Articles Tagged with ''cyber security insurance''

According to the 2015 International Business Resiliency Survey, firms consider cyber and IT-related risks to be the most likely to occur and have the greatest potential impact on their operations.

Although cyber insurance has been around for a few years now, since it is still a fairly new concept and the industry is expected to grow exponentially in the near future, companies may have questions. Lynda A. Bennett, Chair of Insurance Coverage Practice at the law firm of Lowenstein Sandler, LLP, in Roseland, New Jersey, spoke with Security about the ins and outs of cyber insurance. As an attorney specializing in these types of claims, Bennett represents enterprises, not insurers.

Cyber-attacks are escalating in their frequency and intensity, and pose a growing threat to the business community as well as the national security of countries.

 In August, Community Health Systems announced that an external group of hackers attacked its computer network that an external group of hackers attacked its computer network and stole non-medical data of 4.5 million patients – the second-largest HIPAA breach ever reported.  

 While cyber insurance adoption is on the rise, only 26 percent of companies have policies today, according to a study on data breach preparedness from Experian and the Ponemon Institute. 

When asked specifically about the underlying technologies of a credit or debit card, Americans responded favorably, with 69 percent stating that EMV chip cards are making their debit and credit card transactions more secure, with only five percent feeling chip cards make their transactions less secure.

An engaged leadership team already understands the greater domain awareness provided by converged surveillance systems, but how about the next step toward robust risk management: cybersecurity and cyberspecific insurance?

If your enterprise is relying on its traditional all-hazards insurance plan to provide adequate cyber coverage, you might be dangerously mistaken.

Small business doesn’t necessarily mean small data. In fact, according to Michael Bruemmer, vice president at Experian Data Breach Resolution, thieves prefer to target small- to medium­–sized businesses (SMBs) because many lack the resources or expertise to manage cybersecurity. Retailers are especially easy targets for cybercriminals who look to hijack credit card data, but customers aren’t the only victims.