Business Security
Hey there! Dealing with a cyber-incident? Here’s why proper disclosure is key to protecting your business from further damage, and how cyber-insurers can come to your rescue.
18 Sep 2024
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4 min. read
Hey everyone, if you’ve experienced a cyber-incident that’s significant, involves personal data, or affects critical infrastructure, my top advice is to ‘seek legal advice’. Cybersecurity teams worldwide are not just fighting cyberattacks, but also navigating regulatory waters to avoid fines. In the UK, for instance, reporting an incident to the Information Commissioner’s Office (ICO) is crucial, with various reporting options based on the type of breach.
Financial institutions may need to inform the Financial Conduct Authority (FCA), while operators of essential services have their own reporting obligations. And don’t forget to notify your cyber insurer, board, investors, and other stakeholders. It’s a long day ahead!
Timely disclosure is key, as most countries have strict regulations. Having cyber risk insurance can provide legal and regulatory filing services, helping you navigate the process efficiently. And if you don’t have insurance, having a cyber incident lawyer on speed dial is a smart move.
Looking for more insights on cyber insurance? Check out our whitepaper Prevent, Protect. Insure.
Understanding regulatory obligations and conducting cyber incident tabletop exercises should be part of your cyber-resilience plan. Remember, an incident is not a matter of ‘if’, but ‘when’. Being prepared can make all the difference.
Reporting incidents to law enforcement, though not mandatory, can provide valuable assistance. And beware of adversaries who may exploit reporting requirements to pressure organizations into paying ransom demands.
In conclusion, disclosing a cyber-incident is crucial for minimizing damage and ensuring compliance. Cyber-insurers play a vital role in providing support and guidance during such challenging times.
Curious about cyber insurance models? Listen to industry experts share their insights in this podcast:
- Prof. Leslie Wilcox, Professor at London School of Economics
- Lord Francis Maude, former Minister of State for Trade and Investment
- Prof. Keith Martin, Director of the EPSRC Centre for Doctoral Training in Cyber Security for the Everyday
- Prof. Neil Barrett, former advisor of cybercrime to then Home Labour Secretary
- Jack Straw; Martin Borrett, IBM Security’s UK Technical Director
- David Chavez, Cyber Insurance Product Manager
- Tushar Nandwana, Risk Control Technology Segment Manager at Intact Insurance Specialty Solutions
- Dr Constance Dierickx, Founder and President of CD Consulting Group
Learn more about how cyber risk insurance can enhance your cybersecurity strategy. Download our free whitepaper: Prevent. Protect Insure, here.
