Insurance Journal » Cyber Risk

Cyber Attacks On Banks More Serious Than Public Realizes

Mon, 20 May 2013 09:00:35 +0000

The series of cyber attacks that repeatedly knocked major U.S. banking websites offline in the past nine months has been more powerful than the general public realizes, government officials and security experts told the Reuters Cybersecurity Summit. A self-described activist …

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How Banks Will Recover Funds in $45M Cyber Heist

Mon, 13 May 2013 15:54:47 +0000

Because the sums were large and such attacks are relatively new, the two Middle East banks hit in a $45 million ATM heist face an uncertain path in trying to recover their losses, financial, insurance and legal experts say. Oman-based …

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Study: Utah Health Breach Could Approach $406M

Wed, 01 May 2013 16:04:53 +0000

A 2012 security breach that exposed the personal information of 780,000 Utah residents to hackers could cost as much as $406 million, a new study finds. The Salt Lake Tribune reported in the aftermath of the breach, the state already …

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Hartford Steam Boiler Launches Cyber Attack Protection for Small Businesses

Mon, 29 Apr 2013 16:23:46 +0000

The Hartford Steam Boiler Inspection and Insurance Co. (HSB), part of Munich Re, has launched HSB CyberOne, a new cyber risk insurance coverage for small businesses. The new product expands HSB’s suite of products and services designed to protect smaller …

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The Risks of Insuring the Cloud

Wed, 24 Apr 2013 16:08:58 +0000

Hollywood would have us believe that some smart, awkward computer guy in his 30s living in his mother’s basement is to blame. Surrounded by a dozen computer screens with an IQ of 150, this cyber character enjoys targeting large companies …

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Small Businesses Hit With Data Breach Often Fail to Notify Customers: Survey

Wed, 06 Mar 2013 17:35:07 +0000

While more than half the U.S. small businesses experienced at least one data breach, just one-third of those firms notified individuals that their personal information had been compromised, a new survey revealed. “Smaller companies are targeted by data thieves, but …

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Where to Find the Best Possible Cyber Coverage

Tue, 19 Feb 2013 16:41:36 +0000

There are many cyber insurance products available for purchase, and each is somewhat unique. Some products are more comprehensive than others. Some cyber insurance products are combined with insurance policies of another type; for example, technology errors and omissions liability …

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AIG Survey Shows Top Executives’ Concerns with Cyber Risk

Fri, 08 Feb 2013 11:00:06 +0000

A survey of perceptions about cyber risk sponsored by the American International Group Inc. (AIG) found that among corporate executives, more are concerned about cyber threats than about other major business risks. More than 85 percent of the 258 decision-makers …

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Beazley Launches Enhanced Computer Crime Policy

Tue, 05 Feb 2013 17:57:05 +0000

Beazley plc has launched new computer crime and account takeover coverages for financial institutions. The enhanced computer crime policy is designed for the continually evolving services and applications that financial institutions are offering their clients. It also addresses the constantly …

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Travelers Adds Cyber Protection Tailored to Small Businesses

Tue, 22 Jan 2013 17:07:35 +0000

Small businesses may not think they are at risk for cybercrime, but almost 72 percent of the 855 data breaches worldwide analyzed by Verizon’s forensic analysis unit were at companies with 100 employees or less*. However, a questionnaire by Travelers …

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BRP to Offer LIU Data Breach/Privacy Products

Tue, 15 Jan 2013 16:45:22 +0000

Business Risk Partners (BRP) is now offering E&O with built-in data breach/privacy coverage for tech service providers, including website designers and engineers, software developers, and emerging tech firms. Additionally, for small and middle market companies nationwide, BRP is offering stand-alone …

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Evolution of Cyber Coverage: How to Sell to Today’s Businesses

Amy O' Connor — Wed, 02 Jan 2013 17:43:33 +0000

The insurance industry has wrestled with the best way to respond to all the different privacy and security exposures businesses face in the current tech-heavy world. Since it first came out in the late ’90s, cyber coverage has evolved from …

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AAIS, IDentity 911 Release Sample Data Breach Endorsement

Fri, 14 Dec 2012 15:35:48 +0000

Insurers now have access to a new sample endorsement they can use to provide “data breach” coverage to small- and mid-sized commercial accounts. The American Association of Insurance Services (AAIS) has released the sample endorsement under its business owners program …

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IPISC Launches IP Litigation Coverage for Cyber/Media-Based Tech Companies

Wed, 28 Nov 2012 17:35:57 +0000

Louisville, Ky. headquartered Intellectual Property Insurance Services Corporation (IPISC) has launched IP Defense Indemnification Insurance for cyber/media-based technology companies. The cyber/media-based industry utilizes technologies that pose a significant intellectual property (IP) litigation risk. The industry as a whole is particularly …

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Markel Unveils Risk Management Portal for DataBreach Policyholders

Fri, 09 Nov 2012 11:00:46 +0000

Markel has launched a new risk management portal for DataBreach policyholders that includes information and technical resources that can assist in the prevention of network, cyber, and privacy breaches as well as support in the reporting and recovery of losses …

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Lawmaker Warns of New Cyber Threats to U.S. Financial Networks

