As the interest in cyber insurance products escalates, getting a clearer view of claims trends is critical. NetDiligence, a cyber risk assessment and data breach services company, recently published a comprehensive analysis of reported data breach and other cyber event losses. Titled, 2016 Cyber Claims Study, the report was sponsored by OneBeacon Technology among others. Topics include the types of data exposed, causes of loss, business sectors involved, sizes of affected organizations, insider involvement, and third-party involvement. New analyses include:
- Cloud involvement
- Cyber extortion/Ransomware
- Phishing and wire transfer fraud
- POS-related/common point of purchase/CPP investigations
Additionally, the costs associated with crisis and recovery services (e.g., forensics, notification, credit/ID monitoring, legal counsel and miscellaneous other), legal damages (defense and settlement), regulatory action (defense and settlement) and PCI fines are highlighted.
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How many warnings have you seen about clicking on unfamiliar links or confirming email addresses to be sure it’s a known and trusted source? Typically the goal is avoiding a computer virus, but you also need to be aware of digital pirates eager to seize computer files in exchange for a ransom fee. Sound far-fetched? Hardly; ransomware has been around since 1989 and has become more widespread in recent years. These digital pirates are becoming cleverer, making avoiding these intrusions an important defensive concern.
We’re pleased to share our most recent whitepaper titled “Minimizing the Impact of Ransomware” authored by VP & Senior InfoTech Product Manager Joe Budzyn. As you’ll read, Joe defines ransomware, how it typically appears and steps for mitigating such an attack.
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International privacy governance has been unsettled since last fall’s decision by a European Court invalidated the US-EU Safe Harbor program governing trans-Atlantic data transfers. The interim measure is a “Privacy Shield” program. If you have international exposures, being informed of this shifting international regulatory environment is important.
OneBeacon Technology Insurance is pleased to present a whitepaper authored by cybersecurity attorneys from Troutman Sanders LLC titled “US-EU Privacy Shield Program.” The report explains the program and its requirements, as well as the elements of the December 2015 decision to adopt the General Data Protection Regulation, which takes effect in 2018.