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Perpetrators of cyber-attacks thrive on chaos. The advent of COVID-19 has created the perfect environment for these bad actors to infiltrate IT systems. As businesses have become laser focused with a myriad issue relating to COVID-19, the challenges of the day can cause individuals to become less vigilant about phishing emails that penetrate their organization’s IT security platforms. Once clicked on, organizations IT systems are at risk of being compromised. Several cyber insurers reported a significant increase in the number of ransom incidents during the tail end of the first quarter. In response to this changing risk environment, FCC Services has launched updated cyber incident response protocols for cyber incident reporting both during and after normal business hours.
"Simply put, our team is on standby to respond to any System entity’s cyber incident claim, whenever it occurs, including after normal business hours, on weekends or on holidays,” says Don Sicard, VP, Risk Management and Insurance for FCC Services. “We heard concerns from chief security officers about support for incidents that happen outside of normal business hours and have responded with a new, 24/7 support process.”
In the new process, when a cyber incident form is submitted to the FCC Services’ secured claims mailbox, it is automatically submitted to the Farm Credit System’s cyber insurer’s breach response team (Beazley’s Breach Response, also known as the BBR). Email alerts are automatically sent to designated individuals on the FCC Services’ Risk Management team, as well as our cyber insurance broker (Aon), ensuring that key contacts are alerted in real time. This protocol is especially important and critical when an incident is reported after hours or on weekends.
If you experience a breach incident or receive a third-party complaint such as a lawsuit, first consult with your general counsel to maintain client/attorney privilege, and then complete the cyber claims form and submit it to both firstname.lastname@example.org and CyberClaims@fccservices.com. Be as descriptive as possible regarding the nature of the event to enable Beazley to prioritize a timely response. In any case, you can expect to hear from the Beazley Breach Response (BBR) team within 24 hours, and from an FCC Services team member within a business day. Please see here for more information on this cyber incident reporting process.
If you have any questions about this cyber incident reporting process, contact one of our dedicated team members:
Chris Chappell - Claims Director
Naomi Baumann - Professional Lines Examiner
Don Sicard - VP Risk Management
Lisa Parrinello - Insurance Director
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