Fri, 05 Oct 2012 10:18:53 +0000

The head of the House of Representatives Intelligence Committee said on Thursday that significant new cyber threats to U.S. financial networks appeared to be emerging from an “unusual” source. Committee Chairman Mike Rogers did not specifically identify the purported new …

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R K Harrison Cyber Liability Policies to Include Pre-Incident Cyber Services

Wed, 03 Oct 2012 16:54:07 +0000

Employee-owned insurance broker R K Harrison has contracted with Stroz Friedberg, a global digital risk management and investigations firm, to provide complimentary pre-incident cyber consulting services for clients purchasing qualifying cyber liability policies through R K Harrison. Pre-incident services assist …

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NAS Insurance Covers Lost Revenue From Cyber Breaches

Mon, 24 Sep 2012 16:46:47 +0000

NAS Insurance Services Inc. has launched an insurance coverage that pays companies for lost revenue in the event of a cyber breach. The new coverage, called BrandGuard, is a component of NetGuard Plus Cyber Liability insurance. It is designed to …

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Gibaltar Group Adds Baker as VP of Information Security

Tue, 11 Sep 2012 14:35:43 +0000

The Gibraltar Group, a risk and insurance advisory firm based in Lubbock, Texas, announced it has appointed Dr. Bruce Baker as vice president of Information Security, and expanded its risk and loss management RiskIMPACT process to include NetworkGUARD. Cybercrime accounts …

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Argo Pro Introduces New Cyber Liability Product

Tue, 26 Jun 2012 10:00:04 +0000

Argo Pro, a member of Argo Group International Holdings, Ltd. has introduced a new cyber liability insurance product – information & Professional Risk Playbook(iPRP)– designed to address the exposures businesses face from their increasing reliance on information technology. In addition, …

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Small Business Owners Dismiss Risk of Data Breach: Survey

Thu, 14 Jun 2012 15:01:00 +0000

As the number of data breaches involving smaller businesses continues to grow, a new survey by The Hartford finds 85 percent of small business owners believe a data breach is unlikely, and many are not implementing simple security measures to …

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Marsh Launches Product for Cloud Computing Risks

Tue, 05 Jun 2012 16:39:59 +0000

Marsh has launched an insurance product designed to protect companies against first-party losses stemming from a cloud service provider’s failure. Improvements in technology and the need for greater efficiency have led to heightened interest in cloud computing—the delivery of information …

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Travelers Enhances Cyber Product for Tech Firms

Mon, 23 Apr 2012 10:00:11 +0000

Travelers has introduced an enhanced version of its product-suite CyberFirst with eight first party coverage options designed for technology companies. The new expense reimbursement module covers costs resulting from cyber attacks including theft of assets, intellectual property or private information; …

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Utah: 750K More Victims In Health Dept Data Breach

Wed, 11 Apr 2012 16:33:46 +0000

An additional 750,000 people had their personal information stolen by hackers, state health officials said this week after discovering that the thieves downloaded thousands more files of data than authorities initially believed. Officials originally estimated that about 24,000 people had …

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Glatfelter Public Practice Adds Cyber Liability Coverage

Tue, 27 Mar 2012 17:06:48 +0000

Glatfelter Public Practice has introduced cyber liability & privacy crisis management expense coverage for municipalities and water related entities nationwide. Glatfelter Public Practice is part of Glatfelter Program Managers, a business unit dedicated to Glatfelter Insurance Group’s program business. The …

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Va.-based IT Firm CSC Launches Insurance Cybersecurity Council

Wed, 14 Dec 2011 16:05:05 +0000

Virginia-based IT services provider CSC is forming an advisory board to help tackle cyber security issues in the insurance industry. It’s called the Insurance Cybersecurity Advisory Council. The company says the group will help facilitate the development of best practices …

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Want to Reduce Cyber Risk? Avoid These 25 Worst Passwords of 2011

Wed, 07 Dec 2011 23:04:10 +0000

One way to help lower personal and business cyber risk is to avoid using easy-to-crack passwords. SplashData, a password management application maker, recently compiled a list of the 25 worst passwords for the year 2011. The research results were based …

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Kansas Hospital Alerts Patients to Online Security Breach

Mon, 21 Nov 2011 16:51:38 +0000

Officials at Lawrence Memorial Hospital in Lawrence, Kan., said they are anticipating a federal investigation and possible fine after an online security breach potentially compromised 8,000 patients’ financial information. The Lawrence Journal World reported that the hospital mailed letters alerting …

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Republican Report Backs Incentives for Corporate Cybersecurity

Thu, 06 Oct 2011 12:53:14 +0000

A Republican task force in the House said Congress should give companies incentives to boost their cyber defenses, but that tougher regulation may be warranted to protect critical facilities like power and water plants. Recommendations in the report, which was …

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Freedom Specialty Hires Cyber Liability Products Director

Thu, 22 Sep 2011 13:57:52 +0000

New York-based Freedom Specialty Insurance Co. appointed John Merchant as director of network security, data privacy and technology risk. In his role, Merchant will manage the development, underwriting and risk management of cyber liability products. He reports to Teresa Black, …

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