We have all, as organisations, come a long way in a short time in understanding the risks from cyber threat to reputation, ability to deliver service, and capacity to generate income.

In 2019, Innovation Broking clients were exposed to various cyber security risks including:

• An attempt to obtain money transfer to a similar bank account by phishing, or by the criminal already being “inside” a trusted party’s system
• Systems being frozen and only unlocked by paying a ransom
• The data of one organisation being being illegally obtained via a breach in a supplier’s system – with the organisation being held responsible for personal data being exposed
• A service provider suffering a prolonged downtime that impacted ability to operate or raise funds.

There are two key mitigation strategies that all organisations should follow, irrespective of  size:

1. Inculcate a culture of cyber risk awareness, honesty and good governance. Large organisations should have a cyber risk committee chaired by somebody outside the line management of the CTO. Smaller organisations should consider an external cyber readiness audit. 
2. Work with a specialist insurance broker to ensure that your organisation is protected via:

• 24-7  first responder help in planning how to react to a breach – including legal, forensic, PR, equipment sourcing, credit-monitoring, setting up a BitCoin account to pay a ransom
• An insurance package that addresses the costs you may have in:

1. 1. 1. Notifying, and any subsequent liability to, people whose data has been compromised
      2. Extra expenses and ransoms
      3. PR costs
      4. Loss of income
      5. Liability to those whose data has been breached

Innovation Broking partners with specialist cyber management consultants particularly for threat assessment, trustee/boardroom briefings, phishing training and penetration testing.

Charities & Care Practice Consultancy

Innovation Broking have been working closely with the Care Practice Consultancy of the insurer, Markel, and can now bring that service to you, whether or not you insure with Markel, and at significant discounts.
Markel Care: for Children, for Elderly, for Vulnerable Adults

Find out more

If you want to discuss how your cyber security and dependency interact with cyber insurance please contact us today or see Cyber and Data Breach.