Articles Posted by Andrew J. Gibbs

Andrew Gibbs, a member of Lindabury’s Cybersecurity & Data Privacy practice group, is quoted in a recent issue of NJ-ROI concerning the confusion surrounding the argument to purchase insurance protection plans focusing on cybersecurity issues.  Andy says, “Cybercriminals are starting to target smaller and mid-sized businesses.  Those companies need to start making this more of an important consideration. It’s true that a lot of companies might still be saying, ‘I’m not sure I need this — it’s too expensive but the reality is, this insurance is not that expensive compared to the actual cost of a loss from a cyberattack.”

You can read the full NJ-ROI article here.

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In a recently published article by Relias Media, Andrew Gibbs says “It is useful to think of cyberinsurance as filling in gaps in existing insurance coverage.  Cyberinsurance can fill in gaps, and in some cases give you interlocking or overlapping coverage.  A large organization might have a crime policy with a social engineering endorsement, and then if you get a standalone cyberpolicy that also has social engineering coverage, you’ll have an overlap. That overlap helps protect you because those policies are going to limits and exclusions that might be overcome by the other policy.”

“There may be higher deductibles for certain kinds of cyberlosses, so healthcare organizations should get with their brokers or lawyers and try to maximize the coverage they can get within their financial restraints,” Gibbs says. “They also should watch carefully for exclusions and language that lessens the coverage.”

You may download the full article here.

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Andrew Gibbs was recently interviewed by Kent Thune of Fit Small Business in regards to Commercial Property Insurance.  Andy  suggests, “Business owners should also consider a Business Owners Policy (BOP), which is a ‘package’ policy that combines commercial property insurance with other types of coverage.  The BOP typically costs less than if a company purchased a number of separate policies.”

Originally published by Fit Small Business on June 6, 2018. You can read the full article here.

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Cybersecurity experts have observed that hackers and cybercriminals are increasingly targeting small and medium-sized businesses and that these efforts account for 60% of all cyberattacks. One expert described these companies as the “soft underbelly” of cybersecurity. Companies of all sizes face potentially significant costs in responding to a data breach and losses including business disruption, lost revenue and loss of reputation. The average time to resolve a cyberattack has been estimated at 46 days and costs can increase if the damage is not resolved quickly.

Such expenses could be catastrophic for small or medium-sized businesses so it is important for such companies to understand the insurance implications and select the appropriate coverage to protect against losses from a cyberattack.

TRADITIONAL INSURANCE

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A successful New Jersey business recently retained a cyber expert to evaluate the effectiveness of its network’s cybersecurity. The expert upgraded the company’s systems and educated its employees on how to recognize, prevent and respond to a cyber-attack. The expert then tested the defenses and was unable, despite multiple attempts, to hack into the company’s network. Satisfied that the network was reasonably secure, he decided to try one last trick. Posing as a friendly client who had an upcoming meeting, he called a receptionist and was given a Wi-Fi password which gave him access to the company’s network and sensitive information.

The good news for the company is that the breach was not real. The bad news is that, despite spending thousands of dollars to bolster its network security, the company’s network was compromised with a simple phone call. This is social engineering at its best.

WHAT IS SOCIAL ENGINEERING?

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