World Grain - May 2022 - 34

FEATURE: CYBER CRIMINALS TARGETING AGRIBUSINESS
* Use a secure email service that filters for potentially
malicious activity
* Implement Endpoint Detection and Response
(EDR) software to manage threats
* Train employees and educate suppliers on how to
identify, avoid, and report potentially malicious
activity on corporate networks, like phishing
scams.
* Limit access to sensitive information with privileged
access management
* Protect against unauthorized access with frequent
password changes and multi-factor authentication
* Regularly review and update software, firewalls
and security patches
Cyber insurance coverage
First-party coverages
Business interruption/extra expense Reimbursement
for lost revenue and expenses caused by a technology
failure, computer system outage, or cyber-attack, with
the option to include: Contingent business interruption
resulting from a third-party/supply chain event
Internet of Things products/services used in distribution,
inventory, and warehouse operations.
Information asset protection Costs to recreate or reconfigure
information and electronic data assets, with
option to include cost to replace hardware or to rebuild
systems.
Breach/event management Costs for notification and
investigation of privacy and security breaches, including
legal and forensic services, with the option to include
losses from unauthorized price alteration.
Cyber extortion Ransom and investigative expenses
associated with threats to steal confidential information,
introduce malicious code, corrupt computer systems, or
hinder system access.
Third-party coverages
Privacy liability Failure to prevent breaches of confidential
personal information - electronic or hard copy
- or to disclose an event, with the option to include
coupons, discounts, and goodwill payments in settlements
and costs.
Network security liability Actual or alleged failure of
computer security to prevent or mitigate an IoT or computer
attack.
Regulatory Defense Costs to defend regulatory actions
and for certain fines and penalties.
Payment Card Information Fines and penalties for PCI
industry settlements, fraud recoveries, chargebacks,
and forensic investigations.
34
* Assess the cybersecurity processes of any third
parties that access or retain critical data
* Build favorable " hold harmless " agreements into
contracts with third-party vendors.
Larger operations may be
able to weather cyberattacks
such as phishing, but small
farms or businesses are often
unable to absorb that kind of
financial loss.
Cyber insurance
The Council of Insurance Agents and Brokers (CIAB)
calculates that the average breach costs nearly $4 million
across all sectors.
To help plan for and mitigate the risk of a cyberattack,
cyber insurance can serve as a means of protection
on both the back end to help cover the costs of a
breach and also on the front end. Outside consultants
can help bolster cybersecurity and work with employees
to help raise awareness of vulnerabilities and the
importance of good cybersecurity practices.
There are still unanswered questions around regulatory
enforcement and how organizations are prepared
for investigations and claims of financial injury from
consumers and the ever-creative plaintiffs' bar, regardless
of whether a security or privacy breach occurred.
The cyber security insurance marketplace can help address
this evolving risk with many carriers providing
affirmative coverage for wrongful collection events (although
the current cyber insurance marketplace typically
requires a security or privacy incident trigger).
According to the 2019 NetDiligence Claims Study
Report, which analyzes actual paid claims, small- to
mid-size companies have been hit with an average
of $178,000 per breach, with crisis services costing
$112,000 and legal costs averaging $181,000.
Lost income for small and mid-sized firms averaged
$343,000 and the expense to recover systems and
files cost an average of $45,000. Equally as bad, there
were an average of 280,000 records exposed to hackers,
which produces a per-document cost of $234 on
average.
Hannah Hoeflinger is national cyber risk operations leader for Marsh &
McLennan. She may be reached at Hannah.Hoeflinger@MarshMMA.com.
We want to hear from you - Send comments and inquiries
to worldgrain@sosland.com. For reprints of WG articles,
e-mail reprints@sosland.com.
May 2022 / World Grain / World-Grain.com
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World Grain - May 2022

Table of Contents for the Digital Edition of World Grain - May 2022

World Grain - May 2022 - Intro
World Grain - May 2022 - 1
World Grain - May 2022 - 2
World Grain - May 2022 - 3
World Grain - May 2022 - 4
World Grain - May 2022 - 5
World Grain - May 2022 - 6
World Grain - May 2022 - 7
World Grain - May 2022 - 8
World Grain - May 2022 - 9
World Grain - May 2022 - 10
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World Grain - May 2022 - 12
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