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...

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http://www.insurancefortechs.com/insider-jobs-account-for-most-cyber-theft-losses.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

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...

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http://www.insurancefortechs.com/electronic-fraud-overtakes-traditional-theft-losses.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...

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http://www.insurancefortechs.com/funds-transfer-and-computer-fraud-crime-insurance-coverages-needed.html

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...

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http://www.insurancefortechs.com/small-companies-prime-target-for-ach-fraud.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...

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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,...

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http://www.insurancefortechs.com/recession-increases-need-for-crime-insurance-for-small-businesses.html