As the number of cyber attacks against businesses continues to grow, insurers that provide cyber liability and other cyber-related coverage have started intensifying their scrutiny of their clients' databases and operational security.
While companies scramble to protect themselves against cyber criminals and malicious attacks on their servers, there is a growing amount of business compromise crime that uses both technology and a human touch to extract funds from businesses.
Cybersecurity threats have continued growing, in fact they been ramping up during 2020, and the trend according to experts is that the risks will continue to grow at an exponential rate.
Information security is one the greatest challenges for companies allowing remote work during the COVID-19 outbreak. When an employee is at the office, their work is protected by safety standards that keep your company’s network and data secure. However, an employee working from home may not have the same safety measures in place to protect your organization’s devices and information.
According to recent estimates from the University of Maryland, there is a cyberattack every 39 seconds. Data breaches and cyberattacks are daily headlines—and employee benefits plans are no exception to that threat.
In some instances, a commercial crime insurance policy may offer coverage for a loss due to a cyber-attack. The 11th U.S. Circuit Court of Appeals in Atlanta has ruled that an insurer must indemnify a policyholder that was scammed out of more than $1.7 million in a phishing incident under its commercial crime policy.
As attacks on businesses' networks continue at unprecedented levels, cyber risks have become the top concern among organizations of all sizes for the first time, according to a new survey.
The "Travelers Risk Index" found that 55% of executives surveyed said they worry "some" or "a great deal" about cyber risks. That's more than they worry about medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%), and legal liability (44%).
Social media has grown by leaps and bounds over the past decade. What many people don't understand are the unique risks that come along with social networking.
Anyone using Facebook, Instagram, Twitter, LinkedIn or any other social networking site should exercise extreme caution in what they decide to say online.
In the business world, barely a week goes by without a major cyber incident happening. To help guide businesses toward cyber preparedness, Hiscox has come out with its 2019 Cyber Readiness Report.
This year’s report shows that of the companies surveyed, most experienced one or more cyber attack in the past year. The cost and frequency of these attacks have increased significantly, as well as the risks involved for small and medium sized companies.
Crime Insurance has been around for decades with a focus on protecting companies from employee and vendor theft, fraud and forgery.
By contrast, Cyber Insurance was created to protect companies from damages occurring from cybercrime. The first cyber policies covered such things as customer notification, credit monitoring and other related services, as well as third-party liability.
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