Risk & Business Magazine Walsh Duffield Companies Spring 2016 | Page 26

Mitigating the Risks of Technology
Protecting Your Company with Cyber Liability
BY: CAROL A. WAGEMAN, CIC, WALSH DUFFIELD

F

rom Anthem, Target, and American
Express to Home Depot, Kmart, and
the North Dakota University System, data
breaches have been a staple in the news;
and if you think cyber criminals are just
after the big boys, you better think again.
Consider these statistics:
• 20% of cyber attacks are on
companies with fewer than 250
employees.
• 60% of U.S. small businesses shut
down within six months of a data
breach.
• The average cost of a data breach to
an organization in 2015 was $3.8
million.
Clearly, security breaches are expensive to
overcome. Anthem Inc., the second largest
healthcare insurer in the US, had a major

security breach in February of 2015.
A woman in California filed a lawsuit
against them the day after the breach was
made public. Anthem will probably end up
paying far more than the average to repair
the damage done. It goes to show that
even with the best protections in place
and the employment of best practices
when it comes to security, breaches can
happen. If it can happen to Anthem and
Target, it can happen to you as well.

How can you Protect Your Company?
Pre-emptive risk management and IT
measures, along with a robust cyber
insurance policy, are the best way to
mitigate cyber risks. Walsh Duffield
can secure a privacy and security policy
covering the expenses you will incur such
as legal costs, forensics, fines and penalties,

in addition to the third party potential of
judgements or settlements. We will work
with you to evaluate your cyber business
needs in the event of a network breach,
and tailor a solution that addresses those
exposures which will both transfer the
business risk through insurance and assist
with the team of experts you will need.
Take the first step to cyber protection and
call Carol Wageman at 716-362-7328.
Carol holds the Certified Insurance
Counselor designation. With thirty plus
years as an insurance broker, Carol works
with mid to large clients to coordinate risk
management solutions and placement.
She has expertise in specialty lines as
Directors and Officers Liability, Professional
and Cyber Insurance.

Mitigating the Risk of Wealth
The VIP Executive Services Program
BY: MARK GARVELLI, WALSH DUFFIELD

A

s a high net-worth individual, you’ve
worked hard to get where you are. The
higher the net worth, however, the higher
the risk exposure. Regardless of how your
income came to you, be it a business, rental
properties, or other venture, the chances
of you getting sued or experiencing a loss
are much higher than for most people.
At Walsh Duffield, we have developed a
program designed exclusively to meet
the unique insurance exposures and
challenges you face: The VIP Executive
Services Program. With this program,
we have an expert team on staff which
evaluates your risks and implements
programs to protect your interests.
Through long-standing relationships

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SPRING 2016

with the country’s premier insurance
companies, we are able to provide
specialty coverage including collections
and special schedules, boats, yachts, jet
skis, and personal aircrafts, secondary
residences, and a number of business and
personal liability policies, among others.
Our VIP team initiates an annual cost and
coverage review for all of our clients to help
identify and manage any new exposures.
We also provide 24/7 service and support,
personal claims advocacy, a dedicated
team of specialists (including account
executives, service representatives, and
claims specialists), and same day binding
of important documents with handdelivery to attorneys.

Most of you deal with numbers every
day, but that doesn’t mean you want to
be treated like one. Our VIP Executive
Services Program ensures that you will
have the coverage you need when you need
it to protect you, your loved ones, and your
assets. We’re always just a phone call away,
day or night.

Mark has nearly 30 years of experience
in Personal Lines Insurance, with a
background in underwriting, marketing
and management. Mark has served as
the President of IIAAWNY and a board
member of IIABNY.

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