Phil Schenkenberg Featured in Minneapolis/St. Paul Business Journal’s Cybersecurity Table of ExpertsPrint PDFShare
Phil Schenkenberg, shareholder and co-chair of the Privacy, Data Security and Cybersecurity practice group at Briggs and Morgan, recently participated in a panel discussion for the Minneapolis/St. Paul Business Journal featuring cybersecurity and information technology professionals from the Twin Cities.
When asked about the risks associated with cyber threats, Schenkenberg responded, “The risk isn’t just dollars going out the door that can’t be recovered; it’s also the loss of trust from customers or vendors on the other side of the transaction. Your company might not get the call to do the next deal, even if no money is actually lost.”
When discussing the role of cyber insurance to address cyber-attack risks, he explained, “Cyber insurance is a good tool that can provide great value. But companies need to focus on this question: Does this policy protect against the harm that has the greatest potential risk to the organization? Not every policy is the same. A successful phishing attack may not be a cyber-attack, and you need to be sure they’re covered under a cyber insurance policy. Also, the business of insurance companies is to deny claims whenever they have the legal ability to do so. Coverage litigation in this area has exploded in the past five or six years, and that will continue.”
Read the article here.