SolarWinds Incident Shines Light on Importance of Cyber Protection
Download our Cyber Crisis Guide for critical reporting information and appropriate steps to take in the event of a cyber incident.
On December 13, 2020, the press reported that cyber criminals hacked and inserted malware into a network monitoring software tool made by SolarWinds. The event created a cascading string of victims ranging from the U.S. Departments of State, Homeland Security, Commerce and the Treasury, as well as businesses receiving SolarWinds’ Orion network management software updates.
As cybersecurity experts work to understand the scope of the damage caused by the breach, affected businesses will continue to manifest in the months ahead. The incident highlights the importance of being well prepared and protected in this tech-dependent world. Ironically, keeping physical copies of the declaration page of cyber policies is one of the most critical steps to be taken.
Most cyber insurance policies offer comprehensive protection for organizations against the exact risks presented by the incident involving SolarWinds.
Still, it is important to review cyber and other policies with your broker to determine whether this will be the case for your business or organization in this particular incident and others.
EPIC’s cyber team has developed a straight-forward Cyber Crisis Guide that captures important reporting information and provides guidance on the necessary steps to take in the event of any incident, including SolarWinds. The cyber team can also provide consultation and advice on coverage and appropriate limit selection in this complex area.
EPIC partners exclusively with insurance providers to craft the best cyber offering for clients, performing extensive cyber policy reviews to determine risk exposure and delivering comprehensive recommendations on mitigating technology risks. Our experienced professionals recommend changes in legal or contractual terms, propose specific insurance coverage adjustments aligned with unique technology risks, and offer guidance on solutions to protect entire business ecosystems.
Both unpatched corporate software and outdated security techniques, as well as emerging risks in mobile and IoT platforms could put your business at risk.
Reach out to your EPIC broker or EPIC’s National Cyber Practice Leader, Kelly Geary, with questions about how to protect your business against those threats, as well as ransomware, DDoS attacks, phishing malware scams and more, now.
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National Executive Risk & Cyber Practice Leader