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Feature Retro actively dealing with these issues
can be costly and complex especially if they have not been factored into protocols at design phase. This is also the case for older assets that were built at a time when cybersecurity awareness and the ability to transfer and manage these risks was limited. Fortunately, as well as sophisticated mit-
igation technics a number of risk man- agement and insurance option now exist. Insurance protection for the risks that own- ers and managers of real estate face is now readily available through insurance interme- diary’s, or direct insurance companies. Typically, a Cyber Insurance policy
would provide protection for the following eventualities: Forensics After a breach has occurred,
expert forensics can determine what has been affected and how it can be contained, repaired or restored. Legal and Public Relations expert legal
and PR consultants can formulate a plan to contain reputational damage. The cover provides payment for costs you may incur for a PR consultant to avert or mitigate damage to your brand and business operations. Notification Any ‘data subject’ affected
by the breach will need to be notified, and credit monitoring put in place to prevent further losses. Fines and investigation professional
support to help prepare for any investigations you are subject to. A cyber policy can also cover payment of insurable fines and penalties imposed upon you. Cyber business interruption this can cover
you for loss of business income resulting from the total or partial interruption, degradation in service, or failure of information and communication assets. It’s easy to think that the only risk
you face is from hackers. In reality, human error – such as losing a laptop or a mobile loaded with client data and
passwords can be just as destructive. Cyber liability insurance can ensure
you’re not just covered for incidents caused by external forces. Your customers, your data, and even your reputation (arguably the most valuable thing to your company) can also be covered for a range of internal as well as external eventualities.
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