Commissioners Court - Regular


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AI-11741 3.E.       
Meeting Date: 03/11/2020  
Cyber Enterprise Risk Management Insurance Proposal
Submitted By: Timothy Everest, Risk Management
Department: Risk Management  

Information
RECOMMENDATION
Approve the purchase of Chubb Cyber Enterprise Risk Management Insurance from Westchester Surplus Lines Insurance Company via Nueces County’s Broker of Record, Carlisle Insurance.
BACKGROUND
Cyber losses are now the number one leader in the industry. It is now the number one threat in the global economy. On average it takes an entity 9 months to discover a breach and re-mediate. Many are unaware they have had a breach until it is too late causing significant harm. System security measures put in place help but systems fail and hackers get around systems each day. Cyber insurance is a way to help offset the costs associated with a breach. The(Term 03/11/2020 to 03/11/2021)policy specifically covers the following items: *Expense reimbursement for forensics, notification and credit monitoring services *Expenses incurred due to PCI fines/ penalties and assessments as well as regulatory fines *Loss of income related to a breach *Data recovery expenses resulting from a breach *Network Extortion *Computer fraud, funds transfer fraud, social engineering
DISCUSSION
Purchase in the amount of $21,368.55 will be paid from Department 0102 General Liability funds.

Budget Information
Information about available funds
Budgeted: Funds Available: Adjustment: Amount Available:
Unbudgeted: Funds NOT Available: Amendment:
Account Code(s) for Available Funds
1:
Fund Transfers
Attachments
Nueces County Cyber


    

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