Beazley Security’s Post

Hiring a security consultant with Op4 Security Solutions can significantly enhance premise liability protection and reduce liabilities for your organization. Firstly, Op4 security consultants bring expertise in identifying vulnerabilities and implementing comprehensive security protocols, with over 60 years of combined executive experience. This proactive approach helps in preventing potential incidents, reducing the chances of legal liabilities due to security breaches, accidents, or unauthorized access. Security planning is an important part of the process to avoid spending to much or even recieving poor and incorrect advice.. Security guards, on the other hand, provide a visible deterrent to potential threats and can respond swiftly to security issues, further minimizing risks. Depending on the industry your in or the department yoyr looking to get serviced. OP4 SECURITY SOLUTIONS is here to assist! Op4 Security Solutions stands out as an excellent choice for mitigating these liabilities. As a women-owned certified company, they bring diversity, inclusivity amd meet a high social standard to the security industry, which can be beneficial in various environments. Moreover, their coverage with General liability insurance, Workers Compensation, and E&O professional liability ensures financial protection in case of unforeseen incidents. Pme of the area that sets us apart is our ability to provide and oversee policies, procedures while controlling everything under one roof. This streamlined approach not only saves time but also reduces costs associated with managing multiple vendors, making Op4 an efficient solution. From a high-level perspective, Op4 Security Solutions operates with a commitment to excellence in security and risk management. They adhere to industry standards and compliance requirements rigorously, ensuring that your organization is always up-to-date with the latest security protocols and legal mandates. Their comprehensive frameworks and standards cover all aspects of security, from physical guarding to cybersecurity, guaranteeing a holistic approach to risk mitigation. Overall, Op4 offers a complete security solutions! #security #riskmanagement

I'm thrilled to share that Safe Security has launched a global partnership with Ventiv Technology, realizing the value of Safe Security and its leadership in driving this next generation of cyber insurance underwriting to help their customers streamline the #cyberinsurance renewal process and secure more competitive terms at renewal. With over 450 customers, Ventiv provides organizations with a feature-rich #enterpriseriskmanagement solution that connects silos of risk across an enterprise with fully embedded, AI-based predictive models enabling users to assess, monitor, and mitigate risk. Ventiv's Managing Director, Steve Cloutman says it best..."As today’s risk environment changes to encompass large-scale, digital risks, we need to be at the forefront of helping our customers manage and quantify their cyber risk - and drive successful cyber insurance renewals. Safe Security enables our customers to achieve savings by significantly reducing cyber risk with enhanced visibility across our customers’ entire attack surface” Read more: https://lnkd.in/edcUBvHk SAFE’s ground-breaking AI-driven technology will: ✅ Non-intrusively assess cyber risk on an ‘inside-out’ basis ✅ Enable a better understanding of an organization’s real-time breach likelihood across a variety of cyberattacks ✅ Provide a transparent dollar-value risk per attack based on the FAIR standard ✅ Drive significant efficiency in the cyber insurance renewal process and help customers unlock preferential terms #insurtech #crq #insurance #riskmanagement #CISO #FAIR

You're (most likely) not at fault. Here's the story...yesterday I spoke with an engineering company. Primary exposures in data collection, warehousing, and engineering (software & hardware). They've been with their current agent for 20+ years. Frankly, the company didn't know better. Their agent (not a cyber insurance specialist) has touted that "this is the best tech package" in the market. Truth to them was, it's better than nothing, but far from the best. Gaps in coverages, low sub-limits, tight policy language. But to them, as it was sold/marketed to them, there wasn't anything else out there. The inherent trust in the client/agent relationship may be the biggest barrier to proper insurance programs that I can think of. And how can you blame them? They hang their exposures on their risk management/insurance broker. It's a dream to have a high-revenue client stick with you for 20+ years, and when I run into that kind of loyalty I admire it. *Read this part if any* You can keep your general broker and hire a second one for your speciality lines. You keep the loyalty and you might even lift an E&O exposure off their shoulders by brining in someone to handle tech/cyber/ip coverages. It's a smart decision for your business.

