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.
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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.
Cyber attacks have unfortunately become a common occurrence in today’s business economy. Organizations of all sizes, from small businesses to global enterprises, must take endpoint detection and prevention into consideration when establishing a cybersecurity strategy
Ransomware is a type of malicious software that infects a computer and then holds the data hostage by encrypting the files until victims pay to have them unlocked. It comes in two major types: cryptors and blockers.
As we enter the start of the tax filing season, it is already becoming apparent that fraudulent access to W-2 information is once again highly sought after information. Unfortunately, many organizations are in danger of becoming unsuspecting victims, by releasing W-2 documents as a result of what appears to be valid communications requesting this information. However, in actuality, these communications are scams designed to acquire databases containing W-2 information in order to file fake tax returns and perpetrate identity theft.
As we realize the extent that technological advancements have had on all organizations, we take an insurance perspective to look back at 2016 while also looking forward to 2017. Overall, 2016 was a year of stability for the cyber insurance industry. However, a relatively new insurance concept has evolved; cyber insurance can now be referred to as “traditional” cyber insurance.
Every organization should focus on cyber security. Governments and consumers alike are pressuring organizations to reduce the frequency of cyber events.
Recently, the Government Accountability Office, the Department of Homeland Security and the United States Coast Guard have all issued warnings regarding the vulnerability of the maritime industry to cyberattacks and have provided suggestions to reduce the risk.
Understanding your obligations under HIPAA and the ramifications of non-compliance for healthcare organizations and business associates is a major concern. HIPAA preparation is essential to avoid costly audits, fines and penalties.
As more claims are filed under cyber polices there is a new and developing understanding of how cyber policies are being interpreted by insurance companies and where the interplay is between other insurance policies.