ASA Central Network

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  • 1.  Cyber Security Insurance

    Posted 05-13-2022 14:24
    Hello ASA community,

    I went to renew my Cyber Security Insurance for another term and was surprised to find that premiums have increased a great deal over last year. The premium actually increased from $4000.00 to $20,000.00. My office only has 6 stations and the risk and exposure I thought was low. I was wondering if anyone else has had this experience and if there are any other possibilites I might explore to keep my premiums down. A couple of my hospital systems require this coverage. 

    Any feedback would be appreciated. Thank you for your support.

    ------------------------------
    Richard Puccetti
    President
    UNITED Staffing Network Inc.
    Mt Prospect IL
    (847) 228-0050
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  • 2.  RE: Cyber Security Insurance

    Posted 05-16-2022 14:12

    Hi, Richard:

     

    We just went through the same issue in January with our Cyber renewal.  The cost doubled, and would have gone up another 50% on March 1st if we hadn't implemented Multi-Factor Authentication (MFA).  You're probably familiar with this: when you log-in to your network, email, or other application, you receive a text to your phone (or a message to an "authenticator" app, also on your phone) with a one-time code that you have to enter before being able to access your network.

     

    I also attended a one-day conference on cyber insurance with our broker in February and found that the cyber insurance market is the "hardest" of all coverages right now, based on the various ransomware and other "denial of service"/data blocking attacks.  We also had to have an insurance company app installed on our phones (leadership team) to immediately report any attempts to "hack" into our system.

     

    The cost is the unfortunate reality; but going through a cybersecurity audit with your insurance carrier and IT department or vendor can help limit vulnerabilities and hopefully reduce rate of increase of cyber insurance costs.

     

    Best regards,

     

     

     

    GREGG

    DANZER, PHR, SHRM-CP

    DIRECTOR OF HUMAN RESOURCES

     

    Email: gdanzer@grahamjobs.com

    Web: www.grahamjobs.com

    Direct Line: (336) 897-2155

    GPS Main Line: (336) 288-9330

    Cell: (336) 301-2242

    Fax: (336) 282-8554

     

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