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Hackers Shifting Focus Toward Small Business Targets

Small businesses face an increased risk of cyberattack. More and more cyber claims stem from small businesses and small businesses make up an increasing share of the total losses caused by cyber attacks. As this threat evolves, small businesses can no longer ignore their cyber risks without facing disastrous consequences.

COVID-19 Risk Analysis: Cybersecurity Concerns And Challenges

COVID-19 has changed the way many organizations do business. Whether out of a sense of caution or to comply with emergency orders, many businesses have shifted to allowing more work from home and remote work from employees. This increase in remote work has had significant impacts on cyber security and cyber insurance.

The Verification Check Twitter Hack

 

On July 15, 2020 a number of high-profile, verified Twitter accounts were hacked. The goal seemed to be to push a double-your-money scam using Bitcoin. Some estimate that the hackers were able to net $100,000 in the cryptocurrency in a matter of minutes. These kinds of scams have always been prevalent on social media platforms, but never have so many notable accounts been taken over at once.
What does this mean for businesses that use Social Media, including Twitter, as a channel for promotion and outreach?

The Road Ahead For Teams Working Remotely

More employers are opting for a remote workforce. Whether due to the recent COVID-19 health crisis's challenges, costs associated with a more traditional workspace, keeping your talent on the team after a move, or other issues with a conventional commute to the office more employers than ever are taking advantage of the availability of technology and the possibility of having remote team members. 

Fraudulent Instruction: When Scams Prey On Busy Professionals

Given the relative newness of cyber insurance policies, comparatively little case law exists interpreting these policies in the context of claims. Courts have sometimes struggled with how to interpret unique policy provisions in the context of variations of computer fraud. While some courts have taken highly technical approaches to the language contained in the policy, other courts have taken a more relaxed approach based on the understanding of the parties. A recent case out of the Eleventh Circuit Court of Appeals highlights these issues. Principle Solutions Group, LLC v. Ironhorse Indemnity, Inc. tackled a claim dispute between an insured business and an insurance company involving a cyber claim.

Insurance Companies Changing Vague Coverages To Avoid High Costs Of Cyber Risks

Companies without cyber insurance can find themselves in difficult situations.  As more and more vital business functions migrate to electronic systems, companies without cyber insurance have to try and find coverage for any damage to their systems through traditional insurance policies.  That approach can work depending on the specifics of a policy and a claim, but it might lead to additional legal costs fighting with the insurance company.

Courts Read Into Cyber Policies To Find Coverage For Social Engineering

Given the relative newness of cyber insurance policies, comparatively little case law exists interpreting these policies in the context of claims. Courts have sometimes struggled with how to interpret unique policy provisions in the context of variations of computer fraud. While some courts have taken highly technical approaches to the language contained in the policy, other courts have taken a more relaxed approach based on the understanding of the parties. A recent case out of the Eleventh Circuit Court of Appeals highlights these issues. Principle Solutions Group, LLC v. Ironhorse Indemnity, Inc. tackled a claim dispute between an insured business and an insurance company involving a cyber claim.

2020 Ransomware Risk Update

Ransomware attacks have increased in frequency over the past few years.  They now rank as the second most frequent type of claim against cyber insurance policies.  Experts estimate that a new business is hit with a ransomware attack every fourteen seconds.  For 2019, early information is showing that the frequency of ransomware attacks may be decreasing.  This seemingly positive trend comes with two significant drawbacks however.

Meeting Expectations Cybersecurity & Liability Due To Your Professional Responsibility

 

Cyber incidents and cyber practices are testing the boundaries of the law in numerous unique ways. The length of most litigation and the relative newness of cyber technology means that many of the claims and legal principles governing those claims are still working their way through the court system. The high cost of litigation sends many of those claims to settlement talks without a firm decision to guide future cases.

Why You Need A Digital Forensics Company In Your Cybersecurity Action Plan

In the event of a cybersecurity breach, any company with a cyber insurance policy should contact their carrier as soon as possible. One of the first steps the cyber insurance carrier will take is to hire a forensics company to investigate the breach. Digital forensics is one of the more expensive aspects of most cyber claims, with costs typically ranging from $20,000 to $50,000.