BOARD OF GOVERNORS MEETING JUNE 25, 2014

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1 CYBER RISK UPDATE BOARD OF GOVERNORS MEETING JUNE 25, 2014 EXECUTIVE SUMMARY Cyber risk has become a major threat to organizations around the world, as highlighted in several well-publicized data breaches over the past year. As technology evolves, so does the opportunity for hostile access to critical organizational and personal data. The cost of potential breaches has also increased as the legal, regulatory, and political environments have become more punitive for the data owner. As part of routine insurance operations, Citizens must collect sensitive information. Policyholders or employees could be damaged if it were to be compromised. Accordingly, Citizens is actively analyzing its enterprise risks and risk management options associated with cyber threats. DATA BREACHES Data breaches frequently reflect vulnerabilities within the organization. Three general causes of cyber risk are malicious or criminal attacks, employee negligence or error, and system glitches. Organizations can undertake a variety of activities to protect against data breaches. Citizens is engaging in many of these activities, as shown on Exhibit A. The use of third party vendors does not reduce the consequences of a data breach; the owner of the data is still held responsible and must be aware of the risk controls used by third party vendors. Studies have shown that eight key factors influence the cost of a data breach; Exhibit B lists those factors and their respective impacts on the cost of the data breach (on a per-record basis). When a data breach occurs, the breached organization often performs expensive activities, such as notification to impacted parties, forensic investigations, and providing identity protection and call center support for victims. Exhibit C lists the general cost categories and their contribution to costs. CYBER LIABILITY INSURANCE Cyber liability insurance is constantly evolving and is typically tailored to individual organizations. Insurance policies transfer part of the financial risk associated with breaches, but can also speed access to targeted services such as loss prevention guidance and pre- and post- breach technical assistance. Policies can also provide coverage for the loss of nonelectronic information, which is also in abundance at Citizens. As it can be difficult and time-consuming to assemble experts to assist after a breach, when timing is critical, Citizens is considering a range of both insurance and non-insurance solutions to cyber risk. NEXT STEPS Cross-functional staff have been tasked with developing an organizational incident response plan to be used in the event of a data breach. The incident response plan will guide identification of activities that can be addressed internally and the capabilities best sourced from external experts. Securing external services may entail purchasing a cyber liability insurance policy and contracting with vendors in advance of a breach. Both options will be evaluated by staff for the range of services required for incident prevention and response. 1

2 Citizens Property Insurance Corporation Cyber Risk Update Exhibits Board of Governors June 25, 2014

3 Exhibit A Key Controls and Activities Data loss prevention controls and activities Endpoint security solutions Training and awareness programs Expanded use of encryption (and other cryptographic data protection methods) Data loss prevention (DLP) solutions Identify and access management solutions Security intelligence solutions Strengthening of perimeter controls Security certification or audit Status at Citizens No Improving Maturing Ongoing 3

4 Exhibit B Typical Factors Affecting Breach Costs Factors that impact data breach cost Impact on per capita cost of data breach Consultants were engaged to help remediate the data breach. ($3) The data breach involved lost or stolen devices (including mobile devices such as smart phones and tablets). The company notified data breach victims quickly (within 30 days after discovery of the incident). CISO (or equivalent title) has overall responsibility for enterprise data protection. ($10) The company had a relatively strong security posture at the time of the incident. ($21) The company had an incident management plan at the time of the data breach event. Data was lost due to third party errors, glitches or misuse that caused an incident. $25 $18 $15 ($17) The company s business continuity management team provides substantial support in containing the negative impact of the incident. ($13) Note: CISO stands for Chief Information Security Officer. 4

5 Exhibit C Typical Data Breach Cost Distribution Trends in areas of cost associated with a data breach: Greater interest in identifying the root of the breach Defending against lawsuits and fines General Cost Categories % of average data breach cost Investigations and forensics 13% Audit and consulting services 7% Outbound contact costs 4% Inbound contact costs 6% Public relations/communications 1% Legal services defense 16% Legal services compliance 3% Free or discounted services (for impacted parties) 2% Identify protection services 2% Loss customer business (abnormal customer churn) 38% Customer acquisition cost 8% 5

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