{"id":1304,"date":"2014-11-30T12:31:45","date_gmt":"2014-11-30T12:31:45","guid":{"rendered":"http:\/\/ks-services.spotlightdev.co.uk\/?page_id=1304"},"modified":"2014-11-30T13:31:21","modified_gmt":"2014-11-30T13:31:21","slug":"data-loss-not-insured","status":"publish","type":"page","link":"https:\/\/ks-services.co.uk\/services\/risk-and-business-continuity\/data-loss-not-insured\/","title":{"rendered":"Data Loss Not Insured"},"content":{"rendered":"<h3>Insured for data loss? (possibly not)<\/h3>\n<p><strong>Sony\u2019s recent data breaches look like costing around $178 million this year alone (that\u2019s before compensation).\u00a0 One of their insurers has refused to cover Sony under its general liability insurance policy.<\/strong><\/p>\n<p>Zurich is arguing that the policy it set up for Sony does not cover the part of the business that suffered the breach or the sort of damage the data theft has caused. \u00a0\u00a0It also said that specific clauses in the policy rule out it providing cover<\/p>\n<p>Sony is one of the world\u2019s biggest brands with massive technical and legal resources.\u00a0 What does this mean for normal companies?<\/p>\n<p>Simply put businesses of any size, in any sector could face the same challenges that Sony currently is which are;<\/p>\n<ul>\n<li>What IT\/data issues will my current insurance cover?<\/li>\n<li>What won\u2019t it cover and what are the related costs (time\/money\/reputation)<\/li>\n<\/ul>\n<p>KS Services has looked at seven general insurance policies from top UK insurance companies 4 of the 7 so not offer any cover for E-risks, Virus or Hacking.\u00a0 The remaining three policies only offer it as an option not as standard.<\/p>\n<p>An answer could be to have a separate Computer\/Cyber Liability Policy which does typically cover data loss, virus impact and unauthorised access.\u00a0 Like any policy there are limitations and exclusions that need to be considered as part of your commercial decision.<\/p>\n<p>The key points are;<\/p>\n<ul>\n<li>Understand exactly what the IT cover and limitation your insurance provides.<\/li>\n<li>Understand exactly what you need to do, how long and how much would it be to get back to \u2018Business as Usual\u2019 if you had an equipment loss or security breach.<\/li>\n<\/ul>\n<p>Whilst insurance policies may cover some commercial impact such as replacement of equipment and some legal cost one thing that they will not cover are fines!<\/p>\n<p>Regulatory bodies in many cases have the power to fine their members large sums, remember <a href=\"http:\/\/www.fsa.gov.uk\/pages\/Library\/Communication\/PR\/2010\/134.shtml\">Zurich being fined \u00a32.3 million<\/a> by the FSA for losing policy holders personal detail.<\/p>\n<p>The Information Commissioners Office (ICO) also has the power to fine companies up to \u00a3500k for Data Protection Act (DPA) breaches and recently fined <a href=\"http:\/\/www.guardian.co.uk\/government-computing-network\/2011\/jun\/09\/surrey-data-protection-breach-information-commissioner-s-office-fine\">Surrey County Council \u00a3120k<\/a> when a member of staff e-mailed sensitive data to the wrong email group<\/p>\n<p>Fines aside, a loss of data or services could have a major financial impact on if client service levels and contracts are put in jeopardy<\/p>\n<p>Having an insurance policy in place is very important, but prevention should hopefully in most cases prevent the need for a cure or at least lessen any impact.\u00a0 Make sure that you have strict <a title=\"IT Security Advice\" href=\"http:\/\/ks-services.spotlightdev.co.uk\/services\/risk-and-business-continuity\/it-security-advice\/\">security policies and measures<\/a> in place.<\/p>\n<p>These should include;<\/p>\n<ul>\n<li>Ensure all portable devices (smartphones, USB drives, laptops) are both physically and logically (password protected and encrypted) secure.<\/li>\n<li>Employ a managed firewall<\/li>\n<li>Have up to date Anti-Virus software<\/li>\n<li>Ensure system security patches are updated<\/li>\n<li>Have a strong <a title=\"How easy is it to crack your password?\" href=\"http:\/\/ks-services.spotlightdev.co.uk\/services\/risk-and-business-continuity\/risk-audit\/how-easy-is-it-to-crack-your-password\/\">password policy<\/a> in place with forced changes<\/li>\n<li>Do regular, secure data and system back-ups<\/li>\n<li>Restrict non-company equipment (smartphones\/laptops) from having access to your network<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Insured for data loss? (possibly not) Sony\u2019s recent data breaches look like costing around $178 million this year alone (that\u2019s before compensation).\u00a0 One of their insurers has refused to cover Sony under its general liability insurance policy. Zurich is arguing that the policy it set up for Sony does not cover the part of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":881,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Data Loss Not Insured - KS Services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ks-services.co.uk\/services\/risk-and-business-continuity\/data-loss-not-insured\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Data Loss Not Insured - KS Services\" \/>\n<meta property=\"og:description\" content=\"Insured for data loss? (possibly not) Sony\u2019s recent data breaches look like costing around $178 million this year alone (that\u2019s before compensation).\u00a0 One of their insurers has refused to cover Sony under its general liability insurance policy. 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(possibly not) Sony\u2019s recent data breaches look like costing around $178 million this year alone (that\u2019s before compensation).\u00a0 One of their insurers has refused to cover Sony under its general liability insurance policy. 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