We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe.
As it stands today securing a cyber liability policy is almost mandatory for organizations who store any client/customer related data or connect to the internet… which is almost everyone at this point. However, when a cyber breach or related claim occurs, looking to your traditional policies to provide coverage may be worthwhile.
You thought everything was in its right place. Firewalls are properly configured, systems are patched on a scheduled basis, anti-virus is up-to-date… but something has gone wrong and your network has been breached. Your employee or customer’s Personally Identifiable Information (“PII”) has been taken, or worse, been made public…but what happens next?
Ransomware strikes. Your critical data files have been encrypted and your business grinds to a halt. You have the choice to spend countless hours rebuilding from backups (if you were diligent enough to ensure they will work) or you can pay the perpetrator to unlock your files. This is the scenario many, many firms and individuals are facing now that ransomware is spreading like wildfire through malicious emails, “malvertising” campaigns and exploit kits.
One of the most significant cyber threats to any company’s security is the Rogue Employee. Who is this person? Someone who has been entrusted with access to the system(s); (i.e. databases, customer records, HR records, confidential email, etc.) and who chooses to hurt the company and fellow employees by intentionally performing a wrongful act or providing another with the ability to do so.
Ransomware seems to be everywhere and is one of the latest cyber crime tactics being utilized by cyber criminals to extort money from companies. This malicious code can lock or encrypt your network files or PC until a hefty fee is paid. It can infect your PC, server, network files, and or backup systems and can enter your network through an infected email attachment, downloaded file, or a vulnerability in a network service.
Last week, I attended an excellent Enterprise Risk Management (ERM) workshop hosted by NC State University which highlighted the myriad of issues impacting the maturity of ERM within organizations.
The breadth of data breaches is widening and now your personal computer network may be a target. Company executives, small business owners, investors, and others who tend to access sensitive or financial data from their home computer or mobile device may be at risk for a personal data breach.
Cyber risk has shot up to become the 2nd largest concern for U.S. businesses in 2015 (up from 5th in 2014). Malicious attacks such as computer viruses, banking or financial system hacks, and data breaches can cripple a business’ reputation and financial standing. If your company is not prepared, it may never recover from a serious cyber risk event.
The adage that information is power seems to carry more weight now than ever before. Healthcare is moving towards data driven analytics, mobile banking is hitting its stride, and sports at all levels are utilizing advanced statistics to improve competition. However, one major downfall is that all this data must be stored somewhere, thereby creating a risk of breach to the data holder. Hackers are well aware that information is power and data breaches seemingly occur at non-stop rates.
It’s been, roughly, a quarter-century since widespread asbestos installation in the United States came to an end, but the ramifications of its use are still being felt today. While the US has not banned the use of asbestos completely, it is no longer used as a form of insulation in construction projects. The shift away from the use of asbestos came at the turn of the 1990s. Of particular interest is the fact that, many of the buildings constructed during that time are now being demolished or renovated, which exposes workers to the air-borne particles that can cause ailments such as lung cancer and mesothelioma.
