MrInsurability May 25, 2017 No Comments

Securing Your Computer

securing your computerOne of the ways to keep your data breach insurance costs down is by securing your computer to avoid claims. You may ask how this is done and the answer is really quite easy. The top proven technique to block hackers from attacking is to make better passwords.

Your password is the doorway to your computer and your valuables inside. Doors can be cheap and weak or extremely strong. It’s all up to you to make it the way you want it. Read more

MrInsurability May 17, 2017 No Comments

10 Considerations When Buying Data Breach Insurance

10 Considerations When Buying Data Breach InsuranceWe have been talking quite a lot lately about data breach insurance. Since there is more than one type of computer attack, we can also use the term cyber insurance. It’s obvious that every business needs this coverage, but like any purchase, there are questions and concerns. So, let’s look at the 10 Considerations When Buying Data Breach Insurance.

As one might expect, interest in this coverage increases with every report of a major computer breach.

Aside from the increasing number of reported breaches, regulatory pressures from the government are driving the need for coverage. In the USA, the Securities and Exchange Commission requires publicly traded companies to disclose their cyber risks. They must also provide proof of any insurance coverage they have. Read more

MrInsurability May 15, 2017 No Comments

The Need for Data Breach Insurance

The Need for Data Breach InsuranceToday I’d like to look at one example of the need for data breach insurance. Although this event took place outside the USA, it shows what can happen when insurance coverage is not available.

Yapizon, a South Korean bitcoin exchange firm, was hacked and the result was a $5 million loss to its users. That amount added up to about 37% of the bitcoin exchange’s total user funds, according to Yapizon’s legal team.

Can you guess how the company decided to handle this disaster? Read more

MrInsurability May 11, 2017 No Comments

Loss of Attraction and Active Shooter Insurance

Loss of Attraction and Active Shooter InsuranceToday is the second part of our last post. This part we’ll call Loss of Attraction and Active Shooter Insurance coverage.

As we saw last time a business has some recourse if their insurance includes terrorism coverage. The problem is that most don’t. Now, we can add to that another event that has become too frequent in the U.S., an active shooting. This too has created the need for a new kind of business coverage, active shooter insurance.

We have discussed this on a few posts in the past, but today we’ll take a different approach to it. That approach is that an active shooting can also be a terrorist attack! Read more

MrInsurability April 20, 2017 No Comments

Ransomware – It’s Everyone’s Problem Now

ransomwareA new and devastating virus is affecting computer owners and users of all sizes, shapes and descriptions. It is called Ransomware.

This is a type of malware that infects computer systems, restricting the users’ access to the infected systems. It typically attempts to extort money it’s from victims by displaying an on-screen alert.

This alert will usually say that the user’s system has been locked or that the user’s files have been encrypted. Users are told that unless a ransom (fee) is paid, access will not be restored. Read more

MrInsurability April 14, 2017 No Comments

Security Risks Keep Changing

Security Risks Keep ChangingSecurity Risks Keep Changing. Information Security Risks, Data Breaches and Identity Fraud are not disappearing trends. As a matter of fact these types of attacks are becoming more frequent and more complex in nature.

New legislation and ever-changing contractual requirements, has added to the complexity of managing cyber-threats for the business owner. Read more

MrInsurability April 13, 2017 No Comments

Assessing Your Company’s Security Needs

Assessing Your Company's Security NeedsToday let’s start by looking at how you go about assessing your company’s security needs.

In deciding where to begin, first ask whose information do you store or have stored?

The answer will most likely be one or more of the following:

  • Customers
  • Employees
  • Other businesses
  • Other individuals

Read more

MrInsurability April 7, 2017 No Comments

Data Breach Recovery Costs

data breach recovery costsToday, let’s take a look at data breach recovery costs and some typical types of coverage.

The first thing to consider is that the majority of states have data breach notice laws. These require that notification be made to individuals, if their nonpublic personally identifiable information has been exposed.

These laws also apply in cases of personal health information being compromised.

Data breach recovery costs can be expensive. Depending upon the number of impacted individuals and compromised records, this could be the most expensive portion of your recovery! Read more