Pub. 14 2019-2020 Issue 6

WWW.NEBANKERS.ORG 22 Mitch Florea , CPCU, CLU, CLCS, Vice President of Marketing, NBISCO Minimize Exposure for Cyber Incidents with Proper Planning F OR MOST BANKS AND BUSINESSES, HAVING A CYBER INCIDENT is not going to be the end-all disaster many of you anticipate. What will cause your worst nightmare is mishandling the course of events needed to successfully work through a cyber incident to the other side. With the right procedures in place, your institution can navigate through the various stages with manageable expenses, minimal downtime, minimizing vulnerabilities andmost importantly, keeping your customers data intact and secure. As you are well aware, one of the most important exposures facing Nebraska banks in 2020 and beyond is cyber liability. In a world with technology advancing by the minute, it is vitally im- portant to have a comprehensive and cohesive risk management strategy in place. Your strategy should include everyone on the team, not just your cyber liability carrier. It is no longer solely an “IT” issue or isolated to your bank website. From “special- ized” privacy counsel to help navigate the pitfalls of the various statutory consumer protection laws, forensic computer experts, IT professionals, bank employees to bank leadership, everyone plays a part and every cyber incident is different. Cyber incidents can be both electronic and non-electronic in nature. There is no cookie-cutter programor policy to put in place. Your plan needs to be flexible, viable and more importantly, executable. Cyber liability insurance incorporates both electronic and non-electronic coverage triggers. It is a “first-party” and “third- party” program with complex terms, conditions and specified