Archive for the ‘Security’ Category
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12
Jan
2011
Unique Internet Business Insurance
Source: ImageShack
Running a business over the internet is unique in the different aspects of business. This includes the returns as well as the risks. There is a vulnerability in your security as well as your client’s security that comes with internet business. The vast reach causes more exposure to attacks against important database information. As the internet continues to change and grow, the insurance industry has evolved with it. Thus, having coverage helps manage that liability. E-commerce insurance related coverage can be covered in property insurance, and liability insurance.
Property Insurance
According to Insurance Information Institute, internet businesses can include two basic policies within the traditional property insurance. One policy is called Computer Operations Interruption coverage. This covers lost income and extra expenses as a result of computer problems. The other policy is called Electronic Data Loss coverage which includes the cost to replace or fix electronic data that is destroyed or damaged from computer viruses or other harmful codes.
Liability Insurance
Liability insurance is important to protect against the possibility and likelihood of system breach. There is a risk that private information will be stolen or compromised. Thus, an additional liability policy is Electronic Data Liability Endorsement.
It is important to select policies that fit your unique internet business, as there are different levels of insurance. An insurance broker can help you get coverage you need. Remember we are here to help you. Contact us today!
30
Dec
2010
New Year’s Revolutions for a Tech Company
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As 2011 fast approaches, a new year can mark the beginning for a new start. Now I have blogged about the risks of social media and increasing threats. Nevertheless, with these risks, we know the opportunities in the technology world are endless. According to Adrian Kingsley-Hughes, internationally published technology author, here are 5 tips to start the New Year off right:
- Keep your software updated! – This will help lower risk from hackers.
- Back up your data! – This is easy to do with an external hard drive or cloud storage.
- Change your important passwords! – Doing this a few times a year can also lower security risks.
- Clean the cobwebs out of your system, literally! – Dust and cobwebs can cause over heating.
- Encrypt important data! – Your data is valuable, so if you lose it you’re still protected.
We hope 2011 is a great year for you and your company! What is your New Year’s Revolution to make this year great? Also, if you any questions about your insurance policy, we’d be happy to go over it with you. Contact us!
17
Nov
2010
Hacker Coverage: Interview with Bryan Costello
As Internet crimes continue to increase, we ask you do you have “hacker coverage?” This is more formally known as Breach of Security coverage. Mark Evans from Vator News sits down with our CEO Bryan Costello to discuss it.
10
Jun
2010
Data Breach Insurance and Prevention
Security of private and or sensitive data is an increasing issue for most of our clients. With differing statutory laws and regulations, it’s important to consider your prevention methods and how your insurance program can help. This video offered by Insurance Journal features David Garrett, managing director of Stroz Friedberg’s San Francisco office, discussing risks of a data breach and how your insurance program could provide coverage.
2
Jun
2010
5 Ways to Stop a Cyber Hacker
1. Hacker: Often times a hacker is a personal friend that can guess your password.
Solution: The password you create should have multiple different characters, numbers, and symbols. Often times, people make their passwords too simple and they can be easily guessed.
2. Hacker: Hackers can click on the, “forgot password,” link on the login page. From there they will be asked a series of simple questions that YOU set the answer to. Usually, they know the answer because it is common knowledge about you.
Solution: Pick an extremely difficult security question. Almost anyone can find out your, “dog’s name.” Choose a question that only YOU know.
3. Hacker: Hackers who want to find out your username and password send out Phishing emails. These emails will ask you to login to your account in an illegitimate way.
Solution: Disregard “phishing emails.” They can often take credit card numbers, banking numbers, and social security numbers.
4. Hacker: Hackers can easily install spyware on your computer. Spyware is hidden software that records all of your keystrokes and screen shots. This is usually the result of downloading questionable files.
Solution: Avoid spyware by buying a good anti-spyware system. It will search your computer and destroy any spyware.
5. Hacker: A hacker has usually been a trusted friend that already knows your password because you told them.
Solution: Do not tell anyone your password! That is top secret information!
14
Apr
2010
Social Networking Extortion, The New Threat
Just like the rest of cyberspace, cyber extortion is taking some new turns into social networking. Just last week a man in Chino, CA was charged with extortion after he allededly threatened to send millions of emails and social networking messages that maligned a large life insurance company unless he was paid almost $200,000. It seems that through a series of emails and web postings, he allegedly warned employees, executives and a board member of the insurance ompany that their reputation would be ruined if his demands were not met. According to the prosecutors in the case, the defendant threatened to spam more than 6M people with links to a website that was highly critical of the various financial products offered by the insurance company. The defendant also allegedly described himself as a “huge social networker” who would use his contacts to send more than 200,000 people messages. It seems the defendants threats were due to his unhappiness related to the performance of his life insurance.
Cyber Liability and comprehensive Technology Errors & Omissions policies can include coverage for “cyber extortion” claims. This coverage is either included at the full policy limit or can be subject to a lessor sub-limit. We’ve not seen very many cyber extortion cases among our client base, however with the social networking world playing a bigger and bigger part of business reputation, we expect this type of case to be on the rise. Take a moment to consider how you might be at risk.
19
Mar
2010
HSBC Data Breach, Worse than Originally Reported
HSBC has revealed that a former employee stole the personal details of about 24 000 clients of its private bank in Switzerland in a major security breach three years ago, reports the Financial Times. HSBC said a data theft it uncovered last year was far more serious than it first thought. Initially the bank believed that fewer than 10 customers had been affected. Europe’s biggest bank revealed that Hervé Falciani, a former computer spec ialist who fled to France, had stolen the details from its Geneva private bank three years ago. The breach, which affected 15 per cent of HSBC’s total private client base, will come as a serious blow to the reputation of the bank. They have since spent in excess of $93M on security and software upgrades to their system.
We are hearing of more and more high profile security breaches in the news. There was a report that came out a couple weeks back indicating the cost for notification and investigation of a breach is $250 per person. It’s important to stop and think about who has access to your business data, how they have access to it, and what are the possibilities? Laptops stolen out of a cars and disgruntled employees wanting to take revenge are the most likely scenarios we discuss with our clients. We constantly stress the importance of having Network Security coverage as part of your Technology Errors & Omