As the number of cyber attacks against businesses continues to grow, insurers that provide cyber liability and other cyber-related coverage have started intensifying their scrutiny of their clients' databases and operational security.
While companies scramble to protect themselves against cyber criminals and malicious attacks on their servers, there is a growing amount of business compromise crime that uses both technology and a human touch to extract funds from businesses.
Cybersecurity threats have continued growing, in fact they been ramping up during 2020, and the trend according to experts is that the risks will continue to grow at an exponential rate.
Information security is one the greatest challenges for companies allowing remote work during the COVID-19 outbreak. When an employee is at the office, their work is protected by safety standards that keep your company’s network and data secure. However, an employee working from home may not have the same safety measures in place to protect your organization’s devices and information.
According to recent estimates from the University of Maryland, there is a cyberattack every 39 seconds. Data breaches and cyberattacks are daily headlines—and employee benefits plans are no exception to that threat.
As the coronavirus continues to spread, more people are being asked to self-isolate and many employers are scrambling to put systems in place to allow their employees to telecommute.
Companies that are not set up for telecommuting arrangements have legitimate concerns about productivity, communications, and even the possibility of workers' comp claims stemming from home hazards that may not be typical in the workplace.
But there are steps you can take to make sure that you keep your employees engaged and on task.
In some instances, a commercial crime insurance policy may offer coverage for a loss due to a cyber-attack. The 11th U.S. Circuit Court of Appeals in Atlanta has ruled that an insurer must indemnify a policyholder that was scammed out of more than $1.7 million in a phishing incident under its commercial crime policy.
As attacks on businesses' networks continue at unprecedented levels, cyber risks have become the top concern among organizations of all sizes for the first time, according to a new survey.
The "Travelers Risk Index" found that 55% of executives surveyed said they worry "some" or "a great deal" about cyber risks. That's more than they worry about medical cost inflation (54%), employee benefit costs (53%), the ability to attract and retain talent (46%), and legal liability (44%).
The Federal Trade Commission (FTC) reports that over 13.1 million Americans are victims of identity theft each year. As a result, they are unable to use their credit cards, cannot obtain new loans and, in some cases, are subject to criminal investigations for crimes they did not commit. One of the fastest growing crimes in America, identity theft, can cost a victim a significant amount of time and money as they try to repair their good name and credit. As business increasingly moves towards e-commerce and away from face-to-face transactions, the risk of ID theft will only continue to grow.
Crime Insurance has been around for decades with a focus on protecting companies from employee and vendor theft, fraud and forgery.
By contrast, Cyber Insurance was created to protect companies from damages occurring from cybercrime. The first cyber policies covered such things as customer notification, credit monitoring and other related services, as well as third-party liability.
880 Locust Street, Suite 200
Dubuque, IA 52001
Phone: (563) 556-0272
An AssuredPartners Agency
In February 2020, The Friedman Group joined AssuredPartners, the 11th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.