Cyber Insurance for Nonprofits pt 2

Part 2 of this webinar.  Jenna Kirkpatrick Howard from Lockton Companies, addresses the question of knowing how much insurance to purchase, benchmarks and methods that insurance companies use to evaluate coverage options, and finishes up with a discussion of next steps for your nonprofit.Do you have questions about cyber insurance for your nonprofit? Have you been asked to demonstrate IT controls like MFA or Single Sign On when applying for insurance coverage? Do you know if your organization is in compliance?Do you know if your policy includes exemptions that would prevent your claim from being paid, in the event you had an incident?Do you know who to call first when you suspect a hacking attack or wire fraud? Do you know how to preserve the evidence, and what is needed by your insurance provider?Learn in this Q&A webinar with an industry expert.Jenna provides an overview of the insurance industry and will touch on the way cyber insurance works, what’s changing as IT hacks and scams grow in frequency and costs, and how to expect coverage to change in the next year or so. When claims go up, premiums will go up. What does that mean for your nonprofit?This webinar is important for:the CFO who regularly deals with the insurance but doesn’t know the lingo about the IT controls you needthe IT director who doesn’t usually have anything to do with insurancethe Executive Director or Board member who wants to ensure everything is in place given how much premiums are rising and the growing risk of being hacked or scammedthe accounting staffer who discovered a mysterious missed payment, suspects an email scam, and now doesn’t know who to tell firstMany people submitted real life questions in the webinar and at registration, and we did our best to answer these. Any questions we didn’t get to we will include at the end of the transcript, with answers.In the second half of the webinar, Jenna and Matt Eshleman, CTO and cybersecurity expert at Community IT, build on the insurance overview and lay out practical steps for nonprofits of any size to connect the right CFO-insurance-IT people-leadership-budget departments to understand your coverage and ask for the coverage you need. We walk through some basic application requirements and what the lingo means. You can find more information in the Guide to Basic Controls Demonstrating Cyber Preparedness available as a free download here.We finish up with what to do when you have an incident, and learn what to expect from your insurance when you need it.Community IT has done many webinars advising nonprofits to have a procedure in place to prevent an cybersecurity incident, and to know what to do if and when you have an incident. The first step we usually recommend is to contact your IT provider, your board, and maybe the FBI depending on the event. As the insurance landscape changes to adapt to emerging cybersecurity threats and risks, your nonprofit has never needed to understand your coverage more.With her years of insurance industry experience and finance background, Jenna Kirkpatrick Howard is well-positioned to answer cyber insurance coverage questions from nonprofits. She began her career as an actuary study, an experience that prepared her to discuss total cost of risk, lead annual budget discussions, conduct risk assessments, and look at alternative risk finance mechanisms. _______________________________Start a conversation :)Register to attend a webinar in real time, and find all past transcripts at https://communityit.com/webinars/email Carolyn at [email protected] LinkedIn on reddit/r/nonprofitITmanagementon the Community IT websiteThanks for listening.