In our previous post we began a discussion about Cyber Liability Insurance. We mentioned the danger in thinking all Cyber policies are the same and shared one specific example of how Cyber Liability policies differ.

In this second installment, we hope this short data breach quiz will enlighten you to the imperative nature of cyber liability insurance.

There are just eleven short questions:

  1. Can you define “Data Breach” ?
  1. Which of the following does your school acquire from your students and employees?

Item                                                               Yes                  No

Full Name                                                      _____              _____

E-mail address                                               _____              _____

Social Security Number                                _____              _____

Driver’s License Number                              _____              _____

Credit or Debit Card #’s                                _____              _____

Bank or other Financial Account #’s                        _____              _____

Medical Records                                           _____              _____

  1. How can a Data Breach Occur?
  1. Can you explain in simple terms what the following words or phrases mean in relationship to a Data Breach event?
  • Hacking
  • Malware
  • Physical Attacks
  • Privileged Misuse
  • Social Tactics
  • Ransom Ware
  1. What are some of the ramifications to an individual whose personal information has been stolen, or even just lost?
  1. What are the costs, to your business – both direct and indirect, when a Data Breach occurs?
  1. Can you estimate your school’s costs as a result of a Data Breach?
  • What is your estimate of First party losses only, not including judgments, if awarded, for negligent handling of information?
  1. Can you list three laws that address the safe handling of personally identifiable information your school acquires?
  1. There is so much information available on the subject of Data Breach. Can you name one resource that can give you most of what you need in one spot?
  1. What would you say are the three biggest security threats to the personally identifiable information managed by your school?
  1. What can you do to avoid a Data Breach and what can you do to prepare for one should it occur?

What It’s All About

Hopefully you, or someone within your institution can answer each of these questions.  But, even if you can’t, we will provide answers to each of these questions in our next post.

Specific questions? Email Adam.

The information provided herein presents general information and should not be relied on as insurance advice when analyzing and resolving a specific issue. If you have specific questions regarding a particular fact situation, please consult with competent insurance brokers and/or legal counsel about the facts and laws that apply.