UIC evaluated a retailer of soft goods to determine whether their current cybersecurity insurance policy sufficiently covered their exposure and PCI compliance. We leveraged its cybersecurity checklist to identify program deficiencies and prioritized them by risk.
In addition, we evaluated the company’s risk management program to ascertain that a solid infrastructure, including disaster recovery and data backup, was in place. Once we completed an analysis of the retailer’s environment, we were able to redesign the insurance specification to close the gap without increasing cost through an extensive bidding process.
At a later date, the client’s infrastructure was compromised through a malware (malicious software intended to disrupt operations) intrusion, with the attacker obtaining a significant number of client records. Due to UIC’s suggested policy changes, however, the client had appropriate coverage and ultimately saved more than $1 million in damages.
Cybersecurity attacks on companies are not only rising in frequency but also in severity of cost. While these risks are becoming inevitable; it’s how these risks are mitigated and transferred that determines the extent of the damage—ﬁnancial and otherwise. Don’t wait for a breach to occur, preparation and a solid framework can make all the difference with challenges regarding regulatory compliance, insurance, and legal defense matters.
Most large companies continue to strengthen cybersecurity capabilities and security frameworks while small and medium-cap organizations are lagging behind by all indications. UIC believes that mitigating risk is only part of the solution; transferring risk through comprehensive cyber insurance can significantly reduce company risk.
UIC has been and continues to be the leading mining consultant designing its first bespoke manuscript property policy in 1984 for Dome Mines Group.
UIC has provided its consultative services to the largest marina operators in the world and currently advises over 175 marinas.
UIC in the past several years has provided its contract review, risk strategy, and sourcing for various construction projects from 1 billion dollar commercial office building and hotel and convention centers to the latest multi-use residential and commercial in New York City.
UIC has been instrumental in establishing the proper Risk Management foundation for Biotech companies in their early stages.
UIC Inc. was retained to provide an independent risk management audit and was given complete access to all requested information.
The commercial property insurance market is witnessing a challenging landscape characterized by capacity limitations, rate increases, and ...
Security breaches are prevalent in all industries and often go undetected and wreak havoc for extended periods. These breaches not only cause irreparable reputational damage but also have signiﬁcant monetary considerations in the form of class-action lawsuits.
At UIC, Inc., our team represents a new paradigm in the insurance market—a truly independent consultant providing our clients with the guidance, knowledge, and resources to negotiate the right amount of coverage while minimizing premiums.
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