We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
The healthcare sector is without a doubt one of the most targeted industries for cyber hackers. Different industries have different types and degrees of cyber risk exposure. But hackers and malicious campaigns take aim at the healthcare sector in particular due to the private nature and black market value of the data.
Identity theft is the fastest growing crime in the United States. Each year, more than 15 million Americans fall victim. It’s also the number one consumer complaint received by the Federal Trade Commission.
Ransomware strikes. Your critical data files have been encrypted and your business grinds to a halt. Do you: a) spend countless hours rebuilding from backups (if you were diligent enough to ensure they’ll work) or b) pay the perpetrator to unlock your files? Now that ransomware is spreading like wildfire through malicious emails, “malvertising” campaigns, and exploit kits, many firms and individuals face this exact scenario.
Globalization and dependence on the internet for data storage over the past decade has exposed companies to a whole new set of risks. As this trend continues, so too does the risk associated with breaches of domestic or international servers. Massive data breaches happen with alarming frequency. In the past few years, there have been several high profile attacks affecting companies like:
This is an actual picture I took in a café of an unattended pile of documents marked “Confidential.” It blew my mind. If only this employee’s C.E.O. or C.O.O. could see this obvious disregard for the material’s confidentiality. Anyone could have grabbed the documents, peaked at the data, or… snapped a photo.
You’ve heard of cyber attacks causing customer data breaches, business interruptions, reputation management issues, and public relations nightmares – but what about physical damage?
Cyber risk continues to evolve at a breakneck pace. Insurers are working to keep up by customizing policies and endorsements based on the size and business model of the insured. At last week’s third annual International Cyber Risk Management Conference, Matthew Davies, Assistant Vice President of Chubb Insurance Company of Canada, outlined a few key points on what cyber security practices a small organization to already have in place when looking to procure cyber insurance.
In 2015 The Internet Crime Complaint Center received 288,012 complaints of cyber attacks totaling more than $1.07 billion in reported losses. Those numbers are based only on incidents that were reported to the FBI. When we talk about cyber risk, data theft, and the threat of Ransomware, we usually focus on prevention strategies. But being prepared to respond quickly and efficiently when an event does occur is just as important to operations recovery, cost reduction, and reputation management.
Most companies today opt to distribute their employees’ W-2 tax forms electronically; either through email or some type of download service. Because these forms contain a good deal of Personally Identifiable Information (“PII”), such as name, address, social security number and salary information – cyber thieves are using several simple, yet, tried-and-true methods to fraudulently obtain them.
Organizations today must regard cyber breaches not as a possibility, but as an inevitable fact of life. In this environment, it’s crucial to have a cyber liability insurance policy that adequately covers the potential loss and offers payment or reimbursement for response costs. Understanding what’s covered by the policy well before a breach occurs and building that knowledge into your company’s incident response plan is critical.
