Cyber Risk Transfer: Can you transfer your cyber / privacy risk contractually?

cyber risk transfer

With the advent of more frequent privacy breaches, sophisticated companies are trying to push risk contractually to their vendors and even their clients. Reading a cloud hosting contract or other cloud software platform agreement, this cyber risk transfer trend is evident. Questions about cyber risk transfer which need answers – 1 – Can organizations obtain additional […]

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The Promise of Insurtech

insurtech kevin mcpoyle

Disruptive technology is poised to shake up our industry. Following tectonic plate shifts in publishing, finance, investing, telecommunications, recorded music, information technology, retail, and even ride hailing services, insurance has been added to the queue. Disruption can be unsettling. While a brave few welcome new challenges and ways of doing things, the great many prefer […]

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Vulnerable to Cyber Attacks? Get Technology Insurance Coverage

In 2015, “company outsiders” perpetrated 40% of cyber attacks while “company insiders” perpetrated 60% of these attacks, according to a report published by IBM. IBM defined an insider as anyone possessing either physical or remote access to a company’s digital assets. Although this will typically be an employee, it can also include business partners or […]

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Cyber Risk Ahead. Wi-Fi Warning

Wi-Fi hot spots can leave you, your colleagues your staff and your hard won information wide open to hackers. Once they penetrate your server, all of your information is vulnerable, making you liable for any damages a 3rd party may bring in a breach allegation. This makes transferring risk through cyber insurance a critical component […]

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Get up to 20% off your cyber insurance premium

Slightly more than 50% of risk managers now purchase stand-alone cyber insurance policies, according to a survey by the Risk & Insurance Management Society. 74% of those without cyber coverage are considering obtaining it within the next 12-24 months. Respondents reported the top three first-party cyber exposures: Reputational harm Business interruption Data breach response and […]

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Beware The Dyre Wolf. Cyber Criminals

Cell Phone Risk

With recent worry about coyotes roaming New York City and New Jersey streets, a wolf problem has gone pretty much unnoticed. According to Reuters, IBM has uncovered a sophisticated fraud scheme dubbed “The Dyre Wolf” and run by a well-funded Eastern European gang of cyber criminals that uses a combination of phishing, malware and phone […]

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15,435 internet vulnerabilities identified in 2014 – No April Fool’s Joke Here!

Internet vulnerabilities

According to IT security solutions provider Secunia, a total of 15,435 vulnerabilities were identified in 2014 in 3,870 applications from 500 vendors. This represents an 18% increase compared to the previous year, and a 55% increase over five years. Of the total number of flaws detected last year, 11% were rated “highly critical.” 18 products […]

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Choosing the right carrier for network security and privacy liability

  As targeted network attacks continue to rise and governmental agencies increasingly regulate the privacy and data security environment, an increasing number of organizations are transferring their risk to insurance products. In many cases, organizations find they have little choice. It has become common for written contracts to require service providers to obtain coverage for […]

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Risks Ahead. Texting while driving creates a crash risk 23 times worse

Auto Accident About to Happen

The Virginia Tech Transportation Institute found that text messaging creates a crash risk 23 times worse than driving while not distracted. Yet, in an online survey of drivers in Erie, Pennsylvania, 30% of the respondents admitted to texting while driving. 75% reported observing others doing it. Following are other forms of distracted driving respondents reported […]

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