Tag Archives: cyber risk
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 …
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 …
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 …
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 …
Healthcare Cyber Liability: How to Effectively Respond to a Data Breach
The 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 …
What to Consider When Purchasing Cyber Liability Insurance
The message is loud and clear: Today, data breaches and network security issues are becoming increasingly more commonplace. Now it’s time to look at purchasing Cyber Liability insurance if you haven’t done so already. If you have insurance but are unsure whether your coverage is robust and comprehensive enough to respond to the various cyber exposures that exist, now is also the time to have Cyber insurance professionals review your …
Survey Shows Nearly 70% of Businesses Target of Hacking
Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich Re, recently released its findings from a cyber survey of businesses of risk managers and found that close to 70% of businesses have experienced a hacking incident in the last year. Moreover, half (55%) of the risk managers surveyed don’t believe their company is dedicating enough money or trained and experienced personnel to combat the latest hacking techniques. The …
Cyber Liability: Data Breaches and Role of the CEO
A survey of 200 directors of public companies conducted by security firm Veracode and the New York Stock Exchange Governance Services (NYSEGS) shows that corporate boards have become much more serious about data breaches and are willing to hold top executives accountable for them, as recently discussed in an article in Christian Science Monitor. This is not at all surprising considering the havoc that data breaches wreak on companies …
Director & Officer Initiatives Involving Cyber Risks
Help Minimize Potential for D&O Lawsuits Resulting from Cyber Attacks
On several occasions we’ve discussed the emerging risk of cyber for directors and officers and the need for executives and a company board to take the necessary steps to address and oversee their companies’ cyber risks. Although there is no case law outlining the extent of a director’s duty of care with respect to data security, it’s becoming increasingly more …
Emerging Cyber Risk for Directors & Officers Grow in Frequency
Recent Conference Highlights Emerging Cyber Risk for Directors & Officers
Earlier in June of this year, we wrote about the increased importance of the role by boards of directors in cyber security, brought to light in the wake of several high-profile data breach cases such as Target, and the call from SEC Commissioner Luis Aguilar in May for corporate boards to ensure they’re taking the necessary steps to address …