Transaction liability brokers and other experts in the reps & warranties risk space may consider joining their cyber colleagues in a closer review of the U.S. Cyber Safety Review Board's latest report. The analysis, "Review of the Summer 2023 Microsoft Exchange Online Intrusion," scruitinizes Microsoft's M&A risk management practices. It identifies lapses during and after an acquisition that allowed threat actors to gain initial access to Microsoft's corporate environment. This is the CSRB's third report since its creation in 2021, and addresses a likely espionage campaign by the China-based threat actor "Storm-0558." This threat actor compromised Microsoft Exchange Online email inboxes of 22 organizations, and over 500 individuals around the world, including senior national security leaders in U.S. and U.K. government. So how did this cyber operation happen? A good, old-fashioned credential compromise of a single employee at a recently acquired company did the trick here -- no need for a sophisticated exploit of a zero-day software vulnerability. Microsoft's failure to detect the compromise of an employee laptop from a recently acquired company permitted Storm-0558 to gain initial access in 2021, two years before it successfully compromised the national security leaders' email accounts. This is a fascinating piece of the whole report, which is here, well worth it to spotlight the cyber-M&A risk: https://lnkd.in/er8BQzBD *** At CFC, we're driven to break down silo-thinking, especially in areas and industries of emerging risk. The M&A/cyber risk intersection continues to explode, and we are keen to offer solutions that are fit for purpose. Our Transaction Liability practice has underwriting hubs in London and in New York, and I'm pleased to work alongside Angus Marshall, Ben Nelson, and Brett Rawlings and their team to offer comprehensive cyber insurance alongside innovative reps & warranties insurance for both buyers and sellers, into the secondaries market, and addressing risks of contingency and tax.

Navigating Tech Outages: Strategies for Corporate Resilience and Maintaining Customer Trust The recent global tech outage triggered by a CrowdStrike software update serves as a stark reminder of our digital vulnerabilities. As businesses increasingly rely on interconnected technologies, it's crucial to implement strategies that mitigate the risks of such disruptions and while maintaining customer trust. This incident underscores the need for businesses to carefully review their tech vendor contracts, insurance policies, and risk management strategies. It also highlights the complex interplay between technical failures and legal/financial repercussions in our interconnected digital ecosystem. Here are key steps companies can take to enhance resilience and maintain customer trust: Diversify Your Tech Stack • Implement redundant systems from different providers • Regularly assess and update your tech portfolio • Maintain in-house alternatives for critical functions Robust Backup and Recovery Systems • Implement comprehensive backup solutions with off-site storage • Regularly test and update your disaster recovery plan Enhance Risk Management Practices • Conduct regular risk assessments • Develop and maintain an incident response plan • Train employees on cybersecurity best practices Review and Negotiate Vendor Contracts • Negotiate favorable liability terms with critical vendors • Ensure SLAs align with business needs Invest in Comprehensive Cyber Insurance • Ensure coverage extends to third-party software failures • Review policies for business interruption and recovery costs Develop Legal Safeguards • Draft robust contracts limiting liability for third-party outages • Implement clear communication protocols for stakeholders Foster a Culture of Resilience • Conduct regular incident response drills • Encourage cross-training for critical functions Continuous Monitoring and Improvement • Implement real-time monitoring of tech infrastructure • Stay informed about emerging threats and best practices Prioritize Customer Care During Disruptions • Develop a clear, multi-channel communication strategy • Be transparent and proactive in updates • Offer alternatives and workarounds where possible • Train and empower front-line staff to assist customers • Show empathy and take responsibility • Follow up post-resolution and learn from incidents By implementing these strategies, companies can enhance their ability to weather tech disruptions, maintain business continuity, and preserve customer trust. In today's digital landscape, resilience is about prevention, quick recovery, and maintaining strong customer relationships during crises.

5. Third-Party Vendor Management • Vendor Security Assessments: Conduct regular security assessments of third-party vendors to ensure they comply with your cybersecurity standards. • Contracts and SLAs: Include cybersecurity requirements in contracts and service level agreements (SLAs) with vendors, specifying their responsibilities in protecting your data. 6. Monitoring and Incident Detection • Continuous Monitoring: Implement continuous monitoring of all network and system activities to detect and respond to suspicious behavior promptly. Use intrusion detection systems (IDS) and security information and event management (SIEM) solutions. • Log Management: Maintain detailed logs of all network activity to help identify and analyze potential security incidents. 7. Compliance and Legal Considerations • Regulatory Compliance: Ensure compliance with relevant industry regulations and standards, such as GDPR, PCI DSS, and others. Regularly review and update security practices to meet these requirements. • Legal Preparedness: Have legal counsel prepared to address potential liabilities and compliance issues following a cyberattack. 8. Investment in Cybersecurity Insurance • Cybersecurity Insurance: Invest in comprehensive cybersecurity insurance to cover potential financial losses from cyberattacks. Ensure you have adequate coverage and understand the policy details. Examples of the Impact of Cyberattacks • Maersk Malware Attack (2017): This attack cost the company an estimated $300 million, causing operational disruptions for several weeks. • Target Data Breach (2013): The breach cost the company $18.5 million in settlement payments and millions more in lost revenue due to the loss of customer trust. By prioritizing and implementing these cybersecurity measures, your warehouse and DC operations can better protect sensitive data, maintain operational integrity, and mitigate the risks and impacts of cyberattacks.

