Padgett-Beale Inc.’s (PBI) insurance company, CyberOne Business and Casualty InsuranceLtd, sent an audit team to review the company’s security policies,processes, and plans. The auditors found that the majority of PBI’s operatingunits did not have specific plans in place to address data breaches and, ingeneral, the company was deemed “not ready” to effectively prevent and/orrespond to a major data breach. The insurance company has indicated that itwill not renew PBI’s cyber insurance policy if PBI does not address thisdeficiency by putting an effective data breach response policy and plan inplace. PBI’s executive leadership teamhas established an internal task force to address these problems and close thegaps because they know that the company cannot afford to have its cyberinsurance policy cancelled.
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