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.
Whether browsing social media or completing online homework, students spend much of their day plugged into their phones, tablets, and computers. While they are spending their time connected to these devices, many are forgetting to protect themselves from the many hidden dangers of the internet.
Cyber security isn’t typically something one thinks of when beginning college. According to an article by Forbes, Millennials believe cyber security is imperative, yet more than half avoid common-sense computer safety measures. Campus safety now goes beyond walking home alone at night. Continue reading to learn about how you can be cyber-secure upon entering college.
Hacking and cybercrime are in the news daily, and everyone has likely been impacted by it in some way from the numerous high profile breaches of the companies that store our data. The increase of these threats has awakened us to the reality that we need a level of vigilance that offers better protection.
According to the Identity Theft Resource Center, data breaches increased 40 percent in 2016, with a total of 1,093 reported breaches. This trend continued in 2017, with over 1,120 cases reported by October. Ransomware was the most common threat. Global ransomware costs due to business productivity impact and mitigation are estimated to have exceeded $5 billion in 2017. An additional $2 billion was paid to hackers in ransom over that same time period.
Social Engineering has become one of the most prevalent types of computer-related crimes lately. In this type of crime, an employee of a company is tricked into transferring funds to a “bad actor.” The “bad actor” sends an email impersonating a vendor, client, or supervisor of the company and advises the employee that banking information for the vendor/client has changed or company funds immediately need to be wired at the “supervisor’s” direction. The email looks authentic because it has the right logos and company information; however, careful study of the email will reveal that the funds are being sent to the “bad actor’s” account. Too often, unsuspecting and trusting employees unwittingly have cost their companies millions of dollars in connection with social engineering claims.
CIRAS (Center for Industrial Research and Service) hosted a workshop on March 29 for manufacturers across the state of Iowa. The workshop, sponsored by LMC Insurance & Risk Management, provided manufacturing leaders and their IT experts with the latest cyber news. Attendees gained an improved understanding of the technical, policy, compliance, legal, and other aspects of cyber security.
While every effort has been taken in compiling this information to ensure that its contents are totally accurate, neither the publisher nor the author can accept liability for any inaccuracies or change circumstances of any information herein or for the consequences of any reliance placed upon it. This publication is distributed on the understanding that the publisher is not engaged in rendering legal, accounting, or other professional advice or services. Readers should always seek professional advice before entering into any commitments.
4200 University Ave, Suite 200
West Des Moines, IA 50266-5945
5940 South 118th Circle
Omaha, NE 68137
708 Heartland Trail, Suite 1000
Madison, WI 53717