Social engineering fraud is a blanket term that is used to describe cyber crimes that are designed to deceive and manipulate victims into giving out confidential personal and financial information and funds. Cyber criminals target a variety of victims with this type of crime. Essentially, anyone with an email address and bank account is vulnerable to social engineering fraud. However, businesses are a popular target due to the resources they …
Category Archives: Cyber Security
Social Engineering Fraud: A Risky Commercial Crime
Also posted in blog, Cyber Crime Protection, Cyber Liability, Cyber Risk
Tagged Commercial Crime Insurance, Cyber Crime, social engineering, Social engineering fraud
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Computer Security Day Is Coming Up: Protect Your Business From Cyber Attacks
On November 30th, we will celebrate the international holiday Computer Security Day. The day was created in 1988, when computers started to become ubiquitous in business and in people’s personal lives. Since then, the day has served as a reminder to be aware of computer security and to protect against cyber risks. There are multiple things that you can do at your business during this day in order to protect …
Also posted in blog, Cyber Crime Protection, Cyber Liability, Cyber Risk
Tagged Computer Security Day, cyber, Cyber attack, Cyber Attacks, Cyber Crime, Cyber Insurance, Cyber Liability, cyber liability insurance, cyber risk, cyber security
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Top Cyber Liabilities For Businesses
As technology has evolved, so have the ways in which it can be exploited. As October is National Cyber Security Awareness month, it’s important that every business take a look at their current cyber practices and the new trends in technology in order to be aware of potential sources for cyber attacks and to protect themselves accordingly. In addition to having Cyber Liability insurance to cover them in the event …
Also posted in blog, Cyber Crime Protection, Cyber Liability, Cyber Risk
Tagged cyber, Cyber attack, Cyber Attacks, Cyber Crime, Cyber Insurance, Cyber Liability, cyber liability insurance, cyber risk, cyber security, Cyber Security Hacking, errors and omissions, Insurance, Phishing Threats, ransomware, social engineering
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Artificial Intelligence in the Workplace and Cyber Security Concerns
Many of you have probably used some form of artificial intelligence in your day-to-day lives, whether it is using Amazon’s Echo or Apple’s Siri to gain information or Tesla’s Autopilot feature on the road. Artificial intelligence isn’t just growing in our everyday lives; many businesses today are starting to implement artificial intelligence and machine learning into their workplaces to perform certain duties, increase productivity, and take some of the strain …
Also posted in blog, Cyber Crime Protection, Cyber Liability, Cyber Risk
Tagged Axis Insurance Services, cyber, Cyber attack, Cyber Attacks, Cyber Crime, Cyber Insurance, Cyber Liability, cyber liability insurance, cyber risk, cyber security
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Cyber Crime: WannaCry Screams the Need to Protect Against Ransomware
Ransomware 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 …
Also posted in blog, Cyber Crime Protection, Cyber Liability
Tagged 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
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What Does New York’s New Cyber Rules Mean for Banks, Insurers?
New 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 …
Also posted in Cyber Risk
Tagged Axis Insurance Services, cyber liability insurance, Cyber Liability insurance programs, cyber security, Privacy & Network Security/Cyber Liability insurance program
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Cyber Security Hacking by Chinese Traders A Wake Up Call for Law Firms
According 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 …
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Tagged Axis Insurance Services, Chinese Traders, Cyber Security Hacking, Errors and Omissions Insurance, Law Firms
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Cyber Liability: Professionals Beware the Rise of Ransomware
The 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 …
Also posted in blog, Cyber Crime Protection, Cyber Liability, Cyber Risk, Cyber Risk and tagged byod
Tagged Cyber Liability, cyber liability insurance, cyber security
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Healthcare Facilities, Organizations Prime Targets of Cyber Crimes
In March, hospital chain MedStar became the latest victim of a cyber attack in the health care sector, as hackers infiltrated its systems with a virus that crippled its IT infrastructure. MedStar operates 10 hospitals in the D.C./Baltimore region, and serviced more than 4.5 million patient visits in 2015, according to Fortune magazine. After the cyber attack, the hospital’s entire IT system was forced to shut down and revert to …
Also posted in blog, Cyber Crime Protection, Cyber Liability, Cyber Risk, Data Breaches, Healthcare Industry
Tagged cyber data, Cyber Liability, Cyber Liability risk, Cyber Liability Security, data breach, data breach risk, Data Breaches in Healthcare Industry, healthcare provider, medical facilities
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Data Breach-Related D&O Litigation Continues to Emerge
The impact from data breaches has entered the corporate boardroom, as we first discussed in the wake of high-profile cases Target and Wyndham Worldwide in which plaintiffs initiated data breach-related derivative lawsuits against their respective boards. When the Wyndham case was dismissed, however, many felt that perhaps directors and officers were spared, but a year later Home Depot was hit with a data breach-related shareholder’s derivative lawsuit, once again shining …
Also posted in blog, D&O Insurance, Data Breaches
Tagged Cyber Liability, Cyber Risks, Directors & Officers Liability, Directors and officers
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