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.
Issa utilizes statistics to suggest ideas. He says, “The Office of Personnel Management’s security breach resulted in the theft of 22 million Americans’ information, including fingerprints, Social Security numbers, addresses, employment history, and financial records” (Issa). Issa also adds that, “The Internal Revenue Service’s hack left as many as 334,000 taxpayers accounts compromised‑though just this week, the IRS revised that number to o...
I would recommend to take a process to examine what truly occurred during the attack. By examine this attack, it will explain the accountability that are necessary to be secured to protect it from resulting in the future. It is very important for iPemier to have risk management. First concern for iPremier is to have disaster recovery plan in place. They must safely store and document emergency procedures. A disaster recovery plan help manage matter more accurately. I would recommend to formulate emergency procedures and properly formulate security managing plan for protecting the company in the future. After attack they must engage with everyone who are involve in company to develop plan. iPremier will need to change QData service provider
I found three different e-commerce companies that have recently encountered a consumer privacy data breach. Target one of the most well-known breaches affected almost 40 million people, Evernote Corp. an online note-taking service, and LivingSocial a company which offers gift certificates for customers to use in different cities around the globe. In this paper I will be discussing what happened and how each company handled the different situations that they encountered.
American Massive Business Hack: This is considered to be one of the largest hacking ever in which hackers stole 160 million credit and debit card numbers and targeted 800,000 (Beekman). This massive attack which happened over eight years ago hit lot of companies including NASDAQ. Some of these companies include 7-eleven, J C Penny, Hannaford, Hartland, Jet Blue, Dow Jones, Euronet, Visa Jordan, Ingenicard etc. Over seven years, five Russian and Ukrainian used sophisticated hacking techniques to compromise millions of credit card numbers and bank details. This isolated and unexpected operation spanned across the world and resulted in at least $300 million dollar in losses to organizations as well as individuals. The cyber attacks occurred between 2005 and 2012, and many of them were carried out in 2008 and...
Cyber-attacks cost the healthcare industry 5.6 billion dollars a year (Grealish, 2016). One of the largest attacks resulted in 80 million current and former Anthem Health Insurance customers’ records being accessed (Wallace, 2016). Cyberattacks come in many forms, data breaches, ransomware (a form of malware), online scams, etc. (Savage, 2016, p. 23). One case of ransomware (a takeover of a computer system until a ransom is paid) occurred when Hollywood Presbyterian Medical Center’s computer systems were held “hostage” for ten days, causing mass confusing throughout the hospital, and frustrating staff and patients (Savage, 2016, 23). Some patients were even sent to the other hospitals (Savage, 2016 p. 23). In order to regain control of their computer systems a ransom of $17,000 was paid to the attackers (Savage, 2016, p. 23). Scammers, however, cost healthcare providers and Medicare millions by billing them for fraudulent health services. Patient’s identities are also used to gain access to consultations and prescriptions drugs (Gealish, 2016). Events and practices like these demonstrate how disastrous cyberattacks are to the healthcare
Coca-Cola Security Breach Put Personal Information Of 74,000 Employees at risk. Failure here appears to be processes surrounding disposal of old equipment without doing any encryption causing data to be breached. Also some times, a criminal can act as an employee
The data breach at Target had a massive impact on cyber security. According to Lauren Abdel-Razzaq, we live in a world where consumers don’t even think twice about paying with a credit or debit card or buying items online or with mobile devices (2014). However, data breaches have become a major threat and continue to impact companies all over the world. Companies should take information security as seriously as possible. We don’t live in a perfect world. Anything can happen at any time, even if a company has the most sophisticated security system in place. It is how a company reacts to a data breach that will make or break them.
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.
Companies that connect to the internet share common risks; they are vulnerable to attack by cyber criminals and they risk losing data as possible result of the attack. Data breaches, whether intentional or unintentional, continue to rise. Nevertheless, a data loss constitutes issues not only for our clients, but significant issues for Allegiant Health, which includes legal ramifications, loss of public trust, etc. In the healthcare industry, data breaches have a global impact for as threats can come from all over the globe. For example, Community Health Systems, Inc. (Ragan, 2014) experienced a data breach in 2014. During this breach, Chinese cyber criminals stole an estimated 4.5 million patients’ information, which included names, addresses,
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]
Insurance experts considered the risk of cyber liability losses will exceed the risk of fraud or theft. In this unrestrained environment, the company can take few steps to limit risks by purchasing cyber liability insurance. Cyber Liability insurance is insurance coverage that is deliberate to provide protection against data breaches, network security, intellectual property, privacy issues, error and omissions as well as other internet or technology related problems. Cyber liability insurance also cover data breaches related to the physical loss of laptops and other computer equipment when they are stolen by employees or people outside of the corporation. A breach is well-defined as an event in which either an individual’s name, social security number, driver license number, and a financial record card is possibly laid at risk in form of electronic or paper
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.
Have you ever been a victim of Cybercrime? In today’s society, you can be a victim of cyber crime at any time of day because everything is based off of technology. Our society is all about fast pace and advancement of technology. People entire lives revolve around technology, which we use every day to get things done. Computer systems practically run much of the world today from security systems to the computer systems that run most businesses technology is taking control of the world. In this age of technology cybercrime becomes an increasingly more concerning issue. The world’s growing dependency on technology also leads to the world’s vulnerability. Steps are in place to protect against and prevent
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.
Cyber threats have evolved and grown in nature, and complexity, in recent decades; and the intensity increases with each passing day. With advances in technology growing by leaps and bounds, cyber laws become even more important due to ethical and Biblical principles, and the very real threat to mankind.