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

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...

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http://www.insurancefortechs.com/ma-deadline-extended-for-businesses-to-encrypt-data.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...

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http://www.insurancefortechs.com/data-breach-numbers-rise.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...

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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,...

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http://www.insurancefortechs.com/social-media-risks-to-businesses.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...

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http://www.insurancefortechs.com/recent-security-and-privacy-claims-paid-by-chartis.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...

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http://www.insurancefortechs.com/cyber-liability-claims-not-covered-under-most-general-liability-policies.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...

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http://www.insurancefortechs.com/are-your-laptops-secure.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