Expertise Beyond the Numbers

Safeguarding Your Company with a Cybersecurity Strategy

On June 12th, SC&H Group and HMS Insurance hosted a seminar on Building an Integrated Cybersecurity Strategy, which aimed to advise owners and executives about their roles and responsibilities in protecting your business.

Cybersecurity strategies and choosing the right cybersecurity insurance are not easy topics to understand. There are numerous tasks and key players that need to be considered as there are rules and limitations to insurance plans, lawyers need to get involved after companies are compromised, forensics teams are brought in to see how far the breach goes and there are companies that exist just to communicate with hackers and transfer Bitcoin.

With the ever-changing landscape of cybersecurity, it is important to figure out if your company is as covered as it needs to be.

Executives gained insight on what makes a good cybersecurity strategy and what insurance policy was right for them with speakers Jeff Bathurst, Director of Technology Advisory Services of SC&H Group and Terry Katz, HMS Insurance’s Vice President of Education/Training/Quality Assurance/Claims.

The four main points of the seminar that Bathurst and Katz addressed were:

  • The cybersecurity landscape of 2019
  • Steps executives need to consider to safeguard your organization
  • The role of leadership in cyber strategy
  • What is actually covered with cybersecurity insurance?

The main premises behind this seminar was to inform c-suite executives on how to craft a cybersecurity strategy that will help them safeguard their company against possible future attacks.

Bathurst began the seminar by explaining how everyday thousands of people could be attempting to break through your firewall and how important it is to have a conversation about the safety of your network.

He touched on the five main components that make up a good cybersecurity readiness program. Culture, process, technology, people, and administrative are the key areas an organization needs to examine when developing a strategy. Bathurst noted the strategy you devise can be as simple or as complex as you want it to be and mentioned that these main components don’t stand alone but are interrelated.

“Culture, you need to make sure you are talking about cybersecurity at every level of the organization,” said Bathurst, “you need to talk about how you are protecting your data.”

Another key point that was made – from an administrative standpoint you need to have a plan and you need to sit down and talk about it to figure out what you are going to do when a cybersecurity breach takes place. Do you have a communication plan for not only your company but one for your customers? Bathurst stressed that you do not want to make this stuff up as you go and that backups can be financial lifesavers.

Terry Katz hit on the points that it is imperative to invest in cybersecurity insurance and is important to sit down and talk in depth about what type of insurance is most suited for your company. She stated there is no standard policy to cyber insurance coverage because cyber is a moving target due to lack of historical data models. For example, there are 13 insuring agreements for cybersecurity, however at the very least your company should invest in data breach coverage.

All of the points shared at the event point to: businesses need to create a cybersecurity culture that will help combat potential attacks, have the right response plan in place when a breach occurs, and have the administrative teams (lawyer, insurance company, technology advisor) on call as needed.

If you have any questions about SC&H Group’s Technology Advisory Services or would like to know more about how you can protect yourself from a cybersecurity incident, please contact us today.