Employees are increasingly using new services and technology to defeat employer risk management controls.
The pre employment reference is one on the mainstays of employee dishonesty risk management. However, employees seeking to fabricate references can now tap into reference scam websites t...Read Full Story Here:
http://www.insurancefortechs.com/employees-techniques-steal-employer.html
Tuesday, November 19, 2013
Employees Use New Techniques To Steal From Employers
Monday, September 16, 2013
Specialized Crime Coverage Essential To Protect Against Online Fraud Threat
Here are some startling facts about online financial transaction cyber theft from small businesses:
51% of small and medium sized businesses transferred funds online in 2012 which is a 6% increase over the prior year.
Over $1B was stolen from small and medium business online transactions in ...Read Full Story Here:
http://www.insurancefortechs.com/specialized-crime-coverage-essential-protect-online-fraud-threat.html
Tuesday, August 27, 2013
Why Would Cyber Criminals Intentionally Target Small Businesses?
Cyber attacks on small businesses with less than 250 employees have tripled since 2011, according to Symantec’s 2013 Internet Security Threat Report.
The reasons that small businesses are becoming more popular with cyber criminals are as follows:
As compared to larger businesses, smaller...Read Full Story Here:
http://www.insurancefortechs.com/cyber-criminals-intentionally-target-small-businesses.html
Monday, August 26, 2013
Is A Cyber Security Breach More Damaging Than A Natural Disaster?
According to a survey performed by Experian Data Breach Resolution and the Ponemon Institute, only 31 percent of companies are insured against data breaches. Meanwhile, 76 percent of respondents rated the impact of a security to be greater than or equal to a natural disaster, business...
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http://www.insurancefortechs.com/cyber-security-breach-damaging-natural-disaster.html
Wednesday, July 31, 2013
Tech Professional Liability Covers Countersuit From Fee Collection
Ed Rozak is the president of N2Net, a Cleveland area internet service provider. The company was started in 1995 offering dial-up only. Now, it operates its own data center with a focus on voice services and phone systems.
Rozark was working in his office one day when one of his...Read Full Story Here:
http://www.insurancefortechs.com/tech-professional-liability-covers-countersuit-fee-collection.html
Thursday, July 18, 2013
Are Third-Party Apps a Threat To Your Business?
More and more businesses have been allowing employees to use their personal mobile devices as a primary means of communication in the workplace. The increased usage of employee-owned smartphones, though convenient, can also pose a serious risk to security; questions may also arise concerning...Read Full Story Here:
http://www.insurancefortechs.com/thirdparty-apps-threat-business.html
Wednesday, July 17, 2013
Architecture and Engineering: Managing New Risks in a Rapidly Changing Industry
Paul Dietrich and Brad Gow
The architecture and engineering professions are undergoing a period of unparalleled change brought about by rapid advances in computing and communications. Technology has transformed everything from project design to client communications in the daily practice of the...Read Full Story Here:
http://www.insurancefortechs.com/managing-new-technology.html
Online Small Business Insurance Quotes
Small businesses perform most of the professional services within the U.S. economy. As a result, they have the greatest need for Professional Liability (Errors and Omissions Liability) insurance. The major problem with small businesses obtaining Professional Liability (Errors and Omissions...
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http://www.insurancefortechs.com/tech-insurance-reports-small-business-needs.html
High E&O Limits Difficult For Small Tech Accounts
We were recently approached by a small tech prospect who requested a $10,000,000 Errors & Omissions Liability limit (AKA Professional Liability) to comply with contractual requirements of a project owner. Our primary E&O market for tech accounts is approved to handle limits only up to...
Read Full Story Here:
http://www.insurancefortechs.com/high-eo-limits-difficult-for-small-tech-accounts.html
Managing New Technology Risk Notes
Frangos, Alex, “With 3-D Drawing Software, Freedom Tower Architects Put Mind’s Eye on a PC Screen,” The Wall Street Journal (Jul. 7, 2004). See http://webreprints.djreprints.com/1055491238420.html.
“Hammurabi’s Code of Laws,” Laws 229-233, translator L.W. King. See...Read Full Story Here:
http://www.insurancefortechs.com/managing-new-technology-endnotes.html
Proactive Safeguarding of data Key to Protecting Bottom Line
Businesses can no longer afford to treat data security as just another problem for the IT department: it’s now a mission-critical issue for the executive suite. Companies that fail to adequately protect personal information not only run the risk of lawsuits and legal penalties, but also...
Read Full Story Here:
http://www.insurancefortechs.com/protecting-data-security.html
Most Common Sources Of Tech Lawsuits
IT professionals such as computer consultants, web designers, programmers, system integrators, etc. face lawsuit risks from their clients and users of their client’s services. The most common sources and corresponding insurance policies are outlined below:
1. Bodily Injury And Property...Read Full Story Here:
http://www.insurancefortechs.com/most-common-sources-of-tech-lawsuits.html
Data Breaches Growing Rapidly: Tech Companies Uninsured
Over the past two and a half years, there have been over 225 million reported consumer data breaches. This year alone, there have been more than 30 million reported security breaches of consumer data. No one knows the actual numbers since it is suspected that most security breaches are...
