Don t Be a Victim to Data Breach Risks Protecting Your Organization From Data Breach and Privacy Risks

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1 Don t Be a Victim to Data Breach Risks Protecting Your Organization From Data Breach and Privacy Risks Thank you for joining us. We have a great many participants in today s call. Your phone is currently muted so that the noise level can be kept to a minimum. If you have not yet joined the audio portion of this webinar, please click on Communicate at the top of your screen, and then Join Teleconference. The dialin information will appear. If you have any questions, you can send them to the host using the Chat feature in the bottom right corner during the webinar. The webinar will start momentarily Keenan & Associates

2 Protecting Your Organization From Data Breach and Privacy Risks Presented by: Brad Keenan Cyber Specialist Keenan Kyle McKibbin Cyber Specialist Keenan License 2 No

3 Cyber Summary Cyber Risk and Data Breaches Overview Where are the exposures? How much of a financial impact do they have? Data breach examples Cyber Risk Management Risk retention Risk control Risk transfer 3

4 Myths about Cyber Security ALL Cyber Breaches are Preventable The IT Team is on top of it Cyber Theft/Data Breach is about credit cards Big Corporate Companies are most at-risk External hackers are the biggest security risk 4

5 5

6 National Headlines 40 Million Individuals; $148 Million Loss 24 States; 51 Stores 56 million credit cards; Unknown Loss 350,000 credit cards; $4.1 Million Loss $4.8 Million HIPAA Fine 6

7 7

8 School Districts 8

9 Healthcare Organizations 9

10 Municipalities 10

11 11

12 Data Breach A data breach is an incident in which sensitive, protected or confidential data has potentially been viewed, stolen or used by an individual unauthorized to do so 12

13 Important Records Student records Employee records Credit card information Financial aid records Job applicant records Tax ID information Utility payment records Citation payment records Patient records Health plan records and ID numbers 13

14 Exposures INTERNAL Lost or stolen laptops, computers, flash drives or other storage devices Backup tapes misplaced or lost in transit Rogue employees Inadequate computer-use policies Weak IT Infrastructure Employee Negligence EXTERNAL IT consultants/vendors Internet and network access points Sale, donation or disposal of old office equipment (desks, file cabinets, copiers) that contain employee records Viruses or Malware Dumpster diving 14

15 Why are Organizations at Risk Resource Size Less sophisticated safeguards Less dedicated manpower may lead to delayed or no detection Less resources to use to recover vs. big business Ability to React Detect/report a breach Notify/assist affected individuals Reimburse individuals for actual losses 15

16 Regulation & Notification Laws Federal guidelines HIPAA Payment Card Industry Data Security Standard (PCI-DSS) Drivers Privacy Protection Act (DPPA) Notification and consumer protection laws vary from state as to who must be notified and the manner of notification 47 states (including California) and D.C. have separate breach laws in place as of 2/6/12 AB 1149 (effective January 1, 2014) SB 46 (effective January 1, 2014) 16

17 Response to a Breach IT Forensics Credit Monitoring Media Management Reputational Injury 17

18 Per Person Cost of a Breach Research Hospitality Retail Public Technology Media Consumer Industrial Pharmaceutical Communications Services Financial Energy Education Transportation Healthcare $73 $93 $125 $172 $181 $183 $196 $204 $209 $219 $223 $236 $237 $259 $286 $316 According to 2014 Ponemon Institute Study $0 $50 $100 $150 $200 $250 $300 $350 18

19 Real Life Example #1 Healthcare industry Children s health system 1.6 million patients and employees effected Lost three unencrypted computer backup tapes during a building remodeling project Patient billing Employee payroll $316 x 1.6M = Could you absorb this loss? 19

20 Real Life Example #2 Local Community College Confidential records for 35,212 students were mistakenly ed to an unknown account The employee used a personal account to send the data to the researcher s personal address because the data file was too large to go through the district s secure, encrypted server The incident is costing about $290,000 20

21 Real Life Example #3 Southern California City CalPERS payment document was accidentally posted to the Water District s website Document contained personal information, including names and SSNs Information of employees and former employees who were enrolled in CalPERS during July October

22 Risk Management Strategies Risk Transfer Cyber Liability Insurance (Data Breach/Privacy) A risk management option that reduces the out-of-pocket cost related to data breaches Vendor Management Cloud/Data management provider Data is held by a 3 rd party vendor 22

23 Cyber Liability: First-Party Coverage Loss of Data Costs for repair and restoration of computer programs and electronic data Cyber Extortion Covers extortion threats to commit an intentional computer attack against the insured Crisis Management Costs for hiring a public relations firm to mitigate negative publicity Security experts to come in and assess the scope of the breach and determine a plan of action Costs to comply with multiple state breach notice laws Notification requirements Credit monitoring for detecting fraud 23

24 Cyber Liability: Third-Party Coverage Network and Information Security Liability To defend and indemnify claims for breach of security and access to protected information Regulatory Defense Expenses Defense costs and claims expenses involved with the regulatory action taken against you resulting from a data breach. 24

25 Policy Benefits Loss Prevention Services In-depth knowledge of the risk and specific exposures Training and compliance solutions IT Security Assessment services Consultations Proactive computer security services 25

26 3 rd Party Contractual Language 1) Seek defense/indemnity for breach of information security 2) Seek proof of insurance and adequate limits, perhaps even contract specific limits 3) Beware of limitation of liability provisions, limiting to amount of the contract 26

27 Risk Management Strategy Risk retention 27

28 Risk Management Strategy Risk Control Insider misuse Physical theft/loss Miscellaneous errors 28

29 29

30 Protect Your Organization Privacy/Breach Mitigation Program: network authentication credit card security data back-up complex passwords & physical security controls encrypted laptops/access file purging Assess your exposures, including employees, students, parents/guardians, volunteers, vendors, contractors, residents, customers, and patients Evaluate your potential costs and liabilities in connection with a breach Identify and track the life cycle of information in your organization 30

31 Questions? Disclaimer Keenan & Associates is an insurance brokerage and consul7ng firm. It is not a law firm or an accoun7ng firm. We do not give legal advice or tax advice and neither this presenta7on, the answers provided during the Ques7on and Answer period, nor the documents accompanying this presenta7on cons7tutes or should be construed as legal or tax advice. You are advised to follow up with your own legal counsel and/or tax advisor to discuss how this informa7on affects you

32 Thank you for your participation! Innovative Solutions. Enduring Principles. 32

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