From Dark Reading:
Law Firm Sues Insurer Over Income Loss in Ransomware Attack
"A Rhode Island law firm sued its insurer over failing to pay for lost income following a ransomware attack on the firm.
A small Rhode Island law firm filed a lawsuit against its insurance company after the insurer refused to pay $700,000 in lost billings following a ransomware attack on the firm, according to a report in the Providence Journal."
Showing posts with label Cyber Insurance. Show all posts
Showing posts with label Cyber Insurance. Show all posts
Monday, May 8, 2017
Thursday, May 28, 2015
We don't cover stupid, says cyber insurer that's fighting a payout
From Sophos Naked Security:
We don't cover stupid, says cyber insurer that's fighting a payout
In 2013, California healthcare provider Cottage Health System discovered that security on one of its servers had been disabled, leaving tens of thousands of patients' files potentially open and exposed on the internet.
Those files included patients' names, addresses, dates of birth, and in a few cases, their diagnosis, lab results and procedures performed.
We don't cover stupid, says cyber insurer that's fighting a payout
In 2013, California healthcare provider Cottage Health System discovered that security on one of its servers had been disabled, leaving tens of thousands of patients' files potentially open and exposed on the internet.
Those files included patients' names, addresses, dates of birth, and in a few cases, their diagnosis, lab results and procedures performed.
Wednesday, May 6, 2015
Cyber insurance to become a business essential within the next decade
American businesses & insurers should take note of this.
From The Association of British Insurers (ABI):
Cyber insurance to become a business essential within the next decade
Cyber insurance should become as common a purchase for UK businesses as property insurance within the next 10 years, the Association of British Insurers said today.
Any company which uses the internet is vulnerable to dangers including deliberate attacks by thieves and data losses caused by human error, and the ABI believes cyber cover should be the norm by 2025.
From The Association of British Insurers (ABI):
Cyber insurance to become a business essential within the next decade
Cyber insurance should become as common a purchase for UK businesses as property insurance within the next 10 years, the Association of British Insurers said today.
Any company which uses the internet is vulnerable to dangers including deliberate attacks by thieves and data losses caused by human error, and the ABI believes cyber cover should be the norm by 2025.
Wednesday, March 11, 2015
Cyber insurance: Dare leave home without it
From The Washington Examiner:
Cyber insurance: Dare leave home without it
When a mid-February report revealed that more than 100 banks were hacked in what appears to have resulted in over $1 billion stolen from these financial institutions, it was just another reminder of how ubiquitous cyberattacks have become.
Cyber insurance: Dare leave home without it
When a mid-February report revealed that more than 100 banks were hacked in what appears to have resulted in over $1 billion stolen from these financial institutions, it was just another reminder of how ubiquitous cyberattacks have become.
Thursday, February 19, 2015
Security professionals warn against relying on cyber insurance
Organizations small and large should have cyber insurance. Take the time to sit down with your agent and do a comprehensive review of the policies available to you.
From ComputerWeekly:
Security professionals warn against relying on cyber insurance
Security professionals have warned businesses not to rely on cyber insurance in the face of increased cyber attacks.
The warning comes after the head of the largest Lloyd’s of London insurer, Stephen Catlin, said cyber attacks are now so dangerous to global businesses that governments should step in to cover the risks.
From ComputerWeekly:
Security professionals warn against relying on cyber insurance
Security professionals have warned businesses not to rely on cyber insurance in the face of increased cyber attacks.
The warning comes after the head of the largest Lloyd’s of London insurer, Stephen Catlin, said cyber attacks are now so dangerous to global businesses that governments should step in to cover the risks.
Monday, February 9, 2015
Data risks give rise to 'cyber insurance' policies
From The Desert Sun:
Data risks give rise to 'cyber insurance' policies
Molly-Ann Leikin's living room floor is bordered by records, all framed, some brightly polished gold. They are propped almost upright against the wall. She hasn't had the energy to hang them.
I have blogged about this on numerous occasions. The bottom line is, regardless or your organizations size, if you have an online presence you need cyberinsurance, period end of story.
Data risks give rise to 'cyber insurance' policies
Molly-Ann Leikin's living room floor is bordered by records, all framed, some brightly polished gold. They are propped almost upright against the wall. She hasn't had the energy to hang them.
