KMRD Partners Helps Protect Your Business from Cyberattack
KMRD Partners Helps Protect Your Business from Cyberattack
Cybersecurity was in the news again last week when six major American banks were hit in a wave of computer attacks. As a result of these denial of service attacks, customers at Bank of America, JP Morgan Chase, Citigroup, U.S. Bank, Wells Fargo and PNC were all temporarily unable to gain access to their accounts or pay bills online.
We believe these attacks are significant to all members of the business community. For starters, they demonstrate how vulnerable all businesses are to cyber events. No amount of preparation can protect any business (or governmental entity) from a cyber event, even those with substantial data security budgets. What is surprising is how unprepared these businesses were for these attacks. They didn’t have a well rehearsed plan to return to normal following an attack. The banks were slow in communicating with customers regarding the nature and extent of their failure, adding to customers’ confusion and frustration. The White House announced this week their network was hacked by Chinese sources, despite the most stringent protocols being in place. There is no system invincible to an intrusion. The need for planning, recovery and protection is critical.
We believe this is a teachable moment for any company who has not adequately prepared for a cyber event. This lesson may apply most strongly to insurance coverage. To prepare for a cyber event, all firms should review their cyber coverage before the attack or intrusion. The good news is the full range of costs resulting from a cyber event can be covered by carefully-written network business interruption coverage.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping organizations recover from unplanned events that wait on the other side of one minute from normal.
To learn more about our insurance and risk management solutions, contact us at contactus@kmrdpartners.com before one minute from normal strikes your organization.
