Cyber Insurance

CEOs and Cyber Security: are they the road block?

CEOs and cybersecurity: are they the road block?

Senior executives may be the weakest link in the corporate cyber security chain and are a primary target of hackers, fraud and phishing scams, says report. it also should be know that the are the road block to approve budget for information security, and most often security takes back sit to profit.

Report by many source and research done by many firm identity senior executive has the road block to good security within their firms, Many CEOs think they are immune to hackers, at least that’s what a new report According to the report, these findings are ironic given that CEOs are the ideal victim.

Senior Executive Are You the Weakest Link?

According to the report, Are You the Weakest Link? How Senior Executives Can Avoid Breaking the Cybersecurity Chain, many senior executives ignore the threat from hackers and cyber criminals and often feel that security policies in their respective organisations do not apply to their unique position.

In reality, their often privileged access to company information makes their personal accounts extremely valuable to exploit and heightens the need for extra care.

Professional hackers and adversaries will usually do a thorough investigation into a senior executive or board level director, including full analysis which could entail in-depth monitoring of the company website and associated social media accounts (including employees and their extended networks).

It appears that many CEOs commonly view cyber security as a responsibility for the IT department only. In reality, IT security has now become a remit for all individuals.

“All employees — especially those at the top of the corporate ladder — need to realise that cybercriminals use social engineering, email phishing and malware to access personal accounts, and C-level staff especially need to avoid becoming the weakest link in the cybersecurity chain by adhering to regularly updated, company-wide security policies regarding data sharing and backup,”

“Reviewing corporate policies, with a focus on people, premises, processes, systems and suppliers will provide valuable insights into which areas to improve, and by championing a ‘security first’ corporate culture, organisations and their senior executives will be well positioned to avoid the high financial costs, reputation damage and unexpected downtime that could result from a cyberattack or data breach.”

HHS voluntary healthcare cybersecurity practices

The Department of Health and Human Services has released voluntary cybersecurity practices to the healthcare industry in an effort to move organizations “towards consistency” in mitigating cyber threats.

According to HHS, the four-volume publication provides guidance on “cost-effective methods that a range of healthcare organizations at every size and resource level can use to reduce cybersecurity risks” and is meant to raise awareness of cyber threats as well as provide vetted practices.

“Cybersecurity is everyone’s responsibility—it is the responsibility of every organization working in healthcare and public health,” says HHS Acting Chief Information Security Officer Janet Vogel. “In all of our efforts, we must recognize and leverage the value of partnerships among government and industry stakeholders to tackle the shared problems collaboratively.”

HHS Headquarters in Washington, D.C.

Mandated by the Cybersecurity Act of 2015, HHS convened more than 150 cyber and healthcare experts from government and industry to come up with the recommended practices as part of the Healthcare and Public Health Sector Critical Infrastructure Security and Resilience Public-Private Partnership.

“The healthcare industry is truly a varied digital ecosystem—we heard loud and clear through this process that providers need actionable and practical advice, tailored to their needs, to manage modern cyber threats,” says Erik Decker, industry co-lead and chief information security and privacy officer at the University of Chicago Medicine. “That is exactly what this resource delivers; recommendations stratified by the size of the organization, written for both the clinician as well as the IT subject matter expert.”

In addition to the main document, which lays out the five most relevant and current threats to the industry, the publication also recommends 10 cybersecurity practices to help mitigate these threats. It also includes two technical volumes geared for IT and security professionals: Technical Volume 1 focuses on cybersecurity practices for small healthcare organizations, while Technical Volume 2 focuses on practices for medium and large healthcare organizations.

The final volume provides resources and templates that organizations can leverage to assess their own cybersecurity posture as well develop policies and procedures. A copy of the publication can be downloaded here.

MSSP Cybersecurity & Managed Detection and Response

MSSP Cybersecurity & Managed Detection and Response

Managed detection and response enables a proactive approach to security with its ability to detect and fully analyze threats and promptly respond to incidents.  CyberSecOp Threat intelligence is one of the key aspects our security consultants used to help organizations make decisions on how to combat threats. Through managed detection and response, organizations can take advantage of the threat intelligence capabilities of security experts.

How Managed Detection and Response Provides Effective Threat Intelligence

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  • Gain 24x7 monitoring by an advanced team of security experts that are specially trained to analyze advanced threats, determine the severity of any incidents and provide actionable guidance to remediate

  • Quickly elevate the alerts that matter most so you can focus limited resources where it matters most

Managed Detection and Response Service

Managed Detection and Response (MDR) is an all-encompassing cybersecurity service used to detect and respond to cyber-attacks. Using the best of signature, behavioral and anomaly detection capabilities, along with forensic investigation tools and threat intelligence, human analysts hunt, investigate and respond to known and unknown cyber threats in real time 24x7x365. Get Managed Detection and Response Services for your business www.cybersecop.com.

