Resources & Insights

An undervalued benefit of working at an insurance company is that I get a free education on all the types of risks I can face as an individual or as part of an organization. This is a story of when it came in handy.

Unlike physical threats that prompt immediate action—like stopping, dropping and rolling if you catch on fire—cyber threats are often difficult to identify and understand. Cyber threats include dangers such as viruses erasing entire systems, intruders breaking into systems and altering files, intruders using your computer or device to attack others and intruders stealing confidential information. The spectrum of cyber risks is limitless; threats, some more serious and sophisticated than others, can have wide-ranging effects on the individual, community, organizational and national levels.

In 2012 LinkedIn was victim to a massive data breach which compromised user information for over 117 million accounts on the online networking site. Fast forward 4 years and the list of account information has surfaced on the online black market with the hacker asking for 5 bitcoins (approximately $2200 USD) for the full database of email addresses and encrypted passwords. Read more here. 

Why do you need Cyber Liability Insurance?

If your company stores data and information digitally, you should have a cyber risk management program that addresses prevention, disclosure, crisis management and insurance coverage in the event of a data breach. Good cyber risk management requires the planning and execution of all four of these components.

How clever is your password?  If it’s on the list below, your password is just as easily stolen as it is remembered. Protect yourself by making sure you’re not using one of the top 25 most commonly stolen passwords of 2015, as determined by IT security firm SplashData. 25

In recent years, cyber attacks have emerged as one of the most significant threats facing organizations of all sizes. The Internet and other network operations have created risks that were unheard of less than a decade ago. When cyber attacks (such as data breaches and hacks) occur, they can result in devastating damage, such as business disruptions, revenue loss, legal fees, and forensic analysis and customer or employee notifications. 

Recently the 2016 Allianz Risk Barometer  rated "Cyber Incidents" which includes cyber crime, data breaches and IT failures as the #2 risk, up from #4 in 2015. So why are so many business leaders concerned over the current state of data and in particular having a third party either steal or destroy their sensitive data?