The amount of time to respond to a cyber threat can be the difference between a non-event or a compromise of your client’s entire network.
Experts suggest IT and security professionals follow the “1-10-60” rule to successfully mitigate breaches before damage is caused to their network and organization – 1 minute to detect an incident, 10 minutes to investigate the legitimacy of the incident and determine next steps, and 60 minutes to remediate.
This may be an unrealistic goal, even for fully staffed IT departments. Smaller businesses without in-house technical expertise or resources to retain cybersecurity professionals and legal counsel on a 24/7 basis are at more of a disadvantage. And that’s where your clients can benefit from Coalition’s Claims and Incident Response team.
Coalition suggests for policyholders to report incidents early and often. Unlike other cyber carriers, there is no harm in reporting a matter to Coalition that doesn’t trigger coverage under the policy.
Almost ½ of incidences reported are resolved without opening a claim. The policyholder does not incur any expenses, limits of liability are not eroded, and does not affect loss runs when it comes time to renew their insurance coverage.
A real ransomware nightmare
A policyholder was hit with a ransomware event over a weekend that encrypted a file server with critical business information. Fortunately, the company had viable backups in a clean environment. Their IT consultant formatted the server and restored the files with no issues. However, the policyholder did not analyze the network for the intrusion vector and did not report the matter to Coalition.
Two weeks after the initial event, the threat actors used the same access vector to re-encrypt the network and made special care to get financial documents and all connected back-ups. They had no choice but to pay the ransom to recover the data. If we would have known about the initial attack, Coalition claims and CIR would have deployed an endpoint detection and response solution and shut-down the initial access vector, reducing incurred expenses and keeping money out of the hands of criminals.
Coalition aims to respond to reported matters in seconds. Incidents can be reported through a toll free 24/7 claims hotline (+1.833.866.1337),
chat function, or claims email (firstname.lastname@example.org). Emails and phone calls do not go to a call center or third-party vendor: your client will be speaking immediately with knowledgeable claims professionals and attorneys who will triage and assist with the incident right away.
www.bigimarkets.com to request a quote today! Reach out to the Big “I” Markets Cyber Liability Program Manager,
Carla McGee, if you have any questions or would like to walk through a quote.