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Blog

Posted: February 6, 2017

Cyber Trends for 2017 Are You Prepared

Last year, executives, consumers, and even the election were hit by data leaks, malware, phishing attacks, and ransomware. In fact, according to Carbonite, an online backup service, almost one in five small business owners say their company has had a loss of data in the past year. Carbonite and other industry experts expect this number to grow this year, particularly for small businesses that lack the resources of …



Tags: 2017 Cyber Insurance Cyber Liability cyber liability insurance Cyber Trends Cyber Trends 2017
Posted in: Cyber Liability

Posted: January 11, 2017

Cyber Security Hacking by Chinese Traders A Wake Up Call for Law FirmsAccording to a recent unsealed federal indictment, three Chinese traders hacked into the computer systems of prominent U.S. law firms and stole non-public information on mergers and acquisitions, netting the hackers more than $4 million in illegal profits. These allegations are just the latest red flags for law firms, which have long been considered vulnerable to cyber attacks.

The traders upon hacking into the systems bought shares of at …



Tags: Axis Insurance Services Chinese Traders Cyber Security Hacking Errors and Omissions Insurance Law Firms
Posted in: blog, Cyber Security

Posted: December 14, 2016

Cyber Trends Growing Demand for Coverage in Professional Services

A number of trends and shifts in Cyber Liability Insurance, a much-needed insurance solution, were cited in the survey’s recent report:

  • There is an increasing demand for cyber insurance coverage in sectors beyond healthcare, retail, and financial institutions, such as professional services.
  • There have been shifts in the factors driving cyber sales, especially as more third parties are requiring the coverage.
  • The importance of first-party coverage is changing as new


Tags: Cyber Insurance Cyber Liability Privacy & Network Security insurance
Posted in: Cyber Liability

Posted: November 16, 2016
Reducing Insurance Agency E&O Exposures

Reducing Insurance Agency E&O Exposures

Insurance agents and producers better than anyone else know that as professionals you are exposed to allegations and claims that an error or omission caused financial damage to an insured. Even with best practices in place, mistakes can happen considering the massive volume of transactions that occur in a typical agency over the course of a year.

The most frequent E&O liability claims for insurance …



Tags: agency E&O claims E&O E&O Insurance E&O liability claims liability claims professional liability

Posted: October 4, 2016

How CPAs, CFOs, Finance Staff Can Fight Off Executive Impersonation Cyber AttacksThe American Institute of CPAs (AICPA) is looking to better equip CPAs, finance chiefs and their staffs across all industry sectors with measures to fight off cyber attacks that involve impersonating executives in order to get employees to transfer large sums of money between subsidiaries or to suppliers on behalf of the company. This type of cyber crime is part of a growing risk known as business email compromise (BEC), …



Tags: CFOS CPA Cyber Attacks Finance Staff

Posted: September 8, 2016

Fiduciary Liability A Look at Recent Spate of University Lawsuits over Retirement Plan FeesIn August several prominent U.S. universities made headline news when they were sued by a number of employees that alleged their retirement savings were fraught with excessive fees. The first three of these universities that hit the news were Massachusetts Institute of Technology (MIT), New York University (NYU) and Yale – each with retirement plans holding more than $3 billion in assets. Following on the heels of this news, it …




Posted: August 8, 2016

Cyber Liability Common Causes of Healthcare Data BreachesResearch from Verizon Enterprise Solutions shows that almost 75% of healthcare data breaches can be linked to three common security problems: improper or criminal accessing of credentials to information systems; losses of or thefts of laptops; and unintentional errors, such as sending sensitive information to the wrong person. Managing these issues can significantly impact a healthcare organization’s overall security performance.

How big is the problem? According to the Ponemon Institute’s …



Tags: Cyber Liability cyber liability insurance Cyber Liability/Privacy & Network Security Insurance data breach risk Data Security Data Security & Privacy

Posted: July 15, 2016

Cyber Liability: Professionals Beware the Rise of RansomwareThe rise of ransomware as a cyber liability threat is underscored in a new Kaspersky Lab report, which revealed a 14% increase in ransomware in the first quarter of 2016. In fact, the company’s Securelist blog stated that ransomware has topped targeted attacks as the “main theme of the quarter.” Additionally, Enigma Software reported that this past April was ransomware’s biggest month ever in the United States, with the number …



Tags: Cyber Liability cyber liability insurance cyber security

Posted: June 13, 2016

New York Introduces Medical Malpractice Legislation to Change Statute of LimitationsState lawmakers in New York are looking to amend the statute of limitations on malpractice cases against hospitals and physicians. Presently, patients have up to 15 months to file a lawsuit against a public hospital and two-and-half years to sue a private hospital or a physician after a medical error occurred. The proposed legislation would change the statute of limitations to starting at the time of the discovery of the …



Tags: Malpractice Cases Malpractice Legislation Medical Malpractice Legislation New York Medical Malpractice Legislation

Posted: May 13, 2016

shutterstock_125338145PL Risk Advisors, Inc. of Franklin Lakes, NJ announced today that the company has now completed its second full year of operations as a specialty wholesaler for professional and management lines. The company has achieved a 30 percent growth during the past year, on top of the overwhelming success in the first year.  This growth has led to having written over $12M in professional and management liability premiums through the …




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