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http://www.insurancefortechs.com/data-breaches-growing-rapidly-tech-companies-uninsured.html
Cyber Risk As Serious As Current Financial Crisis
“We are experiencing a financial meltdown due to a fundamental misunderstanding and mismanagement of modern financial systems, which is generating a crisis of confidence in our core institutions. Today, all our critical infrastructures are reliant on cyber systems that are also...Read Full Story Here:
http://www.insurancefortechs.com/cyber-risk-as-serious-as-current-financial-crisis.html
12 Specific Cyber Liability Risks
When analyzing a Cyber Liability policy for adequacy, the following specific risks may or not be covered:
* Errors & Omissions resulting in pue economic damages (needed for accounts that perform Cyber releated professional services for a fee for others)
* Personal injury such as libel...Read Full Story Here:
http://www.insurancefortechs.com/12-specific-cyber-liability-risks.html
Identity Theft Coverage In Cyber Liability
Cyber Liability policy forms may or may not cover the following types of identity theft:
Pfishing Attacks- Pfishers send spoofed emails that highjack the names of trusted companies like banks, credit card companies, e-retailers, etc. in an attempt to trick recipients into visiting counterfeit...Read Full Story Here:
http://www.insurancefortechs.com/identity-theft-coverage-in-cyber-liability.html
Cyber Attack Loss Control And Risk Management Steps
The following risk management controls can help companies avoid cyber losses due to viruses, hackers, trojan horses, malware, denail of service, extortion, errors & ommissions in delivering tech services, intellectual property violations, etc.:
* firewalls
* encryption
* password...Read Full Story Here:
http://www.insurancefortechs.com/cyber-attack-loss-control-and-risk-management-steps.html
Insider Jobs Account For Most Cyber Theft Losses
Outside hackers, whether domestic or part of criminal gangs in Eastern Europe and Asia, get most of the media attention.
However, inside jobs by a company’s own employees account for 70% of all security incidents that result in losses according to some sources. This is know as authorized...Read Full Story Here:
http://www.insurancefortechs.com/insider-jobs-account-for-most-cyber-theft-losses.html
Loss To Electronic Data Not Covered Under General Liability
Standard General Liability policies for businesses don’t adequately cover the liability risk of “property damage” to “electronic data”.
Most service or contracting businesses could cause property damage that results in loss of or damage to a third party’s...Read Full Story Here:
http://www.insurancefortechs.com/loss-to-electronic-data-not-covered-under-general-liability.html
Tech Professional Services Not Covered By General Liability
Tech companies and IT professionals need General Liability to provide coverage for claims or lawsuits for negligence alleging bodily injury, property damage, personal injury, and advertising injury.
Many General Liability policy forms have an exclusion which takes away coverage for a laundry...Read Full Story Here:
http://www.insurancefortechs.com/tech-professional-services-not-covered-by-general-liability.html
Tech Company Personal / Advertising Injury Coverages
The standard General Liability policy covers “personal injury” and “advertising injury” unless the insured is in the business of advertising, broadcasting, publishing, or telecasting. For this reason, there is no coverage for IT firms that are in the business of designing...
Read Full Story Here:
http://www.insurancefortechs.com/tech-company-personal-advertising-injury-coverages.html
MA Deadline Extended For Businesses To Encrypt Data
The Commonwealth of Massachusetts has extended by at least four months a deadline for businesses to electronically encrypt digital records of their customers’ personal information.
The law follows a several years-long string of high profile data breaches by both private and government...Read Full Story Here:
http://www.insurancefortechs.com/ma-deadline-extended-for-businesses-to-encrypt-data.html
How Safe Are Your Employees Who Work From Home?
Here’s a question you may not have thought about: If one of your employee’s is working at home and is injured, are you responsible? The answer depends on individual circumstances. For example, electrocution from a faulty cord on a computer you provided is different from a slip...
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http://www.insurancefortechs.com/how-safe-are-your-employees-who-work-from-home.html
Data Breach Numbers Rise
“The latest U.S. Cost of a Data Breach Study… indicates a significant increase in not only the out of pocket cost of data breach incidents, but also the cost of lost business created by the turnover of customers due to the breach.”
At $202 per comprised customer, U.S. companies have felt...Read Full Story Here:
http://www.insurancefortechs.com/data-breach-numbers-rise.html
Denial of Service Assault On Computers
Cyber attack on U.S. and South Korean government agencies, companies and institutions have been called the “most aggressive in recent memory”.
Attackers use “botnets” or networks of “zombie” personal computers, which they have infected with a virus. Denial of service comes in...Read Full Story Here:
http://www.insurancefortechs.com/denial-of-service-assault-on-computers.html
Study Of Tech Patent Litigation Reveals Trends
A recent study of patent litigation in the high tech arena reveals what types of plaintiffs initiate litigation as well as what types of lawsuits are most frequent. This is important to predict the risks of patent infringement and the need for patent infringement insurance. It is important to...
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http://www.insurancefortechs.com/study-of-tech-patent-litigation-reveals-trends.html
Deciphering Notification Laws, Hi Tech Act and Red Flags
New regulations are increasing at a rapid rate and it is vital that business owners and Chief Information Officers (CIO) become familiar with current regulations and compliance dates.
State Notification Laws require businesses to notify customers or patients in a timely matter of any data breach...Read Full Story Here:
http://www.insurancefortechs.com/deciphering-notification-laws-hi-tech-act-and-red-flags.html
Escalating Need For Cyber Liability Insurance
Tracey Vispoli, Chubb’s Cybersecurity Product Manager, refers to the rise in cyber liability claims, by stating, “It’s a frequency issue as well as severity”. Remedies for data breach now cost $202 per record.
According to Vispoli, more than half of the companies with less than 1,000...Read Full Story Here:
http://www.insurancefortechs.com/escalating-need-for-cyber-liability-insurance.html
Social Media Risks To Businesses
YouTube, Facebook, and Twitter have become prevalent and the risks involved for the workplace are often not taken into account.
Here are a few threats that can be overlooked:
1. Your Friends List
“Social media” can be very helpful when making contact with customers, finding jobs,...Read Full Story Here:
http://www.insurancefortechs.com/social-media-risks-to-businesses.html
Prevent Scammers From Figuring Out Your Social Security Number
I came across an excellent article that explains how easy it is for scammers to decode your Social Security number. I always wondered how they did this.
Carnegie Mellon University researchers only need two pieces of information to guess SSNs in a recent study published in the Proceedings of...Read Full Story Here:
http://www.insurancefortechs.com/prevent-scammers-from-figuring-out-your-social-security-number.html
Rising Demand For Cyber Liability Insurance Coverages
“Cyber liability coverage has evolved from just liability insurance for information technology companies to coverage that nearly every class of business should have if they don’t already.” Many businesses including banks, restaurants, retailers, and medical offices are unaware of the...
Read Full Story Here:
http://www.insurancefortechs.com/rising-demand-for-cyber-liability-insurance-coverages.html
FailSafe: A Suite of Professional Liability Products for Technology Companies
FailSafe
FailSafe, The Hartford’s suite of professional liability products for technology companies. Available in three increasingly powerful forms – MEGA, GIGA, and TERA – it meets the needs of virtually any size technology business.
FailSafe MEGA is an E&O coverage part...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-failsafe.html
Fail Safe MEGA Technology Errors or Omissions Liability Coverage Form –Claims Made and First Reported
SECTION I – COVERAGE
Insuring Agreement
Defense
When We Insure
SECTION II – DEFINITIONS
SECTION III – EXCLUSIONS
SECTION IV – LIMITS OF LIABILITY AND RETENTION
Limits of Liability
Retention for Each “Glitch”
SECTION V – EXTENDED REPORTING PERIODS
Terms Applicable to...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-mega-overview.html
FailSafe MEGA: Win more technology accounts with The Hartford"s technology E&O coverage, and see how we"re delivering greater value®
Designed to Complement Spectrum®
FailSafe MEGA is The Hartford’s technology errors and omissions coverage part that’s designed exclusively for our small business insurance package, Spectrum.
Key Features
Here are some of the key features of FailSafe MEGA that may be especially valuable for...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-mega.html
Spectrum® with FailSafe® for Small Technology Businesses
Customized Insurance for Technology Businesses
Managing a technology business is never easy. In fact, it’s getting tougher. Your customers want services performed at the speed of light, with cutting-edge technology and razor sharp accuracy.
You get it right 99 times out of 100. We’re here...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-spectrum.html
Top Reasons to Write High Tech with The Hartford
SPECTRUM for Technology Business
Direct access for Hartford Agents to top professional technology liability products, no need to go through an MGA or Wholesaler.
Admitted coverage for Tech E&O on our FailSafe MEGA coverage part to SPECTRUM in all but 5 states; admitted coverage even in...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-write-high.html
Technology and Software Service Providers Stretch Summary
SUMMARY OF COVERAGE LIMITS
This is a summary of the Coverages and the Limits of Insurance provided by the Stretch Coverage form SS 40 12 which is included in this policy. No coverage is provided by this summary. Refer to coverage form SS 40 12 to determine the scope of your insurance...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-stretch.html
Super Stretch Technology and Software Service Providers Summary
SUMMARY OF COVERAGE LIMITS
This is a summary of the Coverages and the Limits of Insurance provided by the Super Stretch Coverage form SS 40 61 which is included in this policy. No coverage is provided by this summary. Refer to coverage form SS 40 61 to determine the scope of your insurance...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-super-stretch.html
Transporting Tech Goods Requires Sound Navigation
Unsavory characters. Unrelenting natural disasters. Unexplained explosions. Are these the elements of the latest action flick? Or the newest best-selling adventure novel?
No. They’re just some of the risks technology businesses may encounter when shipping goods. No matter what type of...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-tech-goods.html
Risk Management Tips for Technology Firms
How Better Contract Management Can Improve Your Firm’s Risk Management
Read it once, toss it in a desk drawer — and leave it to the lawyers to sort out if problems arise. Is this your company’s idea of contract management?
Fact is, contracts can be used to prevent problems from surfacing...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-contract-management.html
What To Look For In Technology Contracts
Agreements in the technology area are unique. Although many provisions in these agreements are substantially the same as those in other industries, many are quite different. These differences arise primarily because of the nature of computer technology and intellectual property often involved....
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http://www.insurancefortechs.com/tech-insurance-contract-underwriting.html
The Information Superhighway: New Rules of the Road in California
Michael Born, Claims Counsel – Media/Professional Insurance
Have you ever been nearly run off the road by some driver who thinks the speed limit is only a suggestion and that he is entitled to take his half of the road out of the middle? Did you say to yourself, “I should really call and...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-information-highway.html
Don’t Overlook the Economics of Ergonomics
Think your technology firm’s employees aren’t likely to get injured on the job? Think again. More than half of all workplace injuries are related to musculoskeletal disorders (MSDs) – musculoskeletal injuries that are common among those who engage in such repetitive motion...
Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-ergonomics.html
Media/Professional Insurance announces enhanced CyberLiability Plus™ policy form
Coverage now includes insured’s unintentional and unauthorized tampering and intentional actions by rogue employees
August 1, 2005—Kansas City, MO Media/Professional Insurance announced today the release of CyberLiability Plus™, an enhanced policy form that addresses the rapidly evolving...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-cyberliability-plus.html
CyberLiability Plus™ Media/Professional Insurance Coverage Highlights Sheet
Ever-Changing Risk Demands Focused Expertise
Media/Professional Insurance’s CyberLiability PlusTM policy addresses the rapidly evolving exposures in the world of cyber-risk. The policy is designed for any company providing Internet-related services or using the Internet as part of its business...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-cyberliability-highlights.html
Diagnose Your Technology Business’ Exposure and Ensure its Financial Health
John D. Spiehs, Claims Counsel and Cameron Stracher, Senior Vice President and Special Counsel – Media/Professional Insurance
We all get sick sometimes. Even the healthiest among us. It might start as a tickle at the back of the throat but in the morning it feels like a blistering...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-financial-health.html
Not a “G’Day” Down Under for Publishers
Scott Swift, Claims Counsel – Media/Professional Insurance
Have you seen the popular television show featuring Steve Irwin, a.k.a. “The Crocodile Hunter,” on the Discovery Channel? Audiences are mesmerized as the host wades through the waters of Australia in search of dangerous...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-down-under.html
"Hasta La Vista, spam!" – Will Anti-Spam Laws Terminate Unsolicited E-mails?
Joel Brady, Claims Counsel – Media/Professional Insurance
Given the ever-expanding reach of the Internet and the proliferation of “e-commerce”, you are most likely aware that spam is more than just an interesting variety of gel-covered luncheon meat. With apologies to those with a...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-anti-spam-law.html
Technology Service Providers: No Magic Pill For Common Client Headache
By: Gretchen Sayers, Esq. and Roxanne Westfall – Media/Professional Insurance
“Why did they sue us? We didn’t do anything wrong!” These are often the first words out of a policyholder’s mouth after a client files a lawsuit against their firm. As many innocent insureds...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-tech-service-providers.html
How Private is Your Personal Information?
Due to the overwhelming information that has been flowing over the internet as the WWW gets stronger, we thought that it was best to revisit the question of “How Private is Your Personal Information?”. More so, as a tech, are you responsible if your CLIENTS INFORMATION? Your thoughts?
Read Full Story Here:
http://www.insurancefortechs.com/how-private-is-your-personal-information.html
10 Steps to a Safer Business: A Cyber Security Guide
A security breach can happen to a business of any size, not just the big ones. In fact, 75% of data breaches are targeted at small and medium sized businesses. The cost of a breach can be significant, and not just financially, but for your reputation as well. With an average cost of $214 per...
Read Full Story Here:
http://www.insurancefortechs.com/10-steps-safer-business-cyber-security-guide.html
Recent Security And Privacy Claims Paid By Chartis
I came across an eye opening article from Chartis Insurance Company about real claims scenarios of payments made by their Executive Liability policy form. Most of the payements are over $1,000,000 and involve data breach caused by hackers and rogue employees.
Read Article: Security & Privacy...Read Full Story Here:
http://www.insurancefortechs.com/recent-security-and-privacy-claims-paid-by-chartis.html
Electronic Fraud Overtakes Traditional Theft Losses
For the first time, major international corporations are reporting higher fraud losses more from electronic theft of data than from physical stealing of assets, cash and inventory. With 98 percent of businesses affected, China appears to have the highest level of fraud followed by Colombia...
Read Full Story Here:
http://www.insurancefortechs.com/electronic-fraud-overtakes-traditional-theft-losses.html
Sadler Tech Blog Ranks 14th
Sadler Tech Insurance And Risk Management Blog is ranked 14th best Nationally by Risk Management Masters, an online resource specializing in Insurance Risk Management.
We are proud to be recognized as an important source for technology insurance and risk management information and strive to...Read Full Story Here:
http://www.insurancefortechs.com/sadler-tech-blog-ranks-in-the-top-50.html
Funds Transfer And Computer Fraud Crime Insurance Coverages Needed
I found an excellent bulletin from Travelers Insurance that describes the financial threats posed by funds transfer fraud and computer fraud and the need for specialized Crime Insurance Coverage. The Travelers coverage version, wrap +, includes both Electronic Funds Transfer and Computer Fraud...
Read Full Story Here:
http://www.insurancefortechs.com/funds-transfer-and-computer-fraud-crime-insurance-coverages-needed.html
Tuesday, July 16, 2013
Small Companies Prime Target For ACH Fraud
Online criminals are targeting small to midsized businesses according to the US Federal Bureau of Investigation. Hackers are getting away with over $100 million in bank fraud through malicious programs know as Trojans.
Trojans are planted into networks of target companies, stealing passwords...Read Full Story Here:
http://www.insurancefortechs.com/small-companies-prime-target-for-ach-fraud.html
Changing Face Of Cyber Liability Risks
“Risk is a function of the likelihood of a given threat source’s exercising a potential vulnerability, and the resulting impact of that adverse event on the organization.”
Due to the changing nature of cyber risk, IT risk managers must upgrade risk management strategies to...Read Full Story Here:
http://www.insurancefortechs.com/changing-face-of-cyber-liability-risks.html
Watch Out For Scareware and Rogueware
Millions of people are being tricked into buying or downloading scareware or rogueware due to pop ups telling them their computer is infected. Users unknowingly click on the pop up and buy security software that steals their credit card information or spreads malware through Trojan...
Read Full Story Here:
http://www.insurancefortechs.com/watch-out-for-scareware-and-rogueware.html
Smart Phone Security Risks
The spammers and cyberthieves haven’t given up and gone home. Instead they are moving with the times and stirring up trouble in other ways, targeting smartphones and social networkds, which offer vast amounts of personal information.
The popularity of “apps” is opening the door...Read Full Story Here:
http://www.insurancefortechs.com/smart-phone-security-risks.html
Recession Increases Need for Crime Insurance for Small Businesses
We came across an interesting article on the increased number of employee theft claims due to the economy and the corresponding need for Crime Insurance. Here are some of the highlights of the article.
Since the recession began two and a half years ago, crimes by employees and third parties,...Read Full Story Here:
http://www.insurancefortechs.com/recession-increases-need-for-crime-insurance-for-small-businesses.html
Keeping You Covered – Technology Insurance For Small Companies
Insurance for Techs understands the importance of proper coverage for your business. As a leading technology insurance company, we know that small businesses are experiencing and ever-increasing capacity for work. As a result, you will also have a greater likelihood for technology errors and...
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http://www.insurancefortechs.com/tech-insurance-technology-insurance.html
What Is Professional Liability Insurance (Errors and Omissions Insurance)?
A “professional” is someone whose vocation or occupation requires special training and skill. Historically, lawyers, accountants, architects, engineers, and medical professionals were the sole occupations that fell into this category as their industries established strict...
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http://www.insurancefortechs.com/tech-insurance-reports-professional-liability.html
Importance of Professional Liability Insurance (Errors and Omissions Insurance)
Professional Liability insurance (Errors and Omissions Coverage) is important because it fills a glaring gap in the General Liability policy, which has a professional services exclusion that takes away coverage for lawsuits arising out of the rendering of or failure to render professional...
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http://www.insurancefortechs.com/tech-insurance-reports-importance.html
Errors and Ommissions Insurance vs. Professional Liability Insurance
Have you ever wondered if errors and omission’s insurance the same as professional liability insurance? If so, you are not alone. In recent years, the terms ‘Errors and Omissions Liability insurance’ and ‘Professional Liability insurance’ have become one and the same. Errors and...
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http://www.insurancefortechs.com/errors-and-omissions-insurance.html
Technology Insurance Needs
Information technology companies have unique Professional Liability (Errors and Omissions Liability) technology insurance coverage needs. Most information technology companies such as computer consultants, software designers, intranet designers, web site developers, and computer programmers sell...
Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-reports-insurance-needs.html
Computer Consultant Insurance Needs
The number of computer consultants in the job market and the need for affordable professional liability (errors and omissions liability) insurance for computer consultants has mushroomed with the technology explosion.
Computer consultants are vulnerable to the types of lawsuits that are covered...Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-reports-consultant-needs.html
An Internet Company"s Professional Liability Insurance (Errors and Omissions Liability Insurance) Needs
Internet companies that provide services such as Web site design and hosting need Professional Liability Insurance (Errors and Omissions Liability Insurance) to protect against the growing number of lawsuits that are arising out of the alleged failure of their technology products and services....
Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-reports-internet-needs.html
Technology Insurance: 6 Tips On Getting Your Application Approved (The Right Way!)
Up to 25% of all Professional Liability Insurance and General Liability Insurance applications are declined by the insurance carrier underwriters for various reasons. Sometimes, the technology insurance prospect engages in a type of work that is an unacceptable risk to the underwriters. On the...
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http://www.insurancefortechs.com/six-tips.html
Customer Service Procedures That Can Prevent Claims
Customer Service Procedures That Can Prevent Claims Under Professional Liability Insurance (Errors and Omissions Insurance) And General Liability Insurance
It may seem irrelevant or unnecessarily protective but you would be surprised how easily a claim can be made under professional liability...Read Full Story Here:
http://www.insurancefortechs.com/customer-service.html
Web Site 101: How To Know If Your Web Site Exposes You To Claims
Be aware that websites containing a chat room, bulletin board or any other type of interactive exchange that can be viewed by others exposes you to a greater risk of litigation arising out of libel. Liability risks can be reduced by exercising editorial control and performing edits prior...Read Full Story Here:
http://www.insurancefortechs.com/website-consideration.html
Guidelines For Content To Reduce and Prevent Claims
Adopt the Professional Liability Insurance ( Errors and Omissions Insurance and General Liability Insurance) safeguards below that are applicable to your operations:
Formalized intellectual property clearance procedures
The acquisition of all the necessary rights, licenses, releases and...Read Full Story Here:
http://www.insurancefortechs.com/content-consideration.html
22 High Risk End Uses of Your Products or Services That May Prevent You From Getting General Liability Insurance
General Liability Insurance : High-risk end uses of your tech product or services that can cause some insurance underwriters to reject your application
We have listed below end uses of tech products and services considered to carry a high risk of litigation by most general liability insurance....Read Full Story Here:
http://www.insurancefortechs.com/high-end-risk.html
How To Reduce Claims When You Must Assume Liability In A Contract
The Party Not In Power Assumes Liabilities
Most tech companies enter into contracts with project owners or managers that specify the terms of the work including which party is responsible when things go wrong.
The most common provisions that govern professional liability insurance...Read Full Story Here:
http://www.insurancefortechs.com/negotiation-strat.html
12 Quality Control Tips That Can Reduce Claims
Over the past three years we have seen an increasing trend of claims under professional liability insurance and general liability insurance resulting from quality control problems. To follow are some tips that will make your Professional Liability Insurance and General Liability Insurance...
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http://www.insurancefortechs.com/quality-control.html
6 Security Tips To Prevent Insurance Claims
Security Considerations That Can Prevent Claims Under Professional Liability Insurance (Errors & Omissions) And General Liability Insurance
Adopt as many of the following security elements as feasible:
Security firewall
Protocols meeting X.509 standards
Routers
Secure remote dial-up or...Read Full Story Here:
http://www.insurancefortechs.com/security-consideration.html
Insurance for Techs – An IT Insurance Company for Today’s Times
Insurance for Techs delivers outstanding performance when it comes to information technology insurance. As an IT insurance company, we believe in client service above and beyond your highest expectations, achieved through a consistent commitment to anticipate and fulfill evolving customer...
Read Full Story Here:
http://www.insurancefortechs.com/tech-insurance-it-insurance.html
Spy Eye Hacker Software Makes Purchase Of Cyber Liability Insurance A No-Brainer
The odds that a cybergang will stealthily turn your PC into a bot this summer and use it to carry out all manner of cyberattacks just notched notably higher.
Security analysts anticipate a surge in SpyEye attacks the rest of this year. “Every level of criminal, from the lowest to the...Read Full Story Here:
http://www.insurancefortechs.com/spy-eye-hacker-software-makes-purchase-of-cyber-liability-insurance-a-no-brainer.html
Video Explains the Importance of Cyber Liability Protection
Cyber attacks and security breaches are increasingly on the rise. According to Hartford Insurance, if a business experiences a cyber attack or breach, it takes an average of 14 days to resolve the attack and costs an astonishing average of $17,696 per day!
Many business owners simply do...Read Full Story Here:
http://www.insurancefortechs.com/video-explains-the-importance-of-cyber-liability-protection.html
What Policy Covers Stolen Client Property In Your Possession?
How often do you have your client’s personal property in your office or in your car? Did you know that property damage to personal property of others in your care, custody, or control is not covered under a standard General Liability policy? The exclusion under the General Liability...
Read Full Story Here:
http://www.insurancefortechs.com/what-policy-covers-stolen-client-property-in-your-possession.html
Types Of Cyber Risk Exposures Faced By Businesses
Percentage of companies facing the various types of Cyber risks
47% Business partners and contractors that touch customer data
52% Use of Social Media for marketing and communications
36% Credit Card data collection, online payment processing
34% Provide online content or...Read Full Story Here:
http://www.insurancefortechs.com/types-of-cyber-risk-exposures-faced-by-businesses.html
Most Common Cyber Risk Concerns Of Businesses
Percentage of companies citing various risks:
55% Operational IT risk (including data loss)
36% Theft of customer information
32% Interference with company website (hacking)
27% Outside interference with IT system
21% Theft of intellectual property by electronic methods
19%...Read Full Story Here:
http://www.insurancefortechs.com/most-common-cyber-risk-concerns-of-businesses.html
Cyber Attack Expense Vary By Method of Attack
Average Annual Cyber crime cost weighted by attack frequency in 2011.
Denial of Service $187,506
Web-Based Attack $141,647
Malicious Code $126,787
Malicious Insiders $105,353
Pfishing And...Read Full Story Here:
http://www.insurancefortechs.com/cyber-attack-expense-vary-by-method-of-attack.html
Most Common Reasons Why Cyber Risk Management Controls Are Not Implemented
IT Professionals cite the following difficulties:
40% Lack of monitoring and enforcement of end users
38% Complexity of compliance and regulatory requirements
37% Lack of skilled or expert personnel
36% Lack of leadership
20% Insufficient resources for budget
19% Lack of...Read Full Story Here:
http://www.insurancefortechs.com/most-common-reasons-why-cyber-risk-management-controls-are-not-implemented.html
Cyber Liability Claims Not Covered Under Most General Liability Policies
General Liability policies cover lawsuits alleging bodily injury, property damage, personal injury, and advertising injury. The property damage coverage requires damage be to tangible property as opposed to intangible property.
Most data breaches include damage to intangible property stored on...Read Full Story Here:
http://www.insurancefortechs.com/cyber-liability-claims-not-covered-under-most-general-liability-policies.html
Employers Requesting Facebook Passwords At Risk For Employment Practice Lawsuits
As the popularity of Facebook grows so do the risks. Many people who are seeking employment are now required to give access to their social media sites. This new trend of job applicants having to hand over their user names and passwords is very disturbing.
Two Senators, Charles E....Read Full Story Here:
http://www.insurancefortechs.com/employers-requesting-facebook-passwords-at-risk-for-employment-practice-lawsuits.html
Data Protection Strategies Survey on Cyber Security
How Companies Deal with Cyber Risks
30% Have informal strategy
26% Have a formal strategy, but not implemented across entire enterprise
25% Do not have a strategy
19% Have formal strategy implemented across entire enterprise
Cyber Liability underwriters will typically not accept...Read Full Story Here:
http://www.insurancefortechs.com/data-protection-strategies-survey-on-cyber-security.html
Severity Of Data Breaches
Average organizational cost of data breach involving personal data
Year Cost
2005 $ 4,541,429
2006 ...Read Full Story Here:
http://www.insurancefortechs.com/severity-of-data-breaches.html
Frequency Of Data Breaches
Reported number of data breach involving personal data
Year Number of Breaches
2005 136
2006 ...Read Full Story Here:
http://www.insurancefortechs.com/frequency-of-data-breaches.html
Monday, July 15, 2013
Cyber Risk: Insuring the Escalating Threats From New Technology Exposures
by Brad Gow
Information technology has wrought vast and rapid changes in the global economy.
In virtually every industry, a revolution in computing and communications has radically altered the way business works. The ability to send massive amounts of data around the world in milliseconds has...Read Full Story Here:
http://www.insurancefortechs.com/ace-cyber-risks.html
Cyber Risk: Limits Most Commonly Purchased
Total coverage limits of stand-alone cyber risk purchased
15% Less than $ 5,000,000
48% $ 5,000,000 to $10,000,000
19% $ 10,000,000 to...Read Full Story Here:
http://www.insurancefortechs.com/cyber-risk-limits-most-commonly-purchased.html
Percentage of Business That Purchase Cyber Liability
Do you purchase stand-alone cyber risk insurance?
25% Yes
71% ...Read Full Story Here:
http://www.insurancefortechs.com/percentage-of-business-that-purchase-cyber-liability.html
Pictograph Illustrates Cyber Risk
We came across an excellent pictograph that illustrates the risks involved in not protecting company information. Company reputation, customer satisfaction, and business opportunities are just a few examples of what is at risk due to cyber threats from failing to protect private data. Here is a...Read Full Story Here:
http://www.insurancefortechs.com/pictograph-illustrates-cyber-risk.html
Attorney Advises On Social Media Exposures
According to Daniel Maldonado, attorney with Kunz Plitt Hyland & Demlong,the Internet and Social Media increasingly affect businesses, which also can cause substantial loss exposures.
Social Media Liability can be defined as a liability exposure arising out of using social media or...Read Full Story Here:
http://www.insurancefortechs.com/attorney-advises-on-social-media-exposures.html
Data Floating In Cyberspace
Do you know how much of your organization’s data is getting into cyberspace? Daily vital information about your company and your employees is seeping out and probably into the wrong hands.
There are laws in place in more that 40 states that are requiring companies to notify customers if...Read Full Story Here:
http://www.insurancefortechs.com/data-floating-in-cyberspace.html
Why Can"t I Get My Tech Professional Liability Insurance Quote Over The Phone?
Tech Insurance Frequently Asked Questions:
If I give you my information, why can’t you give me my Professional Liability quote over the phone?
The answer is simple- We want to make sure that we are not wasting your time or ours by having to clear up misunderstandings or perhaps...Read Full Story Here:
http://www.insurancefortechs.com/why-cant-i-get-my-tech-professional-liability-insurance-quote-over-the-phone.html
Are Your Laptops Secure?
“Many employees disable the encryption solutions on their laptops, putting their employers at risk for data breaches, according to a study by Absolute Software Corp. and The Ponemon Institute.”
The study specifies “Corporate America” is being affected by the behavior of...Read Full Story Here:
http://www.insurancefortechs.com/are-your-laptops-secure.html
Fax Blast Class Action Lawsuits
In the recent Florida Supreme Court case of Penzer v. Transportation Insurance Company, the court ruled that the standard General Liability policy form covers lawsuits alleging that fax blasts are in violation of the federal Telephone Consumer Protection Act (TCPA).
In this case, a class...Read Full Story Here:
http://www.insurancefortechs.com/fax-blast-class-action-lawsuits.html
Cyber Liability Insurance Needed For New Social Networking Scams
Cybercriminals are using pfishing tactics to gain information from social network sites to tap into corporate networks to steal sensitive data that can result in breach of privacy lawsuits and the need for Cyber Liability insurance for both techs firms and regular businesses alike.
Here are...Read Full Story Here:
http://www.insurancefortechs.com/cyber-liability-insurance-needed-for-new-social-networking-scams.html
Old Data Rarely Disappears And Is Often Spread Everywhere
I ran across an excellent web page that reminds us how seemingly private communications may not really be private and can be spread and detected for many years and possibly forever. The article discusses the pitfalls of hard drives, laptops, smart phones, social networks, Google caches, and...
Read Full Story Here:
http://www.insurancefortechs.com/old-data-rarely-disappears-and-is-often-spread-everywhere.html
Advertising Injury Coverage Gaps Requires Cyber Liability for Many Non-Media Firms
The 1986 ISO General Liability policy form provided relatively broad coverage for advertising injury for non-media companies. On the other hand, media companies such as newspapers, television stations, and advertising agencies were required to purchase a special Media Liability policy. However,...
Read Full Story Here:
http://www.insurancefortechs.com/advertising-injury-coverage/
Cyber Liability Claims Not Covered Under Most General Liability Policies
General Liability policies cover lawsuits alleging bodily injury, property damage, personal injury, and advertising injury. The property damage coverage requires damage be to tangible property as opposed to intangible property.
Most data breaches include damage to intangible property stored on...Read Full Story Here:
http://www.insurancefortechs.com/cyber-liability-claims-not-covered-under-most-general-liability-policies.html
Data Breaches Costs Per Record
Average cost per compromised record
Year Cost
2005 $ 138
2006 $ 182
2007 $ 197...Read Full Story Here:
http://www.insurancefortechs.com/data-breaches-costs-per-record.html
Reasons Cited For Not Purchasing Cyber Risk Insurance
Percentage of Businesses Citing Specific Reason
43% Company self insures exposures
18% Believe cyber risk covered under General Liability
17% IT department does not think coverage is needed
16% Coverage too expensive
6% Broker advised that risk of claim is low for the...Read Full Story Here:
http://www.insurancefortechs.com/reasons-cited-for-not-purchasing-cyber-risk-insurance.html
Cyber Insurance Policies Do Not Cover All Risks
To follow are examples of types of risks that are not covered or partially covered by most Cyber Risk policies:
The cost to implement security upgrades after an attack
A comprehensive written security program that is typically paired with a regulatory fine or penalty
Damage, corruption, or...Read Full Story Here:
http://www.insurancefortechs.com/cyber-insurance-policies-do-not-cover-all-risks.html
Technical Insurance Articles and Information
Technology Insurance: 6 Tips On Getting Your Application Approved (The Right Way!)
Customer Service Procedures That Can Prevent Claims Under Professional Liability Insurance (Errors and Omissions Insurance) And General Liability Insurance
Your Website Considerations That Can Reduce The...Read Full Story Here:
http://www.insurancefortechs.com/articles.html
Cyberbullying: Possible Denial Of Insurance Coverage
As cyberbullying increases, so do the concerns of whether injuries resulting from these harassments or threats will be covered under Homeowners or Personal Umbrella policies. Typically, parents are not aware of these activities by their children until legal action is taken, which could result in...
Read Full Story Here:
http://www.insurancefortechs.com/cyberbullying-denial-insurance-coverage.html
Is South Carolina Equipped For Cyber Attacks?
After dealing with the repercussions of war, earthquakes, and hurricanes, South Carolina now needs to ready themselves for cyber attacks; another possible catastrophe.
Senator Graham said: “Just imagine life in a city the size of Charleston where nobody’s cellphone works, where your computer...Read Full Story Here:
http://www.insurancefortechs.com/south-carolina-equipped-cyber-attacks.html
Study Pegs Embezzler Profile
According to a 2011 study from Marquet, an investigative and litigation support firm, here is the typical embezzler profile of employees from a cross section of private and public organizations:
Past Criminal Background: Almost all embezzlers had no prior criminal background.
Position: Over...Read Full Story Here:
http://www.insurancefortechs.com/study-pegs-embezzler-profile.html
Survey: Small Businesses Lax on Computer Security, Need Cyber Liability Insurance
According to a survey taken by TrendMicro and Ponemon Institute in 2012:
62% don’t routinely backup data
65% don’t use encryption for sensitive data
52% store sensitive data on laptop or mobile device
72% leave their computers unattended
This survey indicates that small businesses...Read Full Story Here:
http://www.insurancefortechs.com/survey-small-businesses-lax-computer-security-cyber-liability-insurance.html
Smart Phones and Tablets at Major Risk for Corporate Data Breach
Many cyber criminals have recently turned their attention away from corporate networks and towards more vulnerable smartphones and tablets. Smartphones and tablets frequently hold client information such as phone numbers, mailing addresses, email addresses, confidential documents, and past...Read Full Story Here:
http://www.insurancefortechs.com/smart-phones-tablets-major-risk-corporate-data-breach.html
Massive Hacking of SC Department of Revenue Database
A foreign hacker stole confidential S.C. tax records of 4.25 million individuals and businesses. Anyone who filed a state tax return since 1998 is subject to theft of all information contained on their tax returns including Social Security numbers, bank account numbers, and credit card numbers....Read Full Story Here:
http://www.insurancefortechs.com/massive-hacking-sc-department-revenue-database.html
SC Department of Revenue Hacking: A Second Look
Since SC Taxpayers’ information has been hacked by criminals, what can businesses do to protect themselves from hackers? While most organizations have network security with firewalls, firewalls may no longer be enough. It is easy enough for an experienced hacker to break through a firewall....Read Full Story Here:
http://www.insurancefortechs.com/sc-department-revenue-hacking.html
A Negative Customer Review Could Cost You Your House or Business!
We have all had at least one unsatisfactory experience with a company or contractor. When emotions are high and you have reached your boiling point it is hard to refrain from sticking-it-to-‘em with a negative review on sights like Yelp or Angie’s List.
Letting others know about your bad...Read Full Story Here:
http://www.insurancefortechs.com/negative-customer-review-cost-house-business.html
Top 4 Risks for Tech Companies
A recent survey produced by Travelers Insurance brought to light the top 4 risks technology CFOs need to address. The risks listed here are thought to be Red Zone Risks or risks that 48% of participants to the survey felt they needed to take action on immediately. Not surprisingly many of the...
Read Full Story Here:
http://www.insurancefortechs.com/top-4-risks-tech-companys.html
Are You Covered If Your Customers Info. Gets into The Wrong Hands?
If your company collects any type of personally identifiable information or personal health information such as;
* name * credit card...Read Full Story Here:
http://www.insurancefortechs.com/covered-customers-info-wrong-hands.html
Sunday, July 14, 2013
Is your Smart Phone a Financial Business Risk?
We are all using our smart phones more than ever these days. We virtually run our companies from them, play games with them and oh yeah make phone calls with them. With the versatility and conveniences of our smart phones it is no surprise that cyber criminals have found a way of exploiting...
Read Full Story Here:
http://www.insurancefortechs.com/smart-phone-financial-business-risk.html
Are You Covered If Your Customers Info. Gets into The Wrong Hands?
If your company collects any type of personally identifiable information or personal health information such as;
* name * credit card...Read Full Story Here:
http://www.insurancefortechs.com/covered-customers-info-wrong-hands.html
Insurance Policies Don’t Cover Employee Theft of Trade Secrets!
Every year U.S. Companies lose billions of dollars due to the loss of client lists, source codes, or the recipe for the company’s “secret formula”. Insurance does not cover the loss of intellectual property leaving businesses paying for the loss themselves.
Employee Theft
With the...Read Full Story Here:
http://www.insurancefortechs.com/insurance-policies-dont-cover-employee-theft-trade-secrets.html
60% Of Small Businesses Fail After Data Breach
Need any more incentive to purchase Cyber Risk insurance? Here are some eye opening statistics presented by the US House Small Business Subcommittee on Health and Technology:
75% of small businesses believe that they are safe from hackers.
20% of all cyber attacks hit businesses with fewer...Read Full Story Here:
http://www.insurancefortechs.com/60-small-businesses-fail-data-breach.html
Little Known Tips about Negotiating Cyber Risk Coverage
I recently came across an excellent article that provides insight on little-known tips that a business owner would want to know when negotiating Cyber Risk coverage. Very few insurance agents who specialize in business insurance have the necessary experience to advise clients on the proper...
Read Full Story Here:
http://www.insurancefortechs.com/tips-negotiating-cyber-risk-coverage.html
Bing Makes Its Name As The No 2 Search Engine
Source: insurancefortechs.com - Bing Makes Its Name As The No 2 Search Engine
Author: John M. Sadler, JD, CIC
With new Apple and Microsoft deals, Bing seeks to increase audience.
When it comes to search engines, Google is the indisputable champ. With a whopping 66.7% of all core searches, it would seem that everyone else is just playing for second.
Or are they?
Although it may surprise you, Bing is currently the No. 2 search engine, totaling 17.4% of core searches. That number is up from 15.4% a year ago. Yahoo meanwhile has seen a steady decline in the same period of time.
Now you may be wondering how Microsoft managed to steal 2% of Yahoo’s audience. The answer is multifaceted. While some of Yahoo’s attrition can be attributed to Bing’s ease of access and quality search results, two of the biggest reasons for the surge is due to the integration of Bing into Windows 8.1 desktop search and its use as the web search tool of choice for the Apple iPhone’s virtual assistant, Siri.
Siri “Bings it on”
Apple executives weren’t always set on bringing Bing into Siri, nor are they ready to anoint Bing as the next big thing in search engine technology. Google is still the default search engine for the Safari browser. Having been burned by the recent Apple Maps fiasco, Apple has been trying a different approach in regards to the easing in of new software and data applications. Siri in fact, features no branding. While this is a process that will not drastically alter core search habits overnight, it has created valuable inroads for Microsoft in an environment that does not just pull users away from Yahoo.
Windows 8.1 – Powered by Bing
In what could be considered a potentially bigger deal for Bing is the integration of the search engine into the Windows 8.1 module. Before, the desktop search tool was capable of only presenting the user with local apps and files; now, the results found on your hard drive are combined with all variety of web-based files. This system was developed so that over time a dynamic ranking can be applied to your search results in accordance to the prior number of clicks.
Learning what’s relevant through clicks and queries is important in strengthening the Bing platform. With the Microsoft and Apple deals increasing its exposure, Bing is poised to climb the search engine rankings.
Source – I Bing, you Bing? Time to take the No. 2 search engine seriously
Read Full Story: http://www.insurancefortechs.com/bing-2-search-engine.html
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