Hiring a security consultant with Op4 Security Solutions can significantly enhance premise liability protection and reduce liabilities for your organization. Firstly, Op4 security consultants bring expertise in identifying vulnerabilities and implementing comprehensive security protocols, with over 60 years of combined executive experience. This proactive approach helps in preventing potential incidents, reducing the chances of legal liabilities due to security breaches, accidents, or unauthorized access. Security planning is an important part of the process to avoid spending to much or even recieving poor and incorrect advice.. Security guards, on the other hand, provide a visible deterrent to potential threats and can respond swiftly to security issues, further minimizing risks. Depending on the industry your in or the department yoyr looking to get serviced. OP4 SECURITY SOLUTIONS is here to assist! Op4 Security Solutions stands out as an excellent choice for mitigating these liabilities. As a women-owned certified company, they bring diversity, inclusivity amd meet a high social standard to the security industry, which can be beneficial in various environments. Moreover, their coverage with General liability insurance, Workers Compensation, and E&O professional liability ensures financial protection in case of unforeseen incidents. Pme of the area that sets us apart is our ability to provide and oversee policies, procedures while controlling everything under one roof. This streamlined approach not only saves time but also reduces costs associated with managing multiple vendors, making Op4 an efficient solution. From a high-level perspective, Op4 Security Solutions operates with a commitment to excellence in security and risk management. They adhere to industry standards and compliance requirements rigorously, ensuring that your organization is always up-to-date with the latest security protocols and legal mandates. Their comprehensive frameworks and standards cover all aspects of security, from physical guarding to cybersecurity, guaranteeing a holistic approach to risk mitigation. Overall, Op4 offers a complete security solution that not only reduces liabilities but also enhances the safety and protection of your premises. Www.op4risk.com #security #riskmanagement #smallbiz #entrepreneur #retail

As industry leaders, understanding the nuances of cyber insurance coverage is essential for comprehensive risk management . While cyber insurance provides crucial protection, it doesn't always guarantee a payout. It's imperative to proactively address potential hurdles to ensure smooth claims processing. Here's why you need to prioritize proactive measures alongside cyber insurance. 1. Mitigating Coverage Ambiguities: Cyber insurance policies can be complex, and coverage ambiguities may arise, leading to claim disputes, industry leaders need to meticulously review policies, ensuring that they align with their specific cyber risk profile and business operations to avoid potential coverage gaps. 2. Demonstrating Proactive Risk Management: Insurers assess an organization's proactive approach to cybersecurity and risk management when processing claims. By implementing robust vulnerability management practices, industry leaders can showcase their commitment to mitigating cyber risks, potentially streamlining the claims process and enhancing the likelihood of a favorable outcome. 3. Establishing Incident Response Preparedness: A well-defined and regularly tested incident response plan can expedite the claims process. Industry leaders should focus on developing and practicing comprehensive incident response protocols, including clear documentation of cybersecurity measures and incident handling procedures, to demonstrate diligence and readiness. At Sagacent Technologies, we recognize the importance of seamlessly integrating cyber insurance with proactive cybersecurity measures. We guide industry leaders in navigating the complexities of cyber risk management and insurance. By partnering with Sagacent you gain access to expert insights and tailored solutions that bolster your organization's resilience and ensure a smooth claims process. We are here to empower your organization for a secure and confident future. #contactus #cyberinsurance #vulnerabilitymanagement #cyberriskmitigation #industryleaders #sagacent

💡 One of the most effective ways to demonstrate a company's commitment to data protection is by achieving SOC 2 compliance. ❗️While SOC 2 is primarily focused on information security, the controls and processes required for compliance can also have a significant impact on a company's insurance program. ➡️ Learn all about it in our latest blog post: https://lnkd.in/gbnX87TS #ERM #riskmanagement #compliance #insurance #automation #SOC2