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Blog

Posted: June 12, 2017

Cyber Crime: WannaCry Screams the Need to Protect Against RansomwareRansomware as a threat has been on the scene for a while, but it’s increasingly rising and widespread. Take a look at WannaCry, the recent ransomware that affected more than 200,000 computer systems in more than 150 countries and crippled transportation and hospitals globally. The majority affected were Windows-based computers that were not updated with a recently available and easily deployed patch.

Ransomware is a type of malware that, upon



Tags: Axis Insurance Services cyber Cyber attack Cyber Attacks Cyber Crime Cyber Insurance Cyber Liability cyber liability insurance cyber risk cyber security data breach Data Breaches ransomware WannaCry

Posted: May 31, 2017

Minimize Workplace Sexual Harassment Claims, Avoid LiabilityThe issue of sexual harassment has been a topic of discussion most recently in the news in the wake of allegations made against former Fox News host Bill O’Reilly and resulting payment settlements by the network’s parent company, negative comments made by the director at a Bay Area Veteran Affairs clinic in San Francisco when responding to workplace harassment allegations made by his staff, and various legal pundits weighing in



Tags: Employee Harassment Employment Practices Liability Employment Practices Liability insurance Employment Practices Liability Insurance (EPLI) EPLI liability sexual harassment Workplace Harassment

Posted: April 28, 2017

Reviewing Provider Fees and Services Integral to Fiduciary’s ResponsibilityLast year it came to light that several prominent universities, including MIT, Yale, NYU, and Emory, were facing lawsuits by their employees alleging their retirement programs were being slammed with excessive fees along with other fiduciary breaches. Knowing that a plan is being reasonably priced is a vital fiduciary duty, whether you are providing employees with a 401(k)-type plan or a benefit plan under the Employee Retirement Income Security …



Tags: Axis Insurance Services fiduciary breaches fiduciary capacity Fiduciary Liability Insurance Fiduciary Liability insurance program

Posted: March 2, 2017

What Does New York’s New Cyber Rules Mean for Banks, InsurersNew York became the first state in the U.S. to implement cyber security regulations, which began rolling out on a staggered basis, over a two-year period, as of March 1. The New York Department of Financial Services will require banks and insurance companies to vouch for their resilience to cyber attacks. The rules, in the works since 2014, followed a series of high-profile data breaches that resulted in losses of …



Tags: Axis Insurance Services cyber liability insurance Cyber Liability insurance programs cyber security Privacy & Network Security/Cyber Liability insurance program

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 …




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