Insurance Journal » Cyber Risk http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Tue, 22 Apr 2014 00:10:12 +0000 en-US hourly 1 http://wordpress.org/?v=3.8.2 Secret Service Agent Says Many Cyber Breaches Go Unreported http://www.insurancejournal.com/news/west/2014/03/07/322748.htm Fri, 07 Mar 2014 22:48:18 +0000 http://www.insurancejournal.com/?p=322748 Many breaches in data security may be going unreported by American businesses. That’s according to Kirk Arthur, supervisory special agent for the U.S. Secret Service’s San Francisco field office. “Businesses simply don’t report it,” said Arthur, who was speaking in …

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Advisen: Historians May See 2013 as ‘Cyber Tipping-Point’ http://www.insurancejournal.com/news/national/2013/10/28/309333.htm Mon, 28 Oct 2013 09:00:36 +0000 http://www.insurancejournal.com/?p=309333 Historians may look at the year 2013 as a “cyber tipping-point” — the point at which businesses and governments finally realized the severity of the threats they were facing, according to Advisen, a New York-based commercial insurance research and data …

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Las Vegas Sun: Cyberattack Behind Website Outage http://www.insurancejournal.com/news/west/2013/10/17/308504.htm Thu, 17 Oct 2013 15:57:46 +0000 http://www.insurancejournal.com/?p=308504 Officials at the Las Vegas Sun say a cyberattack crashed their website for several hours Tuesday morning. Donn Jersey, the publisher of the website and its sister sites, says the outage apparently started a little after 6 a.m., and was …

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Travelers Launches Online Cyber Risk Resources for Business Owners http://www.insurancejournal.com/news/national/2013/10/07/307435.htm Mon, 07 Oct 2013 16:55:53 +0000 http://www.insurancejournal.com/?p=307435 Travelers has introduced a suite of online resources to help business owners navigate the growing threat of cyber risks while also protecting their assets and their customers’ information. The launch of the new resources coincides with the start of National …

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Lloyd’s CEO Richard Ward Reflects on ‘Nearly 8’ Eventful Years http://www.insurancejournal.com/news/international/2013/10/06/307310.htm Sun, 06 Oct 2013 09:52:36 +0000 http://www.insurancejournal.com/?p=307310 Lloyd’s CEO Richard Ward is stepping down from the post at the end of the year. Despite the catastrophes of 2005 and 2011, the two costliest years in the industry’s history, as well as the financial crisis, he leaves Lloyd’s …

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Hacker Group in China Linked to Cyberattacks Against U.S. Firms: Symantec http://www.insurancejournal.com/news/national/2013/09/17/305299.htm Tue, 17 Sep 2013 14:30:27 +0000 http://www.insurancejournal.com/?p=305299 Computer security experts have discovered a group of highly sophisticated computer hackers operating for hire, a U.S computer security firm said on Tuesday, and it linked the group to some of the best-known cyber-espionoge attacks out of China in recent …

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Willis Report Finds Many Firms Silent on Cyber Risk http://www.insurancejournal.com/news/national/2013/09/04/303831.htm Wed, 04 Sep 2013 13:01:29 +0000 http://www.insurancejournal.com/?p=303831 Fortune 1,000 firms in the health care, technology and insurance sectors top the list of industry groups most concerned about cyber threats, but many public companies still appear to be avoiding seriously addressing the risk, according to a report by …

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Concerns Over Cyber Security Risks Outweigh Traditional Risks for Large Firms: Study http://www.insurancejournal.com/news/national/2013/08/07/301071.htm Wed, 07 Aug 2013 16:56:36 +0000 http://www.insurancejournal.com/?p=301071 Cyber security risks have become more worrisome to large organizations than traditional natural catastrophe risks, according to a new study released today. The study, titled “Managing Cyber Security as a Business Risk: Cyber Insurance in the Digital Age” and conducted …

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Colorado Clinic Reports Breach Of Privacy Rules http://www.insurancejournal.com/news/west/2013/08/02/300555.htm Fri, 02 Aug 2013 16:10:32 +0000 http://www.insurancejournal.com/?p=300555 A Denver-area spine clinic says it has fired an employee in its billing department who improperly emailed some patients’ protected information to her personal account, but it doesn’t appear anyone’s personal information is at risk. Rocky Mountain Spine Clinic in …

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Hawaii Cyber Range Launches Anti-Hacking Training http://www.insurancejournal.com/news/west/2013/07/26/299738.htm Fri, 26 Jul 2013 15:59:31 +0000 http://www.insurancejournal.com/?p=299738 The state of Hawaii has launched a center to train people to defend computer systems from attack. The so-called “cyber range” is a collection of servers and routers in a room on the University of Hawaii’s Manoa campus. The equipment …

