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County Administrator's Report 13. 10.

BCC Regular Meeting

Budget & Finance Consent

Meeting Date:	09/20/2018
Issue: Cyber, Privacy & Network Liability Insurance Policy
From:	Robert Dye
Department:	Asst County Administrator
CAO Approval:

RECOMMENDATION:

Recommendation Concerning CHUBB Cyber Enterprise Risk Management Insurance - Robert Dye, Manager, Risk Management Office

That the Board approve the payment to USI Insurance Services, LLC, in the amount of $23,905, for Cyber, Privacy and Network Security Liability insurance written through ACE American Insurance Company, for the period of October 1, 2018, through September 30, 2019.

[Funding: Fund 501, Internal Service, Cost Center 140835, Object Code 54501]

BACKGROUND:

Exposure to loss from network intrusion is a significant financial risk for Escambia County even with the best security protocols in place and dedicated efforts by our IT professionals. Insurance against security breaches covers two main areas. First-party coverage provides protection against the direct costs suffered by the County, including potential fines, productivity loss, financial damage and even PR expenses. Third-party coverage protects the County against costs incurred for damage to third parties, such as virus damage or identity theft remediation. Cyber extortion is an increasing threat that can be mitigated by adequate coverage such as that offered in the recommended policy.

The premium increased $856.00 over last year’s premium due to increased exposure estimated for the coming year.

BUDGETARY IMPACT:

Funds are available in Cost Center 140835, Object Code 54501

LEGAL CONSIDERATIONS/SIGN-OFF:

This recommendation does not require legal sign off.

PERSONNEL:

Risk Management will be the contract administrator. No additional personnel will be required.

POLICY/REQUIREMENT FOR BOARD ACTION:

County Ordinance, Chapter 46, Article II, Section 46-64, providing for Board approval of contracts of fifty thousand dollars ($50,000.00).

IMPLEMENTATION/COORDINATION:

Upon approval by the Board of County Commissioners a purchase order will be issued by the Purchasing Office to provide payment for services rendered from the contract.

Attachments
Cyber Quote