The Generals - Fall/Winter 2017 - outsert4

FREQUENTLY ASKED QUESTIONS FROM OUR CLIENTS
REGARDING PURCHASING CYBER INSURANCE.
It is important to speak to one of 3. IS OUR BUSINESS
our cyber specialists, who will take
PROTECTED SINCE WE
you through any potential cyber
USE VENDORS FOR ALL
risk exposures and customize a
OF OUR IT SERVICES?
plan specifically for your business.
Regardless of whether or not you
Below are some of the frequently outsource your IT services, the
asked questions from our clients in company that initially collects data
regards to cyber insurance:
and records from clients can be
held responsible if a data breach
1. CAN A DATA BREACH
occurs. This means that, even if
you use third-party vendors, the
HAPPEN TO A SMALL
legal burden of a breach will fall on
BUSINESS?
you. What's more, depending on
The truth is that any business, the type of contract you have with
large or small, is vulnerable to a your vendors, your legal recourse
cyber attack. In fact, according to may be limited.
the Internet Security Threat Report
by Symantec Corporation, small 4. WHAT IF OUR BUSINESS
businesses are often a leading
HAS TOP-NOTCH CYBER
target of spear-phishing attacks.

2. ISN'T OUR BUSINESS
ALREADY COVERED
BY OUR EXISTING
INSURANCE?
Unless you have a policy that
explicitly
references
your
organization's cyber exposures,
chances are you aren't covered.
While you may think your general
liability policy is sufficient enough
to recoup the losses caused by
a cyber attack, it generally isn't
flexible enough to address new
and emerging cyber perils. And
with costs averaging around
$619,000 per cyber security
event, you'll want a policy that
can protect against anything that
cyber criminals throw your way.

The average cost of a breach is
about $270 per stolen record
and, for small and medium-sized
enterprises, a cyber security event
can cost $46,000 or more. In
some cases, cyber attacks have
cost organizations millions.

6. HOW DIFFICULT IS THE
APPLICATION?

Due to the complexity of cyber
exposures, multiple departments
are involved in network security
and privacy. While you may
feel that this complicates the
application process for cyber
liability
insurance,
insurance
brokers familiar with the risks can
help streamline policy purchases.
Armed with only information
SECURITY DEFENSES IN regarding your organization's
PLACE?
revenue and website, seasoned
insurers will be able to provide an
When it comes to ever-evolving
on-the-spot estimate of terms and
cyber security threats, there is no
costs.
perfect solution. Even government
bodies that have the latest and
greatest protections are not 7. OTHER ORGANIZATIONS
ARE NOT PURCHASING
immune to devastating cyber
CYBER LIABILITY
attacks. When these attacks occur,
you will want to have a cyber
INSURANCE, WHY
liability policy in place. This will
SHOULD WE?
ensure that your finances remain
intact following a breach, giving Cyber liability is different from
you some much-needed peace of other risks in that exposures can
differ heavily from business to
mind.
business. What may work for
your competitors or peers may
5. HOW SIGNIFICANT
WOULD THE FINANCIAL not work for you. These variances
are so granular that cyber policies
COST OF A CYBER
often need to be tailored to the
INCIDENT BE?
insured.
Even the smallest cyber attacks
can be costly to your organization.


