Santa’s been keeping up with technology in recent years. It all started with satellite navigation devices and the introduction of Operational Technology to his workshop. Then Gen-Zs and Gen-Alphas began to send in their Christmas wish-list via email. Their PII is stored in Santa’s brand new cloud-based database, and his AI algorithms calculate whether they’ve been naughty or nice – no more making a list and checking it twice. But where there is technology, there is cyber risk. Here are 3 cyber coverages that St. Nick should be signing on this Christmas.
Santa Clause 1: Data Breach Cover
Santa is one of the world’s largest keeper of children’s private data. With his database comes a sleigh-load of responsibilities. In the case of Santa’s “naughty and nice” list, which includes the names, birth dates and addresses of minors, any potential breach could result in a snowball of reporting requirements and regulatory fines. To keep safe from cyber grinches and to continue spreading holiday cheer, Santa should make sure that he and his elves are covered against data breaches. It’s been reported that elf-errors lead to 95% of data breaches, and these errors are likely to occur when elves are distracted.
Santa Clause 2: Cyber Crime Cover
It’s the most vulnerable time of the year! Grinchy fraudsters will do just about anything to sneak onto the nice list. They’ll try to hack Santa’s AI software and his database in order to reroute gifts to the wrong chimney. But in true grinch style, these thieves are looking to steal more than just Christmas presents. They’ll often encrypt Santa’s top secret operational data and demand large ransoms from the Elf IT department.
Santa Clause 3: Business Interruption
If hackers shut down the gift production and distribution systems, Santa Claus’s long-standing reputation would be in jeopardy. Santa relies on tech to keep track of toy inventory , delivery locations and statuses. If a system downtime or ransomware attack were to render Santa’s list inaccessible, it could result in a significant BI loss. Fortunately, BI coverage would provide protection against IR costs including system repair and restoration, legal fees and losses incurred from a systems-wide outage in the North Pole.
In conclusion, ensuring that Santa’s business runs like a well-oiled sleigh is crucial to the happiness of children everywhere. That’s why he must address his business’ unique risks to keep the the holidays worry-free.
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