The SCORE 2016 Issue 1 | Page 33

environment lies with the owner of the data. The cloud may
also make a breach more of a threat as the information is now
part of a vast pool of highly desirable information. If a business has made a decision to transfer their data to an off-site
provider, they are still responsible for notifying those affected
and covering related expenses. Consider any type of outsourced
vendor that has your corporate confidential data and PII, such as
payroll service providers or accounting firms, as a risk.
These are issues all organizations are facing, even the
most capable and tech-savvy. Still, businesses and particularly
managers with responsibility for systems and network security
deficiency, feel insuring for these risks means their capability is
being called into question. It is now evident no network is totally
secure. Managing your business’s cyber risk is just like managing
property and casualty risk — you don’t want a breach to happen
and you plan to avoid it, but your business is far better off if
you’ve prepared.
The good news is the costs can be mitigated with a broker
partner to help you manage your cyber risk. First, the insurance
industry has brought many products and coverage options to
the market. In fact, their effort to address the issues has created
a buyer’s market. The cost of coverage is small in comparison
to property and casualty coverage. More importantly, with the
proper guidance, the process of anticipating your risk areas
helps you in two ways. One, it identifies where the risks lie. If
the risks are identified, you can improve operational management and reduce the risk. Two, with the risks identified, you can

Managing your cyber risk is just
like managing property and casualty
risk — you don’t want a breach to
happen, you plan to avoid it, but your
business is far better off if you’ve
prepared.
structure coverage that mitigates your risk, but doesn’t overburden you with unnecessary cost.
Start the process now. Think through your cyber challenges
and work with your broker to create a plan to manage your risk
in an online world. S
SYLVIA MENETRE, vice president, BB&T Insurance Services,
has more than 25 years of experience in agency account
management, production, marketing and corporate risk
management. She focuses on cyber coverage including
network security liability, privacy, website media and related
crisis management. Menetre won the Cyber Risk Management Leadership award from INSUREtrust in 2014.

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SCORE | 2016 Issue 1

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