East Hartford, CT (AUG. 22, 2018) – The Connecticut Center for Advanced Technology has published guidelines to help manufacturers attain the right level of cybersecurity insurance.
Cybersecurity insurance is a critical component in driving a business strategy to protect the assets and integrity of an organization. In a recent focus group that included manufacturers, government and insurers, CCAT worked with those in attendance to come up with published guidelines.
“It’s as essential as purchasing insurance to protect property or anything else,” said Natalie Real, CCAT’s Chief Administrative Officer and in-house counsel. “While cybersecurity insurance is in its infancy, it will evolve and businesses need to ask tough questions to ensure they have the right level of coverage.
“Examples of guideline questions include: is cybercrime an exclusion from your coverage; do you actually have insurance? Does your carrier have access to legal experts? Will they serve as middle man with the claims department to outline a management plan? Does it cover regulatory defense expenses if controlled data or customer IP is stolen?” Real added.
“Cybercrime, worldwide, is costing trillions of dollars a year. That’s just the dollar amount,” said Elliot Ginsberg, CCAT’s President and Chief Executive Officer. “In addition, the cost to brand, reputation and effectiveness is immeasurable. Protection through insurance and being proactive with a crisis plan gives individuals, businesses and organizations — who are all vulnerable — the opportunity for uninterrupted business continuity.”
Connecticut Center for Advanced Technology Inc. (CCAT) is a nonprofit organization, headquartered in East Hartford, Conn., that creates and executes bold ideas advancing applied technologies, IT strategies, energy solutions, STEM education and career development, and cyber and export compliance. By leading state, regional, and national partnerships, CCAT helps manufacturers, academia, government and nonprofit organizations excel. Learn more at ccat.us, or follow CCAT on Twitter – @CCATInc.
Silvio Albino, Communications Director
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