Brian Kilcoyne, CISR, CIC | President
Brian began working at H&K Insurance Agency in 1992. He is a Certified Insurance Counselor, and an exceptionally qualified insurance professional helping clients protect their assets, and create future financial security in all areas of insurance including property casualty, life accident and health coverages.
Brian is a sponsor of The New England Club Managers Association and specializes in helping golf clubs to manage risk and creates insurance plans to protect their clubs and members. He is a ferocious negotiator, working to ensure his clients receive the best possible coverage at a competitive price.
Brian supplements his professional efforts with extensive philanthropic involvement. He oversees H&K’s regular donations to countless charitable organizations at both local and national levels, and runs seminars for local communities on how to protect their assets with insurance contracts. When not working, Brian likes to do martial arts, skiing and watching his son go to battle on the wrestling mat.
In today’s hyper-connected business landscape, where data breaches and cyberattacks loom as constant threats, protecting your business against these perils is paramount. Cyber liability insurance emerges as a formidable shield, offering financial protection and peace of mind.
Small businesses may be under the misconception that they are less attractive targets for cyberattacks compared to large corporations. However, this is far from the truth. In fact, small businesses are increasingly becoming prime targets for cybercriminals due to their often limited resources and less sophisticated security measures.
Understanding Cyber Liability Insurance
Cyber liability insurance, also known as cyber insurance or data breach insurance, is a specialized policy designed to protect businesses from the financial fallout of data breaches, cyberattacks, and other cyber-related incidents. These policies provide coverage for a wide range of risks associated with the digital realm.
Key Benefits for Businesses
1. Financial Protection: The financial consequences of a cyber incident can be crippling. Cyber liability insurance helps cover the costs incurred in the aftermath of an attack. This includes expenses related to data recovery, legal fees, notification of affected parties, public relations efforts, and regulatory fines. Without insurance, these costs can have a significant impact on a business’s bottom line.
2. Reputation Management: A data breach can tarnish a business’s reputation, eroding customer trust and loyalty. Cyber liability insurance often includes coverage for reputation management, helping businesses rebuild their image through public relations efforts and communication strategies.
3. Legal Support: In the event of a cyber incident, businesses may face legal repercussions, including lawsuits from affected parties and regulatory fines for non-compliance with data protection laws. Cyber liability insurance typically provides legal support and coverage for legal fees, ensuring that your business has the resources to defend itself in court.
4. Data Restoration: Losing critical data can disrupt operations and result in financial losses. Cyber insurance policies often cover the costs of data restoration, helping businesses recover their vital information and get back on track quickly.
5. Business Interruption Coverage: Some policies include coverage for business interruption resulting from a cyber incident. This can compensate for lost income during downtime caused by the incident.
6. Notification Costs: When customer or employee data is compromised, businesses are often required by law to notify affected individuals. Cyber liability insurance can cover the costs associated with this notification process, including printing and mailing letters, call center support, and credit monitoring services for affected parties.
Customized Coverage
One of the advantages of cyber liability insurance is its flexibility. Policies can be tailored to the specific needs of a business. Small businesses and large corporations alike can benefit from cyber insurance, as coverage can be adjusted to match the scale and complexity of the digital operations.
As businesses become increasingly dependent on digital technologies, the risk of cyber incidents continues to rise. Cyber liability insurance is not just an option; it’s a critical safeguard. It provides financial protection, legal support, and reputation management, helping businesses navigate the treacherous waters of the digital age. By investing in cyber liability insurance, businesses can fortify their defenses against cyber threats and ensure a more secure and resilient future in the digital realm.
Contact Brian Kilcoyne for more information on Cyberliability insurance at 617-612-6515.
In recent years, small businesses have suffered around 31% of cyber attacks. It’s clear that an effective data security policy is essential to avoiding these attacks, and in order for a policy to be effective there are key elements that must be included in the framework. In a world where 52% of breaches are caused by human and system failure vs. malicious intent, it’s imperative that the policy you create be shared and well-understood by all employees at your company. By incorporating the following key elements into your data security policy, your company will be in a better position to beat the odds.
1. Safeguard Data Privacy
Your company’s privacy policy is a promise to customers to keep their information safe and secure. Employees must understand this, in addition to conforming to all applicable laws and regulations.
2. Password Management
A password policy should be in place for all workers’ at your company who have access to sensitive information. A password should be complex, and is never to be shared.
