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Archive for category: Network Risk


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.


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, 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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Cyberliability Costs Can Challenge Emerging Growth Firms

More and more focus has been put on cyberliability. Internet data breaches, denial of service attacks, and other cyber losses affect Fortune 500 companies as well as small businesses. Loss of customers, sales, costs of investigations, responding to losses, lawsuits and regulatory fines can be astounding. Ponemon Institute estimates that costs to remediate compromises caused by loss or breach can run as high as $200 per affected account. At that rate, it’s easy to imagine how costs can quickly run into the millions of dollars. Most media coverage goes to the big companies, but small companies also run the risk of cyberliability expenses. Big businesses can more easily absorb or has the means to stave off such costs. But emerging companies may be left bare.

Fortunately, there is some help from the insurance industry. In response to serious gaps left by typical liability coverage, companies continue to fine tune their insurance products for cyberliability exposures for emerging firms. Most old policies only covered physical losses such as damage to servers, laptops, or other hardware; the data itself wasn’t protected. The new cyberliablilty policies can be tailored to cover almost any loss, whether tangible or not. In this way, small businesses can protect themselves because of an error, theft, or malicious act against them.

As with any other type of insurance, coverage, rates and reimbursement policies vary from provider to provider. For more information and tips on protecting your corporation from cyberliability exposures, please give us a call and we will connect you with a TechAssure member.


The Importance of Protecting Your Firm with a Solid Network Risk Program

In a world of constantly advancing technology, more of our information is stored online than ever before. With greater amounts of important data being put into cyberspace, a need to protect this information is increasingly relevant. Protecting your capital with cyberliability coverage has never been easier.

The members of TechAssure can help you structure an insurance and risk management program that can save your assets and reputation when a technological error occurs. Being protected from liabilities relating to processes run by computers and other technology sources is especially important in the tech and life sciences industries. So what types of instances may require the need for network risk?

A simple but common problem in the technology industry occurs with the loss of customer data. This can happen for a variety of reasons, from the company accidentally deleting the information to the installation of defective or virus-laden software. No matter what the cause, the customer is never happy to lose their saved information. Having a solid risk management plan can help restore the relationship between you and the client and ensure a future relationship with them. It also can convey trust while building your client base and raising rounds of finance.

Taking steps to develop a solid insurance and risk management plan around your cyberliability exposures is an intelligent investment for your company. Contact us to learn more about the cyberliability insurance products and risk management services offered by the TechAssure members.


Beef Up Computer Security with These No-Cost Tips

Your business survives on its data. Information about your customers, products in development, budgets, and employees must remain confidential and secure if you want your company to prosper. Protecting against viruses, corporate espionage, hackers, and malware generally requires some spending on software, hardware, and training. However, some basic tips can beef up your security without cost.

Prohibit the use of any password-protected websites on mobile devices in coffee shops, restaurants, and other areas with unsecured networks. This should extend not only to accessing confidential parts of the company website but also to personal email accounts that employees use to conduct business. Hackers can use unsecured networks to break into your computer. They can also use their smartphones to physically record the usercode and password you type in.

In the office, require that any unused mobile devices be locked in a drawer or cabinet. It’s too easy for a company visitor to pick up a smartphone that’s just sitting on a desk in plain view. When not in use, monitors should be turned off either manually or automatically with screen savers. This prevents potentially sensitive data from being left on display.

Hackers can use networked cameras and microphones to look inside your company or listen to private conversations. If possible, turn these devices off or disconnect them from the network when not in use. If they must remain on, such as when built into a laptop or tablet, put a piece of black tape over the lens or microphone.

If you’d like more information on improving security for your company or how we can use out expertise to implement more comprehensive insurance and risk management solution for your network, security and privacy exposures, please contact us.


California, are you Ready for More Changes?

Again the California bill, designed to expand data security breach notification law, has cleared the senate. The California state Senate passed SB46. This bill has been expanded to include a number of additional items. Bill SB46 expands the triggers to include passwords, user names, security questions and answers and more. The additional list of triggers expands the responsibilities that a firm has on their reporting requirements.

As this bill makes its way to the Assembly for review, California firms will need to review their new requirements, processes and procedures for managing their risks.

A TechAssure member can help you better understand your network, security and privacy risks.