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Cybersecurity: The risks are growing

Archive for the ‘News’ Category

Cybersecurity: The risks are growing

Monday, October 8th, 2018

Cybersecurity risks are growing, both in their prevalence and in their disruptive potential. Attacks against businesses have almost doubled in five years, and incidents that would once have been considered extraordinary are becoming more and more commonplace.

The financial impact of cybersecurity breaches is rising, and some of the largest costs in 2017 related to ransomware attacks, which accounted for 64 percent of all malicious emails. Notable examples included the WannaCry attack, which affected 300,000 computers across 150 countries, and NotPetya, which caused quarterly losses of $300 million for a number of affected businesses.

Another growing trend is the use of cyberattacks to target critical infrastructure and strategic industrial sectors, raising fears that, in a worst-case scenario, attackers could trigger a breakdown in the systems that keep societies functioning.

Excerpt from the Global Risks Report 2018.

Finding coverage that matches your business size

Monday, October 8th, 2018

The types and amount of insurance that you need for your small business are based on several factors

The European General Data Protection Regulation (GDPR) Could Affect You

Tuesday, June 5th, 2018

The European Union (EU) recently enacted privacy regulations that impact any company doing business with European clients. The European General Data Protection Regulation (GDPR) affects any organization that collects data on even one European citizen. Companies should review their insurance program to ensure that data leaks are covered.

GDPR will affect companies located in the European Union (EU) and any businesses that have operations and customers there as well. Yet any company that processes or stores data related to at least one citizen of the EU could be faced with the potential of noncompliance. Many experts say that further regulations specific to the U.S. could be on the horizon.

Read the rest here »

Using Insurance to Transfer Risk

Tuesday, August 19th, 2014

Network Security

Information network and data security are expensive and rapidly growing exposures leading to millions of lost dollars, even when business firms have the proper IT security controls in place. Lost laptops, inadvertent emails, physical files containing personal identity information being thrown in dumpsters are examples of exposures that can happen to any firm large or small.

If you manage a company that uses a computer data base or the internet for business activities you may want to ask yourself the following questions:

  • If any of the services that you provide should fail/not meet expectations could your customer sue you for damages or loss of revenue?
  • Does your product or service interact or house any information that could be deemed private or sensitive?
  • Do you help develop content for any of your customers?
  • Do your products or services allow for interaction between users on-line?
  • Do you have employees that travel outside the U.S. for business?

If you answered yes to one or more of these questions you may have financial exposures for which you may not have allocated the necessary financial resources to, in the event of a data breach or a failure of your technology product or service.

At SciTech Insurance we can help you manage these unique exposures by providing your firm with the proper insurance solutions as a means of risk transfer that will be there when you need it.

Contact us today for a no-obligation business coverage gap analysis!

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