Cyber Security Risk Management for Insurance Professionals

Workshop Description: 

Cybercriminals are cutting-edge criminals who pride themselves on innovation, always striving to come up with new ways to attack businesses’ ITS structures and facilities. electronically and online.

As the types and variety of cybercrimes continue to grow and mutate, a cybersecurity strategy must be employed. This can allow Companies to reduce the negative impact that a cyber-attack can have on their customer retention and reputation. It is impossible to eliminate all cybersecurity risks, therefore, employing a comprehensive risk management approach is critical to mitigate against the detrimental impact of cyberattacks, from prevention to recovery.

Learning outcomes: At the end of this workshop participants understand:

1. Why Cybersecurity Risk Management is important?

• The need for a Company/business to create a cybersecurity strategy to protect itself because of increased cyber-attacks.
• The motivation for the same. Financial extortion; the thrill of the challenge by hackers
• To prevent litigation or minimize the effects of the same

2. How to Build the right Management Culture.

• Investing in awareness training – Training Staff etc.
• Stressing the importance of “Cyber Hygiene”- Daily routines and behaviours of security teams or personnel.
• Inviting different Perspectives – Collaborating with third party experts

3. How to assess Cybersecurity Risks.

• Performing a Data audit
• Vulnerability and Penetration Tests
• Guarding against phishing, ransomware and online scams

4. How to implement a Response Plan.

• First Responders: Having a blue team or someone responsible for engaging with the system upon notification or awareness of a Cybersecurity incident. Containment and isolation of threats on systems or networks. Eradication of infected files, folders etc.
• Forensics (second responders): Threat hunting for attack vectors etc., checking on your system’s integrity, security and level of data loss. Confirming that your system is ready for your operations to return to normal.
• Recovery: Restore your system and network to its state pre-incident operation; informing the police and clients.
• Monitoring: Continue to monitor the results of your response plan (this could include the use of specific applications); keeping logs, keeping all stakeholders informed regarding the state of your cybersecurity.

 

5. How Business Insurance (Cyber Security Insurance) can help.
   1. Cyber liability insurance policy

• The Cost of notifying customers of a data breach
• Credit monitoring services
• Computer forensic services needed to investigate the attack
• Business interruption costs
• Ransome in the situations of cyberextortion
• Défense costs in civil claims filed against you by affect parties
  1. Tech errors and omissions insurance policy
• Covers lawsuits related to professional mistakes
• Missed deadlines- not complying to a standard in a timely manner
• Data breaches resulting from human errors

Facilitator: Anish Bachu Anish Bachu is an experienced cyber security professional attached to the Trinidad and Tobago Cyber Security Incident Response Team (TT-CSIRT) under the Ministry of National Security. He is the team lead for financial services sector security and health sector security. His duties range from incident response, vulnerability and threat monitoring at a national level and cyber security assessments of government systems and infrastructure. Anish graduated from St. John’s University in New York with a BSc in Cyber Security Systems and a Masters of Business Administration in Information Systems and Decision Science. He is also a member of the Cyber Security Industry Advisory Board at St. John’s for their BSc and MSc programs.