Cybersecurity Incentives – Value Added Versus Fear

Cybersecurity Incentives – Value Added Versus Fear

September 6, 2018 Business Insurance and Risk Management, The Beacon Blog 0 Comments

An online article in Accounting Today (https://www.accountingtoday.com/news/cybersecurity-and-data-protection-are-about-service-not-fear?utm_campaign=daily-aug%2030%202018&utm_ ) deserves to be circulated beyond the accounting profession. In a talk at the 2018 Illinois CPA Society Summit, Adam Lovingood, head of legal for Xerox Americas, called cybersecurity an opportunity to add value for clients. While data security is necessary to reduce losses from cyber attacks and comply with data protection laws, it should also be adopted as part of client service.

Lovingood recommends companies start by evaluating their own data policies, software and vendors for security. Once their data and systems are secure they should educate their clients on the threat (61% of cyber attacks are against small businesses) and risk mitigation. Recommended security measures – strong passwords, avoiding suspicious emails, two factor authentication and regular software updates – require little or no technical expertise. Improved cybersecurity is good for everyone.




About the Author

Harry Cylinder

Harry Cylinder, CPCU, ARM has spent nearly fifty years in the insurance industry, the majority of the time as a consultant. He has been employed by The Beacon Group of Companies since 2008, specializing in the review and analysis of property and casualty coverage forms. Mr. Cylinder has been reviewing policy forms as they have evolved over the past decades. In 2008 he published an article in the CPCU Journal which was the first description of cyber insurance coverage for a general insurance audience. Since that time he has regularly written on cyber and other topics for The Beacon Companies’ blog.