Cyber Security Insurance - Macbeths Insurance Brokes

Ashley Madison: Life is Short – Have Cyber Protection

The Ashley Madison cyber attack once again brings questions of data security to the fore, unleashing “lessons learnt” insights from a range of professions – from legal through to communications as well as cyber-security experts.  The incident has transformed the fortunes – and reputation – of a business that just a few weeks ago, was set to float in London, as hackers threaten to expose the identities of its 37.5m users.  With a reputation in tatters and the business managing the fall-out out of a potentially “extortion-focused” attack, Ashley Madison is also facing legal recourse, with customers suing on the grounds of breach of privacy.

Valued at £670m, Ashley Madison has world-class IT, legal and PR advice at hand, to help navigate its way out of the incident.  Our guess is the company also has significant protection through sophisticated cyber liability insurance policies.

While a cyber attack on your business might not be on the same scale, the potential impact for a small business is just as catastrophic.  It’s not just your technology which will need reviewing but every touch-point of your business impacted. We recently posted on the threats of a data breach citing potential liability exposures – from breach costs and privacy protection through to cyber business interruption, hacker damage and cyber extortion.  Each of these currently impacts the Ashley Madison case.

 

A cyber attack of any scale can be daunting.  For a small business, the challenge is knowing how to prioritise containing and managing it, whilst ensuring continuity at a day-to-day level.  It’s exactly for this reason that Macbeth partners with industry leaders who offer a fully integrated data breach response service to ensure clients can effectively manage, investigate, resolve, and recover from a possible breach.

 

With cyber liability insurance protection, your business will be covered by an emergency breach response, essentially a 24/7 one-stop shop giving you access to an expert team to  advise, assist and guide you through the incident.  This ensures that:

  • the incident is contained
  • compromised data is identified
  • notification obligations are assessed
  • data subjects are notified where appropriate
  • call centre services are engaged as necessary
  • credit monitoring and web monitoring are made available
  • regulators are notified and kept informed
  • systems are returned to normal operation
  • reputational issues are addressed via the appropriate media and channels
  • any liability exposures are assessed and response strategies devised.

 

You can access specialist teams to take you through each step of getting your business back on track. Please contact a member of the Macbeth team if you would like to understand more about how to safeguard your business from a possible cyber threat.

 

As for Ashley Madison, we’ll watch their next steps with interest.

Author: Melissa Dyson | July 22nd, 2015

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