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Blog

Posted: November 16, 2015

Educational Institutions Among Sectors Increasing Spending on Cyber InsuranceA new report recently came out showing that businesses, especially those in certain industry sectors, are stepping up their Cyber Liability insurance spending. A look at U.S. clients shows that more universities, health care organizations, retailers, and financial institutions purchased Cyber insurance in the first half of 2015 compared to last year at this time.

In fact, universities and other organizations in the education sector saw almost a 90% change …



Tags: cyber Cyber Liability Educational Institutions Insurance
Posted in: blog, Cyber Liability

Posted: November 11, 2015

Cyber and E&O Risks Abound with More Law Practices Using LPOsLaw firms are increasingly spending thousands of dollars each year on electronic discovery, which is the process of finding contracts, evidence, and documents and submitting it to the opposing counsel. Part of the reason for this is that companies that provide these types of services  – legal process outsourcers (LPOs) – have lower costs and are in a far better position to analyze huge streams of electronic data pivotal …



Tags: Cyber Liability Electronic Discovery errors and omissions Law Firms lawyer Legal Firms liability professional liability
Posted in: blog, Cyber Liability

Posted: November 2, 2015

Due Diligence of Cyber Security Practices in M&As CrucialIn our previous article, we cited a new report issued by PricewaterhouseCoopers (PwC), “Turnaround & Transformation in Cyber Security: Key Findings from the Global State of Information Security Survey”, and discussed the need for a company’s board of directors to play a pivotal role in cyber security. In the same report, the need for due diligence of cyber security in mergers and acquisitions was also discussed.

According to the



Tags: cyber security Cyber Security Due Diligence M&A Cyber Liability
Posted in: blog, Cyber Security

Posted: October 29, 2015

Boards of Directors Becoming More Involved in Cyber SecurityDuring the past year or so we have visited the need for company boards to become more involved in their cyber security strategy as data breaches and other network security issues today are such major threats for organizations. Cyber security incidents leave behind a wide range of operational, reputational and financial damages and without the oversight of a company’s board of directors there are significant legal and financial implications.

A …



Tags: cyber security Insurance liability risk
Posted in: blog, Cyber Risk

Posted: October 21, 2015

The Anatomy of Directors & Officers InsuranceDirectors & Officers (D&O) insurance provides liability coverage for managers and executives at companies to protect them against claims as a result of decisions and actions they take within the scope of their duties. A D&O policy can cover the personal liability of company directors and officers as individuals, reimburse the company in the event it has to pay the claim of a third party on behalf of its managers …



Tags: D&O Definition Directors and officers policy

Posted: October 19, 2015

New Cyber Study Reveals Average Total Data Breach Claim at $673,767Leading cyber risk assessment and data breach services company, NetDiligence, recently released its fifth annual Cyber Claims Study, which takes a look at actual losses for data breach events covered by various leading cyber liability insurance carriers. The findings in the report are from a sampling of 160 cyber liability insurance claims, examining the type of data exposed, the cause of loss, the business sector in which the incident occurred …



Tags: costs Cyber attack data breach Legal Claims

Posted: October 15, 2015

A recent article in on-line publication, Accounting Today, warns accountants and CPAs to check their Errors & Omissions (E&O) insurance to ensure they have the proper coverage. E&O insurance provides coverage for claims made against accountants by reason of a negligent act, error or omission in the performance of professional accounting services.

Most likely, your firm carries some type of professional liability insurance, as many states, or state societies, …




Posted: October 13, 2015

Review Your HR Practices on Employment Background ChecksIn the past, we have written about the use of employment background checks and the importance of complying with state and federal laws to avoid finding yourself in violation of employment practices. This issue continues to be an area of concern for companies as exemplified by BMW’s recent consent decree with the Equal Employment Opportunity Commission (EEOC) to pay $1.6 million and offer to hire dozens of people previously rejected …



Tags: Employment Practices EPL EPLI Insurance liability

Posted: September 28, 2015

Report Accountants Must Do More to be at Forefront of Cyber SecurityA new report released by the ACCA USA, the U.S. arm of the Association of Chartered Certified Accountants, and Pace University says that accountants must do more to be at the forefront of cyber security in order to safeguard the sensitive personal and corporate financial information they handle. The report’s findings are based on surveys of ACCA professionals, including CFOs, managing directors, senior vice presidents and practicing accountants.

The report …



Tags: Accountant Accountants cyber security Report
Posted in: blog, Cyber Security

Posted: September 23, 2015

Healthcare Cyber Liability How to Effectively Respond to a Data BreachThe Ponemon Institute estimates that the cost of a data breach grew 23% in the last year to $3.79 million. Moreover, although data breaches are not limited to any one industry, the healthcare sector is particularly hard hit, particularly from criminal attacks. Nearly half or 45% of data breaches experienced by healthcare organizations are a result of criminal activity. Mitigating these risks is critical but so is having an effective …



Tags: Cyber Liability cyber risk cyber security Health Care Healthcare Insurance liability
Posted in: blog, Cyber Liability

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