I have blogged about this on numerous occasions. The bottom line is, regardless or your organizations size, if you have an online presence you need cyberinsurance, period end of story.
Friday, December 12, 2014
Thursday, December 4, 2014
The Real Cost of Cyber Incidents, According To Insurers
From DarkReading:
The Real Cost of Cyber Incidents, According To Insurers
"Healthcare is hit by the most malicious insiders and the highest legal costs, according to a NetDiligence report."
The Real Cost of Cyber Incidents, According To Insurers
"Healthcare is hit by the most malicious insiders and the highest legal costs, according to a NetDiligence report."
Monday, December 1, 2014
Friday, November 28, 2014
Buying into Cyber Insurance - Do You Need It?
From SecurityWeek:
Buying into Cyber Insurance - Do You Need It?
"Typically companies that collect and store personally-identifiable information (PII) or personal health information (PHI) on behalf of their customers or employees are most likely to sustain significant financial loss as a result of a cyber breach," he said. "This is due in part to the notification laws that are in place in 47 states which require companies that lose PII or PHI due to a cyber breach to notify the affected customers or employees and the attorney general in each state where there are impacted residents. Cyber insurance typically covers notifications costs as well as forensics and other breach response costs. Some policies also cover third-party liability that can arise out of a cyber breach."
Companies should assess how much PII or PHI they manage as they figure out their potential cyber exposure, he added.
Buying into Cyber Insurance - Do You Need It?
"Typically companies that collect and store personally-identifiable information (PII) or personal health information (PHI) on behalf of their customers or employees are most likely to sustain significant financial loss as a result of a cyber breach," he said. "This is due in part to the notification laws that are in place in 47 states which require companies that lose PII or PHI due to a cyber breach to notify the affected customers or employees and the attorney general in each state where there are impacted residents. Cyber insurance typically covers notifications costs as well as forensics and other breach response costs. Some policies also cover third-party liability that can arise out of a cyber breach."
Companies should assess how much PII or PHI they manage as they figure out their potential cyber exposure, he added.
Wednesday, November 19, 2014
Does cyber insurance help the CISO get a seat in the boardroom?
From Help Net Security:
Does cyber insurance help the CISO get a seat in the boardroom?
Remember we now live in an era where it is no longer "if" you suffer a data breach but "when" you do. I've linked to a number of articles on cyber insurance & would strongly recommend it to organizations of all shapes & sizes.
Does cyber insurance help the CISO get a seat in the boardroom?
Remember we now live in an era where it is no longer "if" you suffer a data breach but "when" you do. I've linked to a number of articles on cyber insurance & would strongly recommend it to organizations of all shapes & sizes.
Tuesday, October 28, 2014
Insurers fight to bar cyber coverage under commercial general liability policies
From BusinessInsurance.com:
Insurers fight to bar cyber coverage under commercial general liability policies
This is why you need a separate and distinct cyber insurance policy. See my other posts on this topic for more info.
Insurers fight to bar cyber coverage under commercial general liability policies
This is why you need a separate and distinct cyber insurance policy. See my other posts on this topic for more info.
Thursday, October 23, 2014
Wednesday, October 22, 2014
Why You Shouldn't Count On General Liability To Cover Cyber Risk
From DarkReading.com:
Why You Shouldn't Count On General Liability To Cover Cyber Risk
"As the legal troubles for P.F. Chang's restaurant chain kept piling up over the breach discovered this summer affecting 33 of its locations, its legal team made an insurance end-around play that many enterprises try after a breach. It filed a claim for coverage under its comprehensive general liability (CGL) policy. But a lawsuit filed earlier this month from its general liability insurer, Travelers Insurance, offers a good lesson to organizations on why this ploy rarely works."
Why You Shouldn't Count On General Liability To Cover Cyber Risk
"As the legal troubles for P.F. Chang's restaurant chain kept piling up over the breach discovered this summer affecting 33 of its locations, its legal team made an insurance end-around play that many enterprises try after a breach. It filed a claim for coverage under its comprehensive general liability (CGL) policy. But a lawsuit filed earlier this month from its general liability insurer, Travelers Insurance, offers a good lesson to organizations on why this ploy rarely works."
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