The Blind Side

 

Protecting Yourself From Online Data Breaches

By The Reschini Group

Attacks can come from unexpected directions. A right-handed football quarterback, for instance, had better hope that the left side of his offensive line can block the onrushing defense; otherwise he’s sure to be hit on his blind side.

The same rules apply when it comes to managing the risk regarding online data breaches. Most businesses realize this and have taken some steps to prevent damage, but there’s always a new “blind side” coming around the bend.Data breach concept image with business icons and

Managing the data breach risk posed by cyberattack only promises to become more difficult and challenging, as rapid and unending changes – that can make conducting business more efficient in many ways – can also open fresh doors for those with malicious intent. What’s worse, a cybersecurity breach could result from simply misplacing a laptop or smartphone containing sensitive data.

In a dramatic example of the need for diligence in HIPAA data protection policies, a provider of diagnostic imaging services discovered that one of its folders containing patient information was accessible to the public via the Internet. As a result, more than 300,000 patients’ billing information may have been exposed for months before the provider realized its error and removed the folder from public view.

The oil and gas industry faces potential exposure to data breach risks, in one example, from subcontractor personnel working onsite, with the possibility of sensitive information on customers and financial data being accessed and shared. Yet the unwanted release of private information – while damaging enough – may not represent the worst part of a data breach. That comes with the cost to repair the damage after a breach has occurred, in most cases.

Addressing cyberattacks varies by state, but in Pennsylvania, every data breach requires notification of every individual potentially affected, representing enormous costs in communication, credit repair, and image restoration. According to the 2015 Cost of Data Breach study*, conducted by IBM, the average recovery cost per lost or stolen record ranged between $145 and $154. The same study found the average consolidated total cost of a data breach is $3.8 million, a 23% increase since 2013.

Let the experts at The Reschini Group help to ensure that all of your cyber flanks are covered properly. Don’t take an unnecessary and expensive hit from the blind side.

Copyright 2016 The Reschini Group

* http://www-03.ibm.com/security/data-breach/

The Reschini Group provides these updates for information only. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.

Life is a Highway

Maintaining MC Number Compliance

By Mike Drew, The Reschini Group

Most heavy industry includes trucks and significant ground transportation, whether to bring raw materials to the production site, or to ship finished products to the marketplace. This holds true – perhaps even more so – in the oil and gas industry.

When deploying land-based vehicles – like trucks of all shapes, sizes, and configurations – across state lines, you can bet that regulations exist to make sure everything is done properly and safely. In this case, the key element is the motor carrier, or MC number, designated by the Federal Motor Carrier Safety Administration as a U.S. Department of Transportation number. Sounds simple enough, right? Complete the proper form, register your vehicle, get an MC number for it, and you’re in business.

But not so fast, friend.Silver tanker shor from behind

The number of variables already inherent in interstate transportation – plus the nature of oil and gas industry-related materials, plus the potential for carrying material for another party, plus other parties carrying your company’s material, plus any state-specific regulations, and so many others – require the completion of numerous forms to achieve and maintain full compliance.

It can become a tangled, confusing, costly process. But here’s the stark, cold reality – the U.S. Department of Transportation can shut down an entire company that is not in full compliance. So taking the time and paying the cost to get it right, right from the start, quickly becomes a worthwhile investment.

And if all that weren’t enough, affected companies must also be careful to avoid “quick-fix” websites and individuals who promise speedy, cut-rate compliance tips. It’s not that simple, and you could open your organization up to significant lost revenue by proceeding without credible guidance.

The Reschini Group is your go-to source for the insurance-specific aspects of your transportation program, and we can help guide you to the best, most qualified experts regarding these additional compliance issues.

Copyright 2016 The Reschini Group

The Reschini Group provides these updates for information only. To make decisions regarding insurance matters, please consult directly with a licensed insurance professional or firm.