Each insurer can offer their own cyber risk policy options, which contain specific rules, requirements, or restrictions that may be unique to that insurer only. Ensure your business is properly protected by regularly monitoring your security risks and evaluating any changes against your coverages and policy requirements to keep them closely aligned.
The Health Insurance Portability and Accountability Act or HIPAA, is a compliance standard that is designed to protect sensitive patient data. Any organization that deals with protected health information (PHI) is obligated to maintain and follow process, network and physical security measures in order to be HIPAA-compliant.
The General Data Protection Regulation or GDPR, is a regulatory standard according to which businesses are obligated to protect the privacy and personal data of European Union (EU) citizens for all transactions that are carried out within the EU member states. The GDPR standard is intended to unify and reinforce data protection for all individuals that reside within the EU and to control the export of personal data outside the EU.
Cyber Insurance is a type of insurance product that is designed to protect businesses against potential damages associated with cybercrimes such as ransomware and malware attacks. It is a customizable solution for businesses to mitigate specific risks associated with cybersecurity breaches and prevent unauthorized access to their sensitive data and networks.
The National Institute of Standards and Technology (NIST) has developed a framework called the Cybersecurity Framework (CSF) to streamline cybersecurity for private sector businesses. NIST CSF is a set of voluntary standards, recommendations and best practices that are designed to help organizations prevent, identify, detect, respond to and recover from cyberattacks.
The Cybersecurity Maturity Model Certification or CMMC, is a unified standard implemented by the U.S. Department of Defense (DoD) to regulate the cybersecurity measures of contractors working for the U.S. military. The CMMC is the DoD’s response to significant compromises of sensitive defense information located on contractors’ information systems. Contractors working across the defense industrial base (DIB) will now be required to implement and continuously maintain a series of strict cybersecurity guidelines demonstrating adequate cyber hygiene, adaptability against malicious cyberthreats and proper data protection strategies.
Businesses found guilty of non-compliance can get hit with hefty fines or be forced to endure a suspension from data processing altogether.
Other pitfalls and costs include:
• Vulnerability to cyberattacks or data breaches
• Remediation costs
• Breach notification costs
• Civil litigation
• Lasting or irreparable reputational damage
LG Networks works to keep you in compliance! We specialize in HIPPA, GDPR, Cyber Insurance, NIST (CSF), CMMC Assessment. So make sure to schedule your FREE Risk Assessment today and make sure to keep your business in compliance to avoid any penalties.