04/06/2022
In this report of Ask the Risk Manager from Trident Public Risk Solutions, we look over the things you can be doing for your organization or public entity to help protect from phishing and cyber-attacks. To make sure your organization is doing all you can for your cybersecurity, read on to learn more.
What can your organization do for cyber protection?
Contrary to popular belief, Fortune 500 companies are not the only ones concerned with cybersecurity. Over the last few years, public entities have experienced numerous intentional cyber-attacks.
For instance, the City of Atlanta, GA, suffered a widespread ransomware attack in March of 2018. The threat actors used the “SamSam” malware to knock out services. Services such as warrant issuances, water requests, new inmate processing, court fee payments, and online bill pay programs across multiple departments. In addition, the same criminals used the malware to attack several other public-serving entities: the Colorado Department of Transportation, Mercer County, NJ, and Hollywood Presbyterian Medical Center.
These experiences indicate that no entity is immune to cyber threats and data breaches. Similar to for-profit corporations, public sector institutions are impacted financially, operationally, and legally. Not to mention, the residual reputational damage suffered upon news of the breach by the community. Cybersecurity is no longer a technological issue we can pass to the IT department; instead, it has become an enterprise-wide risk management concern.
What, then, can your organization do to protect itself better?
Below are two cybersecurity key statistics and risk mitigation techniques (RMT) to implement to reduce the likelihood of a data breach:
Trident Can Help
Keeping up with cybersecurity threats can be exhausting and chasing trends (guarding against a named threat) is costly. But not protecting your organization against cyber breaches can cost a lot more.
Check out the following tools we have created to help you safeguard your organization.
Cyber Coverage 360©
Designed to help local governments respond to cyber exposure incidents such as computer attacks, cyber extortion, network security liability and electronic media liability.
Coverage Highlights
Cyber Coverage 360© provides both first and third-party coverage that’s triggered when an insured discovers an attack on an owned or leased computer.
A computer hack may be:
- A hacking event or other instance of someone illegally gaining access.
- An attack by a virus or other malware.
- A denial-of-service attack.
Discovery of the attack must occur during the policy period. Coverage does not apply to breaches that occur prior to the first inception of the coverage.
Coverage for computer attacks includes:
- Data restoration costs
- System restoration costs
Coverage for Cyber Extortion
Coverage for cyber extortion incidents includes the cost of hiring a professional firm – i.e., coverage for a firm hired by the insured to investigate and negotiate a cyber extortion threat, which is deemed a credible threat, or series of threats to launch a potential denial-of-service attack.
Other Coverage Highlights
- Network Security Liability
- Electronic Media Liability
Gain Access to Valuable Online Resources from Trident Public Risk Solutions
Cyber Coverage 360© from Trident Public Risk includes access to eRiskHub®, an online resource for training & education, best practices and other risk management tools for cyber exposures. Visit our eRiskHub® portal to register or log in.
Article References:
- https://www.npr.org/2018/12/05/673958138/georgia-charges-iranians-in-ransomware-attack-on-atlanta
- https://www.ibm.com/security/data-breach/threat-intelligence/
- https://paragoninsgroup.com/tackling-the-industrys-evolving-risks/