Cyber Insurance - Is a must have - you will need it

Cyber Insurance - Is a must have - you will need it.

It’s every healthcare organization’s nightmare to get the call that their data has been breached or hacked. As a result, many have turned to cyber insurance to protect assets and business operations.

As cyber policies and carriers lack a universal policy, there’s an even greater worst case scenario: An organization is breached, and the policy doesn’t cover what the leaders thought it did. Now, not only is the healthcare provider strapped with the burden of the breach, it wasted money on a useless cyber insurance policy.

To get a better grasp on how to choose the right policy, Healthcare IT News asked attorney Matthew Fisher, partner with Mirick O’Connell, and Jane Harper, Henry Ford Health System’s director of privacy and security risk management, to outline the biggest policy mistakes -- and how to avoid them.

Mistake #1: Rushing the process

When buying a policy, a carrier will provide a questionnaire that will evaluate your organization’s security posture, program, tools and policies. The biggest mistake is to rush the pre-policy process to see the rates and what the carrier will cover, explained Fisher.

Organizations need to be conservative with how they answer the questions, as “it could be a ground for denial, if you don’t have the policies you said you have in place,” said Fisher. “You have to make sure you’re not unintentionally misleading the insurance company when it comes to coverage.”

Often these questionnaires attempt to create a black and white policy and “it can be tough to answer correctly,” explained Fisher.

“Your ability to be as transparent and truthful upfront is critical to the nonpayment discussion,” said Harper. “If you tell the insurance company that you have everything in place and are compliant, if you tell them that and then you have an issue, and you weren’t truthful, it ends up being a legal battle.”

“When you submit your checklist that they have you fill out, meet with the underwriter to make sure you understand what you’ve documented,” she added. “You also need the copy that was provided to the insurance company because it will come back into play when you submit the final documents.”

For example, if you say you have a specific control in place, and you actually don’t, Harper explained that can create a situation where “they thought they had an understanding of something, but they didn’t.”

“Be honest, transparent and accurate -- because they can deny your policy if you were inaccurate or misleading in your responses,” she said.

Mistake #2: Lax, incomplete risk assessment

It’s easier to prevent a misleading or false statement to an underwriter, when an organization has a strong assessment and inventory of the processes and tools on the system. But far too often, hospitals “don’t know everything about the control environment,” explained Harper.

“When you talk about protecting an system and preventing a cyber incident, you have to have a good understanding of the organization’s overall control environment,” Harper said. “It’s key, as the longer it takes you to identify that you’ve had an incident, it leads to more exposure and the longer it takes to recover.”

But it’s also important to remember to update this inventory or assessment when buying new tools, merging with other organizations, hiring new staff and the like, Harper explained.

“Think about all of the activities and operations that happen,” she said. “And every three years, you’re updating a cybersecurity checklist -- that may not be frequent enough.”

For example, Harper explained that an organization filling out the policy questionnaire may have all of the right elements in place. But if another tool was purchased and the controls weren’t updated or the control was removed and the underwriter was not notified, there could be a problem.

“If those controls played into how the underwriter rated you: that can be key,” said Harper. “Think about your own home: you get additional discounts when you have a burglar alarm. So if you get one, and let them know, you may get a lower rate…  But if you no longer have that control, you have to tell the carrier.”

“It’s the same kind of practice that we want to get into when we get into cyber insurance for our organization,” she added.

Mistake #3: Failing to involve the right people

Many organizations understand that security needs to exist outside of the IT team. In the same vein, it’s crucial when buying a cyber insurance policy that the same mentality is applied to make sure all of your bases are covered.

“Make sure you are talking to the right individuals,” Harper said. “The appropriate key stakeholders are not only involved with the evaluation process - how many patients, how much data, etc. -- but also the responses to the questions the policy is going to ask.”

“Risk folks typically talk about it as it relates to patients,” she continued. “Those folks are key, but in addition, you need your privacy and security risk professionals, security officers, IT leader, your key business leaders/owners and those driving the data. It’s key.”

Also crucial? Making sure the facilities team is involved, as there can sometimes be a cyber incident based on a physical issue. Harper explained that “often people tend to focus on things like electronic PHI, but there’s physical PHI. If there’s a break in at a warehouse and data is stolen, OCR considers that a breach.”

Mistake #4: Failing to understand coverage

Far too often organizations make large assumptions as to just what cyber insurance will cover. Fisher explained that these leaders are often shocked to learn that they did not receive the full spectrum of coverage they wanted.

“Relying on blind faith on those terms, or what the broker or agent is telling you is a major mistake,” said Fisher. “It’s always up to up to you to go into something with eyes fully wide open to make sure you know what you’re actually buying.”

Harper took it a step further and laid to rest a common misconception when it comes to coverage: “Insurance will not cover fines and penalties associated with noncompliance. If you’re not complaint, and you didn’t do risk assessments, cyber insurance won’t protect you from that, so don’t expect it.”