On average, a single cyber-security incident now costs large American businesses $861,000. Meanwhile, small and medium businesses (SMBs) in the US pay $86,500. In the 2016 survey released last week, Kaspersky Lab, for the first time, compared an organization’s security budget to losses incurred from serious incidents. And while businesses expect IT security budgets to […]
Another day, another security breach. They’ve almost become routine to many of us. This latest one actually happened in 2012, when LinkedIn, and later EHarmony, revealed that hackers had stolen the login info for about 6.5 million users. The new development is the revelation it actually affected over 100 million users. And now a hacker […]
For risk managers — indeed for most businesses — among the most disturbing words they can hear are “We’ve been hacked.” What was once something to fear for only large businesses is now an issue for the majority, according to a survey of business risk managers released May 17 by the Connecticut-based specialty insurer Hartford […]
An Orlando-based hotel chain is reporting that some of its guests’ credit card information may have been breached.Rosen Hotels & Resorts Inc. said on its website that malware was installed on its payment card network, and in some instances, it may have identified the name, credit card number, expiration date and verification code on the […]
Years ago, cyber risk was only seen as feasible in big budget action movies, but according to 2016’s Global Risk Report, North America’s largest risk is cyber risk. The future of insurance is now and we’ve outlined numerous articles and have posted a multitude of blog posts about the benefits and overall need for a […]
While most businesses have standard insurance to help ease their nerves, a majority of companies are extremely worried about a potential hacking or data breach with regards to their sensitive customer information. Unfortunately, standard insurance will not protect your business from cyber threats. In addition, when a data breach occurs it kicks off a series […]
In 2016, a majority of companies are very worried about a potential hacking or data breach with regards to their sensitive customer information. While most data breaches you hear about in the news are for bigger companies, according to research conducted by Trustwave, 90% of data breaches impact small businesses. More importantly, when a breach […]
Data stolen in a massive breach of the U.S. Office of Personnel Management has not shown up on the black market, a sign that a foreign government launched the attack, a researcher with U.S. cyber security firm FireEye Inc. said Monday. No credible reporting shows the data on over 21 million Americans was for sale, […]
All the news you hear about business security hacks comes from the big companies—remember the Target breach from late 2013 and the Home Depot hack a year later? So what does that mean about safety for a smaller business? Cyber crooks don’t really care about the size of the business. If there is money to […]
The Federal Insurance Office will continue to monitor the growth of the cyber insurance marketplace, according to a report issued Monday by FIO. The report cited estimates that the U.S. cyber insurance market is in excess of $2 billion. FIO said underwriters should continue to improve processes for cyber risks. Doing so would include pooling […]