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Author Archive for: TechAssure

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Is Spoofing Covered Under Crime or Cyber Insurance?

 Headlines practically write themselves these days. A company was duped into sending money to some unidentified party, be it hacker collective or nation-state or individual. Spear-phishing is not a new technique in the cyber war. In fact, it’s one of the oldest criminal techniques on the internet. Seems like only yesterday that we were all being told that a wealthy Nigerian Prince had decided to give us his fortune; all that was required was our bank account and routing info.

These days, the attacks are far less obvious (apologies to those of you that fell for the Nigerian 419 Scam) and far more nefarious. Spear-phishing attacks have become so sophisticated that even large Fortune 1000 companies are falling for them. The model is simple: find a way to impersonate a company executive and fool an employee into wiring money into an offshore account.  Read More

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TechAssure Hosts Leadership Development Council Meeting

 TechAssure Association, Inc. is hosting the inaugural meeting of its Leadership Development Council in Denver, CO the week of July 17th. The event will be held at IMA Inc., one of the nation’s largest independent insurance brokers and long-time TechAssure member. Mark Ware, Senior Vice President of IMA, who was recently elected as chairman of TechAssure Association Inc., helped to coordinate the event with the association and its strategic partners.

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Cyber Attacks and Bodily Injury

Today’s cyber attack (still working it’s way through networks, at the time of this post) on the UK’s NHS has resulted in many hospitals and doctors’ offices remaining closed, as they cannot access the networks and IT systems they rely upon to provide care. This will undoubtedly result in patient injuries (being exacerbated and causing further harm) and possibly death. BBC reporters have cited sources saying:

“Absolute carnage in the NHS today. Two Hyperacute stroke centres (the field I work in) in London have closed as of this afternoon. Patients will almost certainly suffer and die because of this.

“Had a patient that needed urgent neurosurgery referred, but unable to look at scans – stroke care is absolutely dependent on IT systems and joined up systems.”

This type of attack appears to be ransomware related to the NSA’s leaked toolkit from last month’s breach. While ransomware is a growing nuisance, many companies have yet to protect themselves from these types of hackings. Even still, even the best IT security standards can be penetrated by smart cyber criminals using social engineering. Further, most companies have still yet to include cyber insurance in their portfolio of risk management policies.

So, will a cyber attack resulting in bodily injury caused by ransomware or social engineering be covered by cyber insurance? The devil is in the details, unfortunately. Many cyber policies do not cover ransomeware or claims generated from social engineering incidents. Other policies, like Crime and General Liability, may offer minimal coverage at best, but most have been written to exclude cyber-caused incidents. To further complicate the situation, bodily injury (which is typically covered by General Liability) is often excluded explicitly under cyber policies.

The solution is to make sure you buy the right cyber insurance policy to begin with. If you have an exposure to bodily injury, make certain you have placed coverage with a carrier that offers this on their cyber policies (there are a few). Your broker can also make sure the cyber policy “dovetails” with your General Liability policy to ensure that you’re not duplicating coverage, but you’re also covering the gaps as well.

Find a broker that knows how to 1) access your cyber risk to determine what coverage is necessary and 2) design a program that addresses your cyber risks. As a bonus, most cyber insurance policies include a variety of risk management services, like breach coaches and access to cyber professionals to help you – if and when you get hit with an attack.

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Cyber Insurance: Not just for consumer-facing businesses

Post originally published by TechAssure-member: Plexus Groupe

The wide range of cyber risk faced by businesses continues to be in the news.

In a story published recently, The Wall Street Journal reported that a growing number of manufacturers have begun to secure cyber insurance.

According to the Journal, manufacturers paid about $37 million in cyber coverage premiums last year, per data from Advisen, an increase of 89 percent from 2015. Also, per BusinessInsurance.com, cyber threats were a top concern of more than 90 percent of the top 100 publically traded manufacturing firms in 2016, according to findings from accounting firm BDO USA LLP.
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TechAssure Association Announces Axco as Newest Corporate Sponsor

TechAssure Association, Inc. has announced its selection of Axco Insurance Information Services as its newest corporate sponsor partner effective immediately. Through this key strategic partnership, TechAssure member companies can access Axco’s market-leading capabilities and resources that are tailored for multinational businesses. Together, the two organizations will collaborate to improve the business conditions for companies operating globally with technology and cyber risks.

Axco’s North America Regional Lead Anya Robinson noted, “The increasing scrutiny on regulation places a significant burden on those in the multinational insurance community. To help address this challenge, Axco offers a concise, independent analysis of more than 180 insurance markets and we are very pleased to have the opportunity to work closely with the network of agents/brokers known for their industry-leading expertise in the tech insurance field.”

About Axco Insurance Information Services: Axco is the leading supplier of global insurance market information with over 50 years’ experience in researching and publishing industry intelligence on insurance and employee benefits. Its unique business model and methods of research have enabled the development of an extensive suite of products comprising in-depth reports, focused profiles, Q&A databases, intelligent questioning tools, and email services which are delivered to every corner of the globe.

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TechAssure Unveils New Brand Identity

TechAssure is proud to announce the launch of the new corporate logo and update to its brand identity.

TA Logo 100pxht

Over the last 15 years, TechAssure has grown from a small trade association into a global network of the best insurance brokers working in the tech risk sector today. We have refreshed our logo to better brand the association to our key audience and to symbolize our growth and evolution.

The new logo, as approved by TechAssure’s Executive Committee, better reflects our involvement in the technology-related industries and incorporates a unique “TA” icon design that will help unify our brand across multiple channels.