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.
With the number of data breaches increasing every year, it’s not a question of if your business will suffer a breach, but when. The threat affects companies of all sizes and in every industry, including manufacturers.
As the number of data breaches involving smaller businesses continues to grow, a survey by The Hartford finds 85% of small business owners said a potential breach of their own data was unlikely, and many are not implementing simple security measures to help protect their customer or employee data.
It's a nightmare scenario for business owners. Employees log in to their workstations and attempt to access the usual systems, expecting to find customer reports. Instead, they find a message demanding money.
If the business wants to regain access to its software and data, it will have to pay a ransom. Until then, it is locked out. The business has become the latest victim of ransomware.
Ransomware is malicious software that hackers introduce into an organization's computer network to encrypt its data. The hackers hold the data hostage until their demands are met.
Those demands are normally for money, often payable in a crypto-currency such as Bitcoin. The hackers threaten to encrypt the data indefinitely, or even start deleting it, if they do not receive payment.
There is no time like the present to educate yourself about the potential dangers of financial and credit card security. The convenience of making online purchases is becoming increasingly more popular, but many people are not fully aware of the risks they could be taking when making these purchases. Continue reading to learn about how you can protect yourself from becoming a victim of a cyber-attack or identity theft.
Findings from an analysis of 2017 cyber claims data revealed that negligence was the most common cause of loss for the healthcare industry and a hacking attack the most common for non-healthcare organizations. However, ransomware was the second most common cause of loss for all industries.
Ransomware is a cyber-related threat with a monetary demand. The threat is typically to divulge or destroy information, to insert malicious code into a computer system, or to damage, destroy or prevent access to a computer system. According to the report, “2018 Cyber Claims Digest,” by NAS Insurance, there was a 152 percent increase in ransomware as a cause of loss in the healthcare industry between 2016 and 2017.
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