists, books, records, receipts, tax documents, intellectual property, confidential contracts and trade secrets. Finally, most conversation in a company now occurs via e-mail on a network.

 Cyber insurance is there to protect you from liability that arises out of unauthorised breeches and use of electronic data or software within your network or business, as well as liability for spreading a virus or malicious code, computer theft, extortion.

Typical Cyber insurance policies include:

Security and Privacy Liability – This covers your liability in the event you suffer a data breach and you are sued by the affected party including customers or employees. This also includes theft or altering of data, viruses or malware, denial of service and other loss of data from your systems.

Customer Support and Reputational Expenses – If a data breach occurs, this will cover costs incurred to maintain your reputation and provide support to your clients, such as a public relations firm to help repair damage to your brands; legal costs for notifying your affected customers or offering credit monitoring services; setting up call centres for concerned customers; and bringing in IT forensic teams to ascertain the cause of the data breach and potentially remove the hacker from your system.

Data Recovery and Business Interruption – This covers the costs incurred to restore, re-collect or replace affected data stored at your premises or at your external backup data centre or storage facilities, and loss of revenue due to network downtime because of a security breach.

Privacy Regulatory Defence and Penalties – Investigation by regulators can be expensive to defend. This covers your legal costs to comply with any regulatory action taken against you following a data breach and can also pay for civil penalties (where allowed) and compensatory awards levied by regulators.

Cyber Extortion – Hackers can threaten to release confidential information or damage your computer networks in an attempt to extort money. This covers ransom paid to avoid the threat from becoming real.

What can you do to protect yourself?

BusInsure has been monitoring and is aware of the ever increasing exposure to the Bus & Coach Industry due to Cyber Attacks.

With this in mind we have been in discussion and negotiation with insurers to tailor a basic policy for the bus industry.

Please contact BusInsure on 1800 BUSINSURE (1800 287 467) to obtain a quotation, we have packages that start as low as $395 – a small price to pay to protect you and your business from Cyber Warfare.

These packages include the covers noted above, as well as guides on Privacy & Security Breach Response Planning, and a dedicated Incident Response Team made up of risk specific Law Firms, IT Forensics, Business Income adjusters, Public Relations companies and IT Security & Data Extortion specialists.

A Few Risk Management Tips to get you on the right track: 

  • Contact BusInsure for a Cyber insurance policy
  • Write and put in place a data breach response plan in the event of a breach (a guide provided you’re your Cyber Insurance policy through BusInsure)
  • Put in place a tried and tested business continuity plan for network downtime
  • Make sure you are aware of all regulatory requirements for all territories you work in
  • Conduct employee training to ensure your staff are aware of the risks your company faces
  • Put in place a “bring your own device to work” policy if you allow employees to use their own devices for work
  • Look at contracts with third party vendors providing data storage. Are there limitations of liability?
  • Conduct an external penetration test to highlight potential areas to address
  • Review system protection you have in place e.g. anti-virus, firewalls etc. and update regularly
  • Keep all your systems and software patched up

 “It costs much less to be prepared for, and defend, an attack than to wage a full scale offensive once the war is over” – Don’t wait for it to happen to you, start to prepare your defense today by calling BusInsure.

 

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