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Rockwood Programs Adds Cyber Liability to Coverage Portfolio http://www.insurancejournal.com/news/national/2013/06/18/295976.htm Tue, 18 Jun 2013 16:53:16 +0000 http://www.insurancejournal.com/?p=295976 Rockwood Programs has added cyber liability to its portfolio of management and professional liability products. The coverage can be attached to an underlying Rockwood account as an endorsement, with a separate sub-limit. Cyber liability can also be purchased on a …

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CFC Underwriting Upgrades Cyber Policy http://www.insurancejournal.com/news/national/2013/06/17/295726.htm Mon, 17 Jun 2013 16:06:03 +0000 http://www.insurancejournal.com/?p=295726 Lloyd’s underwriting agency, CFC has made a major upgrade to its flagship cyber and privacy product policy in order to protect customers against the changing face of cyber crime and react to the constant changes in the legal and regulatory …

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U.S. Charges 8 with Cybercrime Against Financial Institutions, Government http://www.insurancejournal.com/news/national/2013/06/13/295371.htm Thu, 13 Jun 2013 13:28:28 +0000 http://www.insurancejournal.com/?p=295371 Federal prosecutors in New Jersey on Wednesday unveiled criminal charges against eight people accused of trying to steal at least $15 million from U.S. customers in an international cybercrime scheme targeting accounts at 15 financial institutions and government agencies. U.S. …

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Silicon Valley At Front Line Of Global Cyber War http://www.insurancejournal.com/news/west/2013/06/05/294415.htm Wed, 05 Jun 2013 15:28:38 +0000 http://www.insurancejournal.com/?p=294415 Chinese President Xi Jinping and American counterpart Barack Obama will talk cyber-security this week in California, but experts say the state’s Silicon Valley and its signature high-tech firms should provide the front lines in the increasingly aggressive fight against overseas …

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New York Regulator Asks Insurers About Readiness for Cyber Threats http://www.insurancejournal.com/news/east/2013/05/29/293590.htm Wed, 29 May 2013 14:33:46 +0000 http://www.insurancejournal.com/?p=293590 New York’s top financial regulator has asked some of the largest U.S. insurance companies to disclose details on their preparedness for cyber attacks, following a similar request to major banks earlier this year.The New York State Department of Financial Services …

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Cyber Attacks On Banks More Serious Than Public Realizes http://www.insurancejournal.com/news/national/2013/05/20/292573.htm Mon, 20 May 2013 09:00:35 +0000 http://www.insurancejournal.com/?p=292573 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 http://www.insurancejournal.com/news/national/2013/05/13/291693.htm Mon, 13 May 2013 15:54:47 +0000 http://www.insurancejournal.com/?p=291693 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 http://www.insurancejournal.com/news/west/2013/05/01/290357.htm Wed, 01 May 2013 16:04:53 +0000 http://www.insurancejournal.com/?p=290357 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 http://www.insurancejournal.com/news/national/2013/04/29/290124.htm Mon, 29 Apr 2013 16:23:46 +0000 http://www.insurancejournal.com/?p=290124 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 http://www.insurancejournal.com/news/national/2013/04/24/289596.htm Wed, 24 Apr 2013 16:08:58 +0000 http://www.insurancejournal.com/?p=289596 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 http://www.insurancejournal.com/news/national/2013/03/06/283850.htm Wed, 06 Mar 2013 17:35:07 +0000 http://www.insurancejournal.com/?p=283850 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 http://www.insurancejournal.com/news/national/2013/02/19/281713.htm Tue, 19 Feb 2013 16:41:36 +0000 http://www.insurancejournal.com/?p=281713 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 http://www.insurancejournal.com/news/national/2013/02/08/280568.htm Fri, 08 Feb 2013 11:00:06 +0000 http://www.insurancejournal.com/?p=280568 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 http://www.insurancejournal.com/news/national/2013/02/05/280045.htm Tue, 05 Feb 2013 17:57:05 +0000 http://www.insurancejournal.com/?p=280045 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 http://www.insurancejournal.com/news/national/2013/01/22/278157.htm Tue, 22 Jan 2013 17:07:35 +0000 http://www.insurancejournal.com/?p=278157 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 http://www.insurancejournal.com/news/national/2013/01/15/277526.htm Tue, 15 Jan 2013 16:45:22 +0000 http://www.insurancejournal.com/?p=277526 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 http://www.insurancejournal.com/news/national/2013/01/02/275747.htm Wed, 02 Jan 2013 17:43:33 +0000 http://www.insurancejournal.com/?p=275747 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 http://www.insurancejournal.com/news/national/2012/12/14/274087.htm Fri, 14 Dec 2012 15:35:48 +0000 http://www.insurancejournal.com/?p=274087 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 http://www.insurancejournal.com/news/national/2012/11/28/272080.htm Wed, 28 Nov 2012 17:35:57 +0000 http://www.insurancejournal.com/?p=272080 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 http://www.insurancejournal.com/news/national/2012/11/09/270029.htm Fri, 09 Nov 2012 11:00:46 +0000 http://www.insurancejournal.com/?p=270029 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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