In the second of a three-part series, Buckingham Data Privacy and Cybersecurity Attorney David Myers talks with Andy Jones, CEO, Fortress Security Risk Management, and Bryan Schauer, Vice President at The Schauer Group’s Cleveland Office. They share valuable information about how to respond to a security breach, what insurance covers, trends in cost, and what typically happens following a cyber-attack.
Imagine the sudden realization that you have been hacked and the party on the other end wants millions of dollars to restore your data. What would you be thinking? What is your best next step?
I’ve seen two typical reactions. Companies with cybersecurity insurance think, “we have a policy that will cover this. It’s a claims game.” Others think they have the IT strength in place to get beyond it. “I’ve never seen either situation work out precisely as the parties thought it would,” says Jones. “Cyber insurance is only part of the solution and the great majority of in-house IT staffs simply don’t have the cyber expertise to properly contain, control and remediate an attack.”
The reality is that most policies will only cover a portion of the cost, which is…
