Cyber Risk Underwriters

Jeffrey Smith

Security Guru Adrian Sanabria on Equifax Breach: “Should We Be Surprised?”

Just the facts Equifax announced yesterday, September 7, 2017, that it experienced a cybersecurity incident. Equifax is one of the “big three” US credit bureaus, along with Experian and TransUnion. They lost data belonging to 143 million Americans, which sounds like a lot, because it is. That’s 57% of the adult US population. Additionally, the company says payment information …

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Do you know what your clients spend on cybersecurity?

As indicated by the graph, cyber security is a growing concern yet cyber insurance is not perceived as a key part of the enterprise cyber risk management strategy.  No wonder the sales cycle to close a cyber insurance deal is over 12 months! Know your client’s and prospect’s total investment in cybersecurity tools.  What products …

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About that retro-date..it took 14 years for this Massachusetts hospital to detect a data breach

“It took a Massachusetts hospital 14 years to detect a data breach. To make matters worse, even after all that time – it wasn’t the medical center itself that discovered the incident.” “As the state-run institution explains in a statement: “In April of this year, a former patient expressed concern that someone may have accessed their …

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More than four out of five hackers blame humans for security breaches

The number one reason your SME clients don’t buy cyber insurance is they don’t understand the exposure.  However, the most prevalent breach risk is also the easiest to understand. More than 85% of Black Hat survey participants named humans as most responsible for security breaches. Unpatched software (10%) and insufficient security technology (5%) were far …

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CISO’s Must Play A Leading Role in Securing Cyber Insurance Cover

Only 29% of US companies purchase cyber insurance.  CFO’s, CEO’s and many retail insurance agents advise* that they don’t understand exposures, are confused by application process, and don’t understand the coverage. “A CISO unaware that his own company had acquired an insurance policy to hedge against the cyber attacks he was hired to prevent sounds …

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Women’s Health Care Group Notifies 300,000 About Ransomware Attack

Underscoring the importance of a cyber insurance for middle market healthcare providers, this is one of a growing number of reported breaches we are seeing in this space.  Many providers rely on sub-limited (often as low as $50,000) cyber cover as part of their medical malpractice insurance policy.  Postage alone will dwarf this level of …

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Healthcare is Ransomware’s #1 Target…..

Did you know that healthcare now holds the number one spot for most cyber attacked industry?  According to the 2016 IBM X-Force Cyber Security Intelligence Index, it does.  In 2015, Financial Services held the number one spot and healthcare was not even in the top six! Hackers have identified healthcare as their most lucrative hacking …

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Huntington Beach California Restaurant Customers “Skimmed” for $500,000 By Local Gang

Restaurants face fines, penalties, legal action and reputational damage costs.  Restaurant owners large and small currently hesitant to purchase cyber security insurance need to reconsider their decision.  According to an FBI release dated May 23, 2017, thirteen street gang members were arrested in a bank fraud scheme involving “skimmed” credit cards. The credit cards were skimmed …

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Plastic Surgeon’s Nightmare: Over 25,000 hacked naked photos published on dark web…

A hacking group known as Tsar Team broke into servers of Latvian clinic “Grozio Chirurgija stealing private photos and personal information of clients. Hackers told victims to pay over $2500 to prevent release of before and after nude images, passport copies, social security numbers and other personal health information. The clinic will undoubtedly face reputational …

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Global “WannaCry” cyber attack stopped for $10.69…and a little luck.

As most know by now, a massive ransomware attack hit over 100,000 computers in over 70 countries on May 12. Among the victims were 48 NHS hospitals in the UK. The WannaCry malware locked users out of system files and threatened deletion unless a ransom (paid in Bitcoin currency) payment was received before allotted time …

Global “WannaCry” cyber attack stopped for $10.69…and a little luck. Read More »