We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
The globalization of business operations and our dependence on the internet for data storage over the past decade has exposed companies to a new set of risks. As this trend continues to grow, so does the risk associated with data breaches of a company’s domestic or international servers.
When looking at a company’s risk, one of the most overlooked aspects is how it manages its informational security. In their most recent Data Breach Investigations Report, Verizon was able to classify 92% of the millions of breaches over the past few years into nine basic patterns. It would be a reasonable assumption that these nine patterns of attack would be the same across the business landscape. Unfortunately this is not the case as the sophistication of the attacks change depending on a company’s industry. As an example representing both the Financial and the Energy/Utilities Sectors, the highest type of breach was web app attacks. This occurred as the retail
Many of the cyber risks discussed today revolve around outside intrusions such as data breaches, viruses, or reputational risks brought on by improper social media use. Another significant risk that must be considered is a major data loss event, whether caused by a technical malfunction or a non-technical property loss such as fire or water damage. While you cannot guarantee a data loss will not happen, there are ways to indemnify and protect yourself if you experience such a data loss.
Crisis Management has been, historically, a function of the IT or Risk Management department for many companies and as social media continues to gain traction, savvy risk managers have incorporated social media into their crisis communication plans.
With the continued news reports of data breaches of high profile businesses, most recently Target, Adobe, Lexis Nexis, and Apple, I thought I would provide you a few thoughts to add to your risk management “New Year’s resolutions” (I know you have them…). Since most of you know I travel quite frequently, both domestically and internationally, I use the wait time at airports, hotels, etc. to work. I thought the article in the last issue of Executive Travel magazine is a good reminder to all of us on electronic “travel security” and how not to be duped by the growing sophistication of the hackers who prey on the weary business
Nearly every industry and data type is at risk for data breach. The 2013 Trustwave Global Security Report is out with some disquieting findings. Some of the top data-related tactical threats facing companies in 2012 were:
Think about how many times in the past year you have entered private information onto a website’s “secure” system; your name, credit card information, date of birth, social security number, billing address, mailing address, and/or security questions and answers and that’s how many times you were exposed to identity theft. Each bit of information you provide online can be used by hackers to steal your identity. A cyber security breach is one of the most dangerous and harmful risks for any company regardless of the size or industry. As highlighted throughout our Cyber Risk blog series, it is nearly impossible to be 100% protected from cyber criminals. While having the
Despite being ripe with positive, useful and educational information, the internet is chock-full of potent dangers, and your children can get into quite a few uncomfortable and, sometimes, dangerous situations whether it is intentional or not. As highlighted in our past blogs on this topic, if you have a standard Homeowners policy, you will likely have little protection from the legal liabilities that can result from inappropriate actions via the internet.
What is your business doing to protect itself from the cyber liability threats it faces? Hackers see small businesses as cash cows and the number of cyber breaches has grown exponentially in recent years. Smaller to midsize businesses have become the quick and easy target for cyber criminals because of easy access and high payout. As a business owner, you must evaluate your risks and have mitigation strategies in place.
The face of the American workforce is changing. Today’s organizations include many employees who work almost solely from home. Many of today’s managers agree that virtual work saves organizations money and, actually, increases productivity. However, home-based employees create new risks for employers.
