This is a general outlook/forecast of anticipated market conditions within the Asset Manager and Professional Liability space.
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In this issue, cyber in M&A; upcoming cyber webinars; the increase in cyber extortion; Attempts at federal breach laws; banks sue retailers over breach costs; and biometrics.
2017 was a record year for cyber attacks, and not in a good way. According to Risk Based Security, Inc., there were 3,833 breaches reported through the end of September 2017, exposing over 7 billion records. This represents an increase in the number of reported breaches of 18.2%, compared with the same period in 2016, with the number of exposed records up 305%.
Gallagher invites you to participate in a webinar series which will discuss the full gamut of cyber risk prevention services and tools across several fronts from issue awareness including employee privacy and security training to risks presented by outside third party service provider and vendors.
Every organization should focus on cyber security as governments and consumers alike are pressuring organizations to take action to reduce the frequency and effects of cybercrimes.
Ransomware is a common form of extortion and is a malicious software that blocks access to a victim's data by locking a system or encrypting data until the victim agrees to pay a ransom. Some versions threaten to delete the data or release confidential information to the public. Learn what triggers a cyber policy and what you can do to protect your business.
Leverage this video with your internal teams for an overview on the importance of cyber liability insurance and a comprehensive security program.
Cyber insurance policies continue to evolve as new threats arise, and particularly when those threats are not readily covered by another insurance policy.
Cyber policies address the threats of intrusion attacks seeking to gain access to the insured’s computers and information. But how about social engineering fraud schemes such as telecommunication, funds transfer or computer fraud. There is potential for considerable overlap and confusion with the crime insurance policy.
The world of cyber risk continues to develop and expand since our May 2016 paper on Medical Device Cybersecurity. The threat of ransomware has come to the forefront as demonstrated by global attacks such as Wannacry2 and Petya. These attacks show how hackers have become more sophisticated in their ability to use malware to exploit vulnerabilities in systems, hardware and devices, as well as highlighting the vulnerabilities of devices and systems that, through their lack of patching and support, and outdated operating systems, are exposed to hacking, worms, etc., that can affect patient safety, system security and data integrity.