3. Internet Usage
When you hear “employee internet usage,” your first thought may be productivity. That’s valid, however, security should be just as much if not more of a concern. Misuse of the can put your business at risk, so you must decide how employees can and should access it.
4. Email Usage
Accidental downloading of viruses and other malware is unfortunately commonplace. Be sure to set the standards on message content, encryption and file retention.
5. Company Owned Mobile Devices
The minimum requirements of employees utilizing company-owned devices should include protecting their devices from theft, and password protection in accordance with your company’s password policy.
6. Social Media
An active social media presence is an asset to a business. Just make sure that your employees dispense information within the parameters set by your company.
7. Copyright and Licensing
Employees must follow copyright and licensing guidelines for the software that they use, and must also avoid new software without permission.
8. Security Incident Reporting
All workers should know how to report incidents of breaches and malware, as well as any steps that can be taken to mitigate the damage.
In our next article, we will explain how to create a data breach response plan keeping in mind these key elements. For questions on cybersecurity insurance coverage, which works to protect your organization when safeguarding plans fail, please contact cybersecurity coverage expert Brian Kilcoyne, CIC. He is reachable by phone at (617) 612-6515, or by email at briankilcoyne@hkinsurance.com.
I run a web design/development company and not only do I use H&K Insurance for our own cyber liability, but I frequently refer them to my clients. In today’s world it’s an important insurance coverage to have and Brian Kilcoyne and his team are experts at getting businesses the correct coverage that they need.
I’ve been an H&K insurance client for years. I work directly with Brian Kilcoyne & Susan Bradbury. They’re a knowledgeable and responsive team. I’ve saved money, but more importantly have saved a lot of time by working with them.
Brian Kilcoyne is a pleasure to work with. He is honest and incredibly knowledgeable about the insurance business. I highly recommend meeting with him to see how he can help you or your business
In today’s workplace, it is more important than ever to be aware of the security risks that lurk at every corner of the digital space. Even more important, is having safeguards in place to protect against any threat, breach, or attack that may come your company’s way. Though no one method can be guaranteed foolproof 100% of the time, by utilizing practices for risk management, you are putting your company in a much better position to beat the odds. Here are our suggested best practices.
Encrypting Data
Encrypting data is crucial for keeping proprietary information as secure as possible. When data is stolen, encryption algorithms work to transform sensitive data into unreadable gibberish.
Firewalls
A firewall is a part of a computer system or network which is designed to block unauthorized access while permitting outward communication. It protects hackers from gaining access into a website, monitors applications, and can also be used to prevent employees from sending sensitive data and specific emails.
Virus and Malware Protection
Most companies already have these programs installed. For ultimate effectiveness, you must keep all programs up-to-date and maintain security patches.
Back-Ups
For back-ups, be sure to use a combination of both cloud and off-site storage. Also, it is a great idea to test back-ups on a regular basis to reaffirm their effectiveness.
Review Access Control Policies
It may seem like common sense, but it is important to remember that administrative login credentials should only be given to key company personnel. A clear plan should be developed that designates which individuals have access to what information. Only grant access to data which is necessary to the user.
Collect Logs
Detailed logs are essential for security and troubleshooting purposes. For any application that doesn’t have internal logging, it is advised that you go in and add tools that can log those activities.
Beware of Social Engineering
Social engineering is the use of deception to manipulate individuals into divulging confidential or personal information that may be used for fraudulent purposes. Make it a point to continuously train all employees on different types of social engineering attacks and “con games.” What may seem like an obvious scam to one person may not come across as such to another.
Outline Clear Use Policies for New Employees and Vendors
Dispense clearly defined security requirements and expectations to your workers from the beginning to prevent future problems.
Review New Compliance Requirements
Make keeping up-to-date on compliance matters a continuous practice. Doing so will not only keep you in the good graces of regulators but works to keep your company safe as well. There are many ways for a company to protect itself against a breach or attack, and the more safeguards that are put in place the better chance of avoiding a malicious event. One step that cannot be overlooked, is Cyber Security Coverage. When prevention fails, your coverage is what will truly keep your company protected. For more information, please reach out to our cyber security coverage expert Brian Kilcoyne, CIC. He is reachable by phone at (617) 612-6515, or by email at briankilcoyne@hkinsurance.com.
Any step taken to protect your business against liabilities resulting from breached or failed technology is a step in the right direction. However, a business must be sure not to confuse policies and assume coverage exists where it does not.
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