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Cyber Risk in an Online World Tracks


still responsible for the notification and the related expenses. Consider any type of outsourced vendor that has your corporate confidential data and PII, such as payroll service providers or accounting firms, as a risk area.


Recognize that these are issues all organizations are facing, even the most capable and tech-savvy. Still, businesses and particularly managers with responsibility for systems and network security deficiency, feel that insuring for these risks mean that their capability is being called into question. It is now evident that no network that is totally secure. Managing your business’ cyber risk is just like managing property and casualty risk: you don’t want it to happen; you plan to avoid it, but your business if far better off if you’ve prepared.


The good news is that the costs can be mitigated with a broker partner to help you manage your cyber risk. First of all, the insurance industry has brought many products and coverage options to the market. In fact, their effort to address the issues has made for a buyer’s market. The cost of coverage is small in comparison to property and casualty coverage. More importantly, with the proper guidance the process of anticipating your risk areas helps you in two ways. One, it identifies where the risks lie. If the risks are identified you can improve operational management and reduce the risk. Two, with the risks identified you can structure coverage that mitigates your risk, but doesn’t overburden you with unnecessary cost.


About BB&T Insurance Services


Start the process now. Think through your cyber challenges and work with your BB&T Insurance Services broker, Clay Chambless Cchambless@bbandt.com to create a plan to manage your risk in an online world.


Sylvia B. Menetre, CIC, ARM, Vice President, BB&T Insurance Services works with Clay Chambless on Cyber Insurance exposures. Sylvia has more than 25 years of experience in agency account management, production, marketing and corporate risk management. She focuses on Cyber coverage including Network Security Liability, Privacy, Website Media and related Crisis Management. Sylvia earned a bachelor’s degree from the University of Georgia and won the Cyber Risk Management Leadership award from Insuretrust in 2014.


Traditional banking services are provided by Branch Banking and Trust Company, Member FDIC. Only deposit products are FDIC insured. Investment solutions are provided by Branch Banking and Trust Company and BB&T Investment Services,


www.NATM.com March/April 2016 75


Inc. BB&T Investment Services, Inc., is a wholly owned registered broker/dealer subsidiary of Branch Banking and Trust Company, Member FINRA/SIPC. Insurance products are offered by BB&T Insurance Services, Inc., a wholly owned subsidiary of BB&T Insurance Holdings, Inc.


Securities and insurance products sold, offered or recommended are:


NOT A DEPOSIT • NOT FDIC INSURED • MAY GO DOWN IN VALUE • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT GUARANTEED BY A BANK


© 2016, Branch Banking and Trust Company. All rights reserved.


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