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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.

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.

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.

Your business probably has the same cybersecurity vulnerabilities that Equifax did when they were hacked

Your business probably has the same cybersecurity vulnerabilities that Equifax did when they were hacked.png

Another major data breach at an American company worth billions of dollars has served to heighten cyber security concerns in businesses of many sizes in many countries. Equifax announced in September 2017 that a massive theft of data from their system had occurred. The failures of Equifax's cybersecurity team resulted in hackers obtaining the personal information of over one hundred and forty-five million of the people whose credit history Equifax tracked.

NSA Leaks are making U.S. Businesses Vulnerable

In the popular imagination, major cybersecurity events involve an elite hacker (or a group of them) employing a singular genius to crack complex computer codes and steal vital secrets or millions of dollars.  The reality is that most hackers use a set of tools available for sale for shockingly small amounts of money.  “Hacker schools” in places like Brazil and Russia can train someone who is relatively computer illiterate to use those simple tools to exploit vulnerabilities and gain access to sensitive information, whether it be trade secrets or personally identifiable information useful for committing identity theft. 

Cyber Island Hopping Leaves Small Businesses Exposed To Big 3rd Party Risks

An emerging area of cyber liability for small businesses centers around the concept of third party risk.  Third party risk means damages resulting from the security breach of a connected party - normally vendors or customers.  Small businesses can face third party cyber risk on a number of fronts.  They can face liability from a breach of their own systems infecting a vendor; they can also face damages caused when the breach of a vendor causes a breach of their own systems.  Franchisee relationships have also caused increasing concerns of cyber risk.

Where To Start? Tips For Businesses Taking Steps To Improving Their Cyber Security

Cyber criminals have a large number of ways of gaining access to a company’s computer systems.  What they do when they gain access to that system can also vary widely. 

Ignoring Your Cybersecurity Risks Won't Make Them Go Away

Hardly a day goes by in the current news cycle without some new cyber-security story breaking.  The end of 2016 included a disclosure of 500 million hacked Yahoo! email accounts, concerns raised over the security of U.S. election systems, and a formal announcement by the U.S. government that Russians had hacked into the emails of the Democratic National Committee and the New York Times.  A Report from industry experts this past month pegged the expected value of cybercrime in 2021 at $6 TRILLION a year.

3 Ways Cyber Insurance Improves Cybersecurity

 

 

 

 

In the modern world, almost every business uses some type of network to store information- even if it’s as simple as housing their email. Even companies hosting their email with outside providers (gmail, yahoo, and other private email hosts) are at risk.

Social Engineering 101, An Introduction

 

Defining Social Engineering

Social Engineering is a type of psychological manipulation that tricks a target into sharing information or performing an action that they normally would not have done. These scams may promise one thing and deliver another, be a way to get information from you, steal something from you, or gain access to something that you have access to.