http://danlawrie.com

Table of Contents for the Digital Edition of The Generals - Fall/Winter 2017

Chairman’s Message
President’s Message
Incoming Chair’s Message
Government Relations Report
Events
The Construction Lien Act Discussion
The New Construction Act: Coming to a Jobsite Near You
Modernizing the Construction Lien Act – Welcome Changes
Bill 142, Construction Lien Act Amendment – A Construction Owner’s Perspective
Bill 142 – Worth the Wait
Legend: Pertinent Acronyms
The Effect of Adjudication on the Construction and Legal Industries
The Proposed New Construction Act: A Dose of Realism
Employer Did Not Discriminate Against Cocaine Addict Who was Dismissed for Cause
COR Safety Certification: It’s Not just for Large Generals
Recent Decision Confirms that Notices of Claims Do Not have a “Standard Form”
Maple Reinders: After 50 Years, their Passion for Building Keeps Growing … and Growing
OGCA Golf Tournament
Associate Partners Program
Index to Advertisers
The Generals - Fall/Winter 2017 - Intro
The Generals - Fall/Winter 2017 - cover1
The Generals - Fall/Winter 2017 - cover2
The Generals - Fall/Winter 2017 - 3
The Generals - Fall/Winter 2017 - 4
The Generals - Fall/Winter 2017 - 5
The Generals - Fall/Winter 2017 - 6
The Generals - Fall/Winter 2017 - Chairman’s Message
The Generals - Fall/Winter 2017 - 8
The Generals - Fall/Winter 2017 - President’s Message
The Generals - Fall/Winter 2017 - 10
The Generals - Fall/Winter 2017 - Incoming Chair’s Message
The Generals - Fall/Winter 2017 - 12
The Generals - Fall/Winter 2017 - Government Relations Report
The Generals - Fall/Winter 2017 - 14
The Generals - Fall/Winter 2017 - Events
The Generals - Fall/Winter 2017 - The Construction Lien Act Discussion
The Generals - Fall/Winter 2017 - 17
The Generals - Fall/Winter 2017 - 18
The Generals - Fall/Winter 2017 - The New Construction Act: Coming to a Jobsite Near You
The Generals - Fall/Winter 2017 - Modernizing the Construction Lien Act – Welcome Changes
The Generals - Fall/Winter 2017 - 21
The Generals - Fall/Winter 2017 - 22
The Generals - Fall/Winter 2017 - 23
The Generals - Fall/Winter 2017 - Bill 142, Construction Lien Act Amendment – A Construction Owner’s Perspective
The Generals - Fall/Winter 2017 - 25
The Generals - Fall/Winter 2017 - Bill 142 – Worth the Wait
The Generals - Fall/Winter 2017 - 27
The Generals - Fall/Winter 2017 - 28
The Generals - Fall/Winter 2017 - Legend: Pertinent Acronyms
The Generals - Fall/Winter 2017 - The Effect of Adjudication on the Construction and Legal Industries
The Generals - Fall/Winter 2017 - 31
The Generals - Fall/Winter 2017 - The Proposed New Construction Act: A Dose of Realism
The Generals - Fall/Winter 2017 - 33
The Generals - Fall/Winter 2017 - Employer Did Not Discriminate Against Cocaine Addict Who was Dismissed for Cause
The Generals - Fall/Winter 2017 - 35
The Generals - Fall/Winter 2017 - 36
The Generals - Fall/Winter 2017 - COR Safety Certification: It’s Not just for Large Generals
The Generals - Fall/Winter 2017 - 38
The Generals - Fall/Winter 2017 - 39
The Generals - Fall/Winter 2017 - Recent Decision Confirms that Notices of Claims Do Not have a “Standard Form”
The Generals - Fall/Winter 2017 - 41
The Generals - Fall/Winter 2017 - Maple Reinders: After 50 Years, their Passion for Building Keeps Growing … and Growing
The Generals - Fall/Winter 2017 - 43
The Generals - Fall/Winter 2017 - 44
The Generals - Fall/Winter 2017 - 45
The Generals - Fall/Winter 2017 - OGCA Golf Tournament
The Generals - Fall/Winter 2017 - 47
The Generals - Fall/Winter 2017 - Associate Partners Program
The Generals - Fall/Winter 2017 - 49
The Generals - Fall/Winter 2017 - 50
The Generals - Fall/Winter 2017 - 51
The Generals - Fall/Winter 2017 - 52
The Generals - Fall/Winter 2017 - 53
The Generals - Fall/Winter 2017 - Index to Advertisers
The Generals - Fall/Winter 2017 - cover3
The Generals - Fall/Winter 2017 - cover4
The Generals - Fall/Winter 2017 - outsert1
The Generals - Fall/Winter 2017 - outsert2
The Generals - Fall/Winter 2017 - outsert3
The Generals - Fall/Winter 2017 - outsert4
The Generals - Fall/Winter 2017 - outsert5
The Generals - Fall/Winter 2017 - outsert6
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