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Is A Cyber Attack An Act Of War?

 

Cyber coverage remains a hot topic in the insurance world.  The coverage is relatively new and complicated questions of claims handling are still working their way through the court system with often unforeseeable results.  Now, a novel defense is one cyber coverage lawsuit may throw a major wrench in the extent of protection these policies provide.

Law Firms Remain A Smaller, Though Viable, Target For Cyber Criminals

The Dark Overlord hack stands at the intersection of a number of prominent issues in the modern world: terrorism, cyber warfare, confidentiality and privacy. On New Year’s Eve, 2018, a group of hackers calling themselves Dark Overlord stated they had hacked confidential legal files related to the insurance litigation that followed the 9/11 attacks. The hackers demanded a ransom from the law firm from whom the information was stolen. Apparently, the ransom was paid but the law firm breached the terms of the ransom by reporting the breach to law enforcement. Now the hackers have threatened to sell the information online through the dark web.

Marriott's Cyber Breach Announcement Shows How Years Can Pass Without Even Large Businesses Noticing A Hack

It seems not a week goes by these days without news breaking of another massive data breach affecting hundreds of millions of people.  At the end of November 2018, Marriot, the global hotel chain, announced they had been hacked and the personal information of five hundred million preferred customers had been exposed to criminals. What’s worse, Marriott announced the original data breach occurred over four years ago, leaving people unknowingly at risk for identity theft during that time.

The Roller Coaster Ride That Is The Yahoo Breach

Within the context of cyber security, one most always discusses the subject in exponentials; Whether considering the number of breached records, the amount of damage, or the size of data leaks. What was groundbreaking three years ago in volume will seem quaint by the end of the year. A host of news stories regarding the 2013 and 2014 data breaches at Yahoo Inc. over the past few months have underlined this aspect of the conversation about cybersecurity. It serves as a stark reminder that companies need to keep an eye on their cyber risks and seriously consider purchasing cyber insurance if they have not done so already to survive this increasingly harsh ecosystem.

HIPAA Violations Increase Costs For Anthem's  Data Breach

The clash between the stringent privacy requirements of HIPAA and the known vulnerability of most cyber systems creates a host of anxieties for most modern medical care providers. The Health Insurance Portability and Accountability Act requires that medical providers and insurers take reasonable precautions to ensure that the medical information of their patients remains private. At the same time, it is increasingly apparent that almost all cyber information systems have at least a few vulnerabilities, even if only through their users, and few systems can withstand a dedicated, concentrated cyber assault.

How Insurance Can Protect Your Business Against Man In The Middle Payment Schemes

Wire transfer fraud claims resulting from cyber attacks have increased dramatically over recent years, and companies are losing millions of dollars in these attacks. As is common when a new business risk develops, organizations look to their insurance policies to help cover their losses. As we have shared in previous examples, the coverage is not always adequate.

The extent of coverage for a company that has been a victimized may be sparse, and the costs of any breach are ongoing. Consequences of a fraudulent wire transfer depend not just on the specific wording in the policies a business has purchased, but as seen in the following instances, also being upheld differently in different states.

GDPR Insurance-It Is Possible To Protect Your Business From Looming Regulations

 

What Is GDPR?


The General Data Protection Regulation or GDPR is a set of laws created with one ultimate goal: to protect the personal data of people in or from the European Union (EU). The critical point here is that the individual’s nationality or residence is irrelevant- just whether they are in or from the EU. This law has forced the hand of many businesses to adopt the regulations into their practices for data collection- most commonly seen on websites. The GDPR became effective on May 28, 2018, but many businesses are still catching up due to inertia in changing procedures and practices.

Nuances In Types Of Scams Require Different Training And Different Cyber Insurance Coverage

Social engineering attacks continue to represent a significant attack vector on U.S. businesses.  The frequency and cost of these attacks keep increasing.  Businesses need to protect themselves or they could be facing large losses.  While people tend to view hackers as computer whizzes exploiting technical flaws in software code, the reality is that over 95% of attacks focus on exploiting human weaknesses, not technological ones.

Available Insurance Coverage For Social Engineering Scams Not Hacking It

 

 Social engineering scams continue to see reported increases in the number of claims filed and the damages suffered.  These scams, also known as “The President’s Letter”, involve clever impersonation over email to trick employees into wiring money to the wrong bank account.  A recent forecast estimated that damages suffered due to social engineering attacks would surpass $9 billion in 2018.  With losses that high, businesses need to review their procedures and exposures as it relates to protecting themselves from social engineering scams.

Crypto-Jacking Is A Growing Threat For Businesses

 

Managing cyber risk in the current atmosphere requires constantly staying abreast of new threats.  Every new technological advancement creates new opportunities for criminals to turn your systems against you.  Companies rightly concern themselves most with cyber crimes like data theft or extortion.  Yet even seemingly minor crimes can cause lost revenue for companies not paying attention.