Cyber Liability
Some of the largest brand names on the Internet have fallen victim to cyber attacks, which led to the personal information of millions of users being exposed. There are thousands of companies all over the world making online transactions every day. This means that the number of potential risks is steadily on the rise. You cannot rely on your company’s general liability insurance policy to be adequate to cover the damages if a data breach ever occurs within your system.
Most of the time, the commercial insurance policy that you have in place is not going to provide you with the correct amount of coverage for the many claims of liability that can arise when customer or employee data is lost, stolen or compromised. Even if you have taking the extra measures to include directors and officers insurance in your policy, it is not likely that you have sufficient coverage to pay the costs associated with a data breach.
The most unfortunate fact is that in the majority of cases, data breaches are not discovered until the damage has been done. When this occurs, it is too late to get in front of the ordeal and prevent significant financial loss and damage to your company’s reputation.
The only defense that you have is to let Frank Schirlo help you find a cyber liability insurance policy that will help you recover the damages. With the right type of policy in place before disaster strikes, you will be able to keep your business afloat while everything is sorted out and returned to normal.
Do You Need Cyber Liability Coverage?
It is obvious that the higher-profile companies that everyone recognizes are going to be at the greatest risk. The larger the brand name, the more the customers, the more damage that there is to be done....
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Finally, you have to rebuild the reputation of your company. You have to invest in a wide variety of advertising and marketing measure to get the word out that your company can be trusted. Such an attack will show the world that you are vulnerable and they will not be as willing to do business with you because they do not want their personal information on a system that has been previously attacked.
If you do not have a sufficient cyber liability policy to help you pay for all of these things, you could end up closing the doors of your establishment forever. Do not take such a giant risk by leaving your business open to such attacks without an insurance policy on which you can rely to be there for you when you need it. Get started right away by clicking on the quote request button now to get the valuable peace of mind that you deserve.
The background of the project is that Flayton Electronics faced an eminent problem when it is discovered that there might be a possible breach in their security and the privileged customer information has been compromised. A bank informed the firm that credit card information of the several customers had been leaked and there have been possible fraudulent transactions taken place. The CEO of the firm, Bret Flayton is faced with the challenge of making a tough decision and deciding what to do next. The firm is exposed to various risks and needs to develop a risk management plan in order to manage and mitigate the potential risks that threaten the firm.
In today’s world, we are all in some way connected to or involved with the Internet, it is really hard not to be. We all use different services that we feel either augment our daily lives or make them more pleasurable every day. We all take a sort of deceitful comfort in the basic inconspicuousness of the Internet. When we think about it, could it end up being the single biggest risk to our own safety? Most people don’t take the threat of cybercrimes as seriously because unfortunately they don’t realize just how life altering these threats are, until it’s too late. There are many types of cybercrime being committed daily that everybody needs to protect themselves from such as identity theft and fraud.
As electronic commerce, online business-to-business operations, and global connectivity have become vital components of a successful business strategy, enterprises have adopted security processes and practices to protect information assets. But if you look at today's computing environments, system security is a horrible game of numbers: there are currently over 9,223 publicly released vulnerabilities covering known security holes in a massive range of applications from popular Operating Systems through to obscure and relatively unknown web applications. [01] Over 300 new vulnerabilities are being discovered and released each month. Most companies work diligently to maintain an efficient, effective security policy, implementing the latest products and services to prevent fraud, vandalism, sabotage, and denial of service attacks. But the fact is you have to patch every hole of your system, but an attacker need find only one to get into your environment. Whilst many organisations subscribe to major vendor's security alerts, these are just the tip of the security iceberg and even these are often ignored. For example, the patch for the Code Red worm was available some weeks before the worm was released. [02]
Within the last decade, the internet has proven to be the most efficient way to complete tasks in today’s society. Every major business in today’s society relies on the internet to conduct business. Though the internet is a useful tool, our reliability on it opens up the door for cyber-attacks that can be detrimental to business as a whole. One example of a cyber-attacks that have recently started becoming more prevalent are DDoS attacks. Recently, DDoS attacks have been a rising issue for businesses owners who run their own servers, such as video game companies and other high profile web servers, including banks and other credit card payment gateways.
The ability to conduct warfare through technological methods has increased information security awareness and the need to protect an entity's infrastructure. Subsequently, cyber warfare produces increased risk to security practitioners that employ technology and other methods to mitigate risks to information and the various systems that hold or transmit data. A significant risk to information lies in the conduct of electronic commerce, hereinafter called e-commerce. E-commerce is the purchasing or selling of goods and/or services through the internet or other electronic means (Liu, Chen, Huang, & Yang, 2013). In this article, the researchers will discuss cyber warfare risks, present an evaluation of established security measures, identify potential victims of identity theft, and present an examination of the security of e-commerce companies....
In today’s society technology is used for everything. With the invention of computers and the internet this open doors to the cyber world. Today you can do almost anything without having to leave your home. The internet gives us the opportunity of shopping online, ordering food online, working from home and video chatting with friends and family across the world. Everyone has a computer and internet access in their homes. While the internet is really convenient it also opens doors for cybercrimes, loss of privacy and the need for computer security.
The 90's internet boom gave rise to new ways of writing in through access to cyberspace. What used to be printed or handwritten on physical surfaces such as paper, cardboard, or bulletin boards has changed to 0's and 1's, bits and bytes of digitized information that can be displayed thru the projections of computer screens. Moreover, the internet has made the process of publishing one's works, writing letters, or chatting with one another much easier and convenient for everyone around the globe. The internet became a universal tool, giving much freedom and flexibility to the users; it gave them opportunity to deliver their thoughts with little or no restrictions. Since it's impossible to regulate all cyber-activities, internet users are often unrestricted by the normal laws or authorities that would set boundaries around the various online transactions. More importantly, the fact that a net user can take on different identities in cyberspace brings about several ethical and social issues. These anonymous and unrestrictive characteristics of cyberspace often permite abusive users to easily involve themselves in serious cybercrimes such as cyberstalking, cyber-rape, and cyber-harassment through chatting services, emails, cyber communities, and other online communication.
Every day millions in some cases billions of dollars are made by businesses from income brought in by online sale of products and services. As businesses continually develop and expand their client base with online products and services so does the desire by criminals to exploit vulnerabilities in their e-commerce setup. The mass worldwide internet usage growth within the last 20 years has been “an approximate 16 million users in 1995 to an estimated 2,937 million in March of 2014” As the importance of e-commerce increases so does the need to protect the technological infrastructure that will carry out online transactions for each business regardless of its size. I will attempt to highlight and review the history of a few cyber crimes to show the progression of the crimes within the last 30-40 years. I also plan to review how the economy and consumers are impacted by cyber crimes. Finally I will make an effort to contribute with information gathering on how to lower the risk of a cyber attack from and individual user to a large scale business.
Different authors have reviewed the cyber terrorism from different angles. Most of them have focused on the aims and objectives which terrorist wants to accomplish through cyber warfare. Moreover they have stressed over the need to the measures taken to combat cyber-attacks by terrorists.
Cyber Security as an International Security Threat National and International Security is a sum of the actions taken by countries and other organizations that can guarantee the safety and well being of their population. It is vital for a nation to pre-emptively discover what issues could affect their security, and take action to prevent any detrimental or harmful events from happening. With the development of technology and the transition into a more technologically savvy society, cyber security has become one of the most prevalent and important economic and national security issues that the United States will come to face. United States President Barack Obama has identified cyber security as a key issue the nation will face. President Obama declared that the “cyber threat is one of the most serious economic and national security challenges we face as a nation” and that “America's economic prosperity in the 21st century will depend on cyber security (“Foreign Policy Cyber Security,” 2013).”
Cyber crime has become an important concern for not only the business firms, government, law enforcement agencies but also for the common people because these kinds of issues are related to the consumer’s day-to-day activity (Polivanyuk, 2005). Due to these types of crimes, consumer’s money, children, business organization’s integrity, consumer and company’s privacy, etc. are in danger.
Cyber security is the protection of networks, computers, programs and data from attack, damage or unauthorized access. This is important because a great number of our confidential information is on computers and transmit that data across networks to other computers. As of now cyber-attack is one of the transnational issues that we are concern about in the United States. If these private networks were hack our national security infrastructure will be in distress.
...ing the first half of 2007 has revealed that the study found the banking industry as soft target for phishing scams in India.
As per an exploration by Das and Nayak (2016), in 2015, independent ventures endured money related misfortunes averaging $93,000-$388,000 to cybercrime. Cybercrime is in this way viewed as one of the main sources to conclusion of independent companies because of the misfortunes brought about. Aside from that, organizations lose their benefits, for the most part hardware and frameworks, which are here and there focuses of digital assaults. The best case of this is the assault on mechanical control frameworks, which renders organizations and organizations out of operation. Das and Nayak (2016) shows that assaults on modern control frameworks are expanding and went up by 110% of every 2016, a sign that a risk is approaching. It is likewise disturbing when Das and Nayak (2016) report that in 2015, seventy five percent of private ventures detailed having encountered arrange security breaks. This is an expansion from the cases experienced in 2013 and 2014, a sign that cybercrime is turning into the most risky test to
...ng to many individuals who have suffered from hacking, phishing, scams, identity theft, fraud etc. Computer crime describes a very broad category of offenses, which include anything that requires an electronic device or the Internet. Cybercrime is now a global issue and it has a major impact on every individual or business that interacts with technology and the World Wide Web. When important information is stolen, not only are individuals at risk of becoming part of greater crimes but it can also affect an entire country when its national secrets are stolen. In the end I may conclude that computer crime is a dangerous crime that all individuals should be aware of due to the many devastating results it can cause. Cybercrime cannot be stopped due to the high levels it has reached, but immunity can be used to keep safe from it or at least keep individuals less at risk.