Cyber Risk Intern
- This summer, I did some work at Nelson & Ward Company as a Cyber Risk Intern. This insurance brokerage exposed me to different types of cybersecurity policies. It was my core focus to research and put together a customer-based presentation that could be used to demonstrate to the typical manager, or director of a firm, the basic insurance coverages provided by a Cyber Policy.
- For the project I completed, I did research on the Beazley Breach Response Policy and their coverage schedule. The project entailed the analysis of the policy, and identified the important policy segments. I was able to develop a PowerPoint presentation with this research to the company, as well as created the breach response coverage schedule using Microsoft Excel for the company’s future use.
- The most important thing I take from this experience is that a Cyber Policy is the insurance form specifically designed to insure business losses when security tools and procedures fail. Some of the insured costs of a security failure are:
- Privacy and Security Liability
- Regulatory Proceedings Defense
- Breach Response, including costs for Privacy Breach Notification
- Computer and Legal Experts
- Ransomware Attacks
- Cyber Crime, including computer, funds transfer and social engineering fraud
- Business Interruption
This experience has given me a scope of not just the policies that support cybersecurity claims, but also how important it is to identify those risks facing a business, so these claims don\\\’t have to be taken. I will be learning more about how to secure these systems, and will be taking the knowledge I gained from this research experience when I take MIS 4596 (Managing Enterprise Cybersecurity) during my final undergraduate semester.