Annual FBI Internet Crime Report Raises Serious Questions about Wire Transfer Safety

Category: Cyber Risk

July 16, 2019

The 2018 annual report from the Federal Bureau of Investigation’s (FBI) Internet Crime Complaint Center (IC3) shows wire transfer fraud is a major threat to business owners. IC3 provides businesses with a convenient mechanism for reporting computer crime directly to the FBI.

New Target for Ransomware Attacks: Manufacturers

Category: Cyber Risk

June 19, 2019

Ransomware attacks are impacting organizations with complex systems and operations, particularly manufacturers, and comprehensive Cyber Risk Insurance is a critical protection for the ensuing business interruption losses.

HIPAA Can Create Liability for Vendors: Carefully Crafted Cyber Insurance Coverage is Imperative

Category: Cyber Risk

June 17, 2019

The Health Insurance and Portability and Accountability Act of 1996 (HIPAA), a national standard to protect medical records and protected health information (PHI), applies to “covered entities” – health plans, healthcare providers and healthcare clearinghouses.

What is Social Engineering Fraud?

Category: Cyber Risk

June 13, 2019

Social engineering fraud is a significant and growing threat for most businesses, along with ransomware, and some recent variations are proving to be sophisticated and costly. Comprehensive Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage) is an important protection, but strong IT security and employee awareness are equally important. 

Municipal cyber risk

Ransomware & Municipalities – Update

Category: Cyber Risk

May 22, 2019

A ransomware attack shut down Baltimore’s computer systems on May 7, 2019 and hackers demanded 13 bitcoins (approx. $75,000) to obtain the encryption keys needed to release the data and systems access.  All systems have been impacted, although the city is doing its best to provide services.

Ransomware Attacks Cost Municipalities

Category: Cyber Risk

April 28, 2019

2019 has seen a rash of successful ransomware attacks on municipalities, most without comprehensive Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage). Municipalities continue to be a lucrative target because of lax security, and expensive service disruptions provide an incentive to pay the ransom. 

Ransomware Is a Threat to All SMBs

Category: Cyber Risk

April 22, 2019

Ransomware has become the most common form of cyber attack as it has morphed into a more effective, more targeted and significantly more destructive form of malware, and comprehensive Cyber Risk Insurance is an essential protection.

Cyber fraud

Data Security and CPA Firms: Regulation and Law Changes for 2019 and Beyond

Category: Cyber Risk, Professional Liability

April 11, 2019

CPA firms continue to face challenges in protecting the confidentiality of client data. And while there are no established national cybersecurity standards, the IRS has made it crystal clear that it’s holding CPA firms responsible for safeguarding client information, and those that aren’t taking proactive measures will be in violation of the law. Today, data security has become a necessity for every tax professional — from a partner in a large financial firm to a sole practitioner, and every authorized IRS e-file provider.

Active Shooter Insurance

Shots Fired – Active Shooter / Assailant Coverage: A Critical Need in Emergency Response Plans, Part 3

Category: Casualty, Cyber Risk

December 7, 2018

While no one can predict the future of these events, carriers who write Active Shooter coverage are proceeding on the belief that these events will continue. Coverage will improve as claims occur and forms respond to emerging risks and new damages. First-look services will dovetail with emerging risks.

Autonomous Vehicle

Determining Fault in an Autonomous Vehicle Crash: The Challenges

Category: Cyber Risk, Transportation

January 18, 2018

By: Chris Moulder, CPCU, ARM – Vice President, Broker, Worldwide Facilities – Atlanta

When fully automated cars become commercially available, it is likely that the majority of blame will shift from drivers to manufacturers in case of an accident. However, when considering the cars on the market today—many of which have some level of partial-automation technology—the picture is less clear.

 

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