Commercial Lines Marketing Manager, Lyons Companies
BIO
Mark Hoffmann is Commercial Lines Marketing Manager and Senior Account Executive at Lyons Companies. He specializes in analysis and development of insurance and risk management programs for new clients. In addition to directing commercial strategy and carrier relationships, Mark is responsible for the design and implementation of risk management programs. He has spent over 25 years in the insurance industry working for regional and national brokers. Areas of expertise include: construction and real estate, public entities, professional service firms, and manufacturing. Mark is a graduate of Penn State University.
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[caption id="attachment_30064" align="alignleft" width="150"] Mark Hoffmann
CPCU, CRIS, AFIS, Commercial Lines Marketing Manager
Lyons Companies[/caption]
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In the very near future, cyber security exercises are going to be absolutely expected of all companies by regulators. - Michael Vatis
Maybe you run a web design business that's basically just an extension of your personal freelance practice. Or perhaps you're at the helm of a larger company with 50+ employees and hundreds of customers.
In either case, you recognize the lurking dangers of cyber security threats.
To clarify your risks-and potential solutions-this article will explain three concepts (the 3 C's): cyber security; cyber liability; and cyber insurance coverage. Read on for insight about your exposure and what to do about it.
1. Cyber Security
Cyber security has to do with actions you take to shield your business from disaster. Analogous to a construction site hardhat, these are the physical and software protections for your company's IT system.
Online dangers are diverse and often unexpected. They can include:
2. Cyber Liability
Cyber liability has to do with where things can go wrong. What are your vulnerabilities? What losses are at stake? These include:
3. Cyber Insurance Coverage
To mitigate risk, you can simply transfer cyber liabilities to an insurance carrier for a premium. If/when an event occurs, the insurer will help you pay for diverse expenses (discussed above).
The carrier can also connect you with third parties to mitigate the fallout-for instance, PR firms to deal with bad press, forensics companies to recover data, etc. Cyber insurance can help you during the "pre-loss" phase as well-to get the right IT structures in place to minimize risk.
Understanding Your Vulnerabilities
Almost every company has exposure. The reason why bad people seek this information is that it has value on the so-called Dark Web. You obviously do not want your information (or your employees' information or your clients') to wind up on the Dark Web. Here's what's at risk:
1. Personally Identifiable Information (PII), such as Social Security numbers and driver's license numbers.
2. Protected Health Information (PHI), such as HIPAA data.
3. Payment Card Information (PCI), such as credit card numbers.
Your Next Steps
Acquiring proper coverage is relatively easy to obtain. Your costs will depend on several factors, such as:
If you face exposure, schedule time to speak with one of the cyber specialists at Lyons Companies or a qualified agent as soon as possible to understand your risks and reclaim peace of mind.
ABOUT THE AUTHOR
Mark Hoffmann is Commercial Lines Marketing Manager and Senior Account Executive at Lyons Companies. He specializes in analysis and development of insurance and risk management programs for new clients. In addition to directing commercial strategy and carrier relationships, Mark is responsible for the design and implementation of risk management programs. He has spent over 25 years in the insurance industry working for regional and national brokers. Areas of expertise include: construction and real estate, public entities, professional service firms, and manufacturing. Mark is a graduate of Penn State University.
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