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...
Read Full Story Here:
http://www.insurancefortechs.com/data-breaches-growing-rapidly-tech-companies-uninsured.html
Showing posts with label Cyber Liability. Show all posts
Showing posts with label Cyber Liability. Show all posts
Wednesday, July 17, 2013
Data Breaches Growing Rapidly: Tech Companies Uninsured
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
Tuesday, July 16, 2013
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
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
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
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
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: 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
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
Sunday, July 14, 2013
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
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