Tag Archives: cyber security

Boards of Directors Becoming More Involved in Cyber Security

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 …

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Report: Accountants Must Do More to be at Forefront of Cyber Security

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 …

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Healthcare Cyber Liability: How to Effectively Respond to a Data Breach

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 …

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Can Cyber Security Experts in the Boardroom Help Stem Attacks?

Can Cyber Security Experts in the Boardroom Help Stem AttacksThe elevation of cyber security experts to the boardroom, a position traditionally occupied by former CEOs and specialists in marketing and finance, is becoming a fast-expanding trend around the country. Typically, these companies are at high risk for cyber attacks and in industries like financial services and healthcare or conduct significant business online. Why? It’s simple: Cyber attacks on large companies skyrocketed 44% last year from 2013. Moreover, cyber crime …

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What to Consider When Purchasing Cyber Liability Insurance

What to Consider When Purchasing Cyber Liability InsuranceThe 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 …

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Survey Shows Nearly 70% of Businesses Target of Hacking

Cyber Liability Coverage An Integral Component of the Insurance MixHartford 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 …

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Recent Disclosed Cyber Attacks Highlight Healthcare Data Risks

Recent Disclosed Cyber Attacks Highlight Healthcare Data RisksIn the past couple of weeks, at least three organizations in the healthcare industry have disclosed data breaches that affected patients, underscoring the relentless cyber risks that this segment faces. The first disclosure came from CareFirst BlueCross BlueShield in which a cyber attack affected an estimated 1.1 million people. The next victim of an attack was Cleveland-based MetroHealth System, which is in the process of notifying almost 1,000 patients who …

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Emerging Professional Liability Risks in the Accounting Industry

Emerging Professional Liability Risks in the Accounting Industry A Look at E&O Risks with High-Profile Clients; Cyber Security Issues

According to the U.S. Bureau of Labor Statistics, in 2013, there were 1.17 million accountants and auditors and 1.59 million bookkeeping, accounting and auditing clerks employed in the United States. These numbers are expected to rise with forecasts pegged at 3.44 million in the accounting field by 2022. Revenue from accounting, tax preparation and payroll services industry in the …

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Report: New & Old Cyber Attack Techniques Being Used

Report New & Old Cyber Attack Techniques Being UsedCombat Cyber Attacks with Smart Security Measures

Verizon recently released its “2015 Data Breach Investigations Report,” which revealed that although cyber attacks are becoming increasingly sophisticated, many criminals still rely on old techniques such as phishing and hacking. In fact, according to the report, the “majority of cyber attacks (70%) use a combination of these techniques, adding complexity to a breach.” Phishing involves fraudsters using tricks to get users to …

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The Importance of Getting the Right Cyber Insurance Policy

Work with Cyber Insurance Experts to Buy the Right CoverageWork with Cyber Insurance Experts to Buy the Right Coverage

Sony is the latest high-profile company that has kept the ever-emerging risk of risk in the spotlight. As a result of the spate of publicized data breaches, not only do you have companies looking at implementing increased security measures but also many rushing to purchase cyber liability insurance. Of course, purchasing the right type of policy depends on the …

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