We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
With the lack of policy standardization and various exposures within the cyber insurance world, purchasing a cyber policy can be challenging. The first step in this process is to understand the risks your company is facing in the event of a breach, as well as your organization’s Total Cost of Risk (TCoR). After all, risk mitigation is more than just purchasing appropriate insurance.
The beginning of October marks the start of the ninth annual National Cyber Security Awareness Month (NCSAM) – is your company prepared in the event of a disruptive computer virus, a damaging loss of data or an unexpected intrusion by computer hackers? As organizations increasingly incorporate the use of laptops, smartphones and tablet devices into the success of their businesses, the potential dangers of cyber risk become much more prevalent.
Companies in every industry are using social media networks such as Facebook, Twitter and LinkedIn as marketing and business development tools.
One of the most talked about risks today is a data breach which can and will cause havoc in any organization. Most mid-size companies have not taken this risk seriously despite almost daily news about the effects of cyber risk. The recent article in the February 2012 issue of CFO magazine notes it is happening more frequently especially to mid-size companies, and should serve as a clear warning to a company’s senior leadership – Get your “Cyber” House in Order!
As the holiday shopping season began last week, Cyber Monday became the heaviest day of online shopping ever. Cyber Monday is just one example of the increased online presence of businesses and individuals alike, and with so much information being transmitted and stored online comes the increased risk of a privacy breach. A recent article in Risk and Insurance gives a good illustration on how a company can be affected by a cyber breach and outlines where liability falls if and when a breach occurs. In general, any information stored electronically is at risk, regardless of the industry a company operates in and cyber attacks can seriously impact its day-to-day
In Monday’s (October 31, 2011) Wall Street Journal there was a curious article explaining many security breaches resulting from unsuspecting employees. It also touches on another huge problem: The trend to share more and more personal data on social networking sites.
An article published in the Wall Street Journal on May 24, 2011, illustrates the economic losses Sony Corporation faces due to the impact on its supply chain from the disaster in Japan and the hacking of its PlayStation Network. Both the tsunami and earthquake hurt Sony’s financial performance, which led it to announce an expected annual loss of $3.2 billion this year. In addition, its PlayStation Network also suffered a massive cyber attack. Hackers breached over 100 million user accounts worldwide, stealing private customer information. Sony consumers were unable to utilize their PlayStation gaming systems and Sony must manage the ensuing risks associated with the intrusion. It is expected that
By, Al Sica Managing Principal The ALS Group
The Federal Bureau of Investigation (FBI) reports that identity theft is the fastest growing crime in the United States. It is also the number one consumer complaint received by the Federal Trade Commission, accounting for approximately 255,565 complaints in 2008. In addition, more than 30 states have enacted legislation requiring companies to notify consumers if their personal information may have been compromised. Even in states where notification is not required by law, failure to notify an individual of a potential identity breach may result in severe civil, regulatory and legal liability costs, as well as potential damage to a company’s reputation and loss of consumer confidence. Nearly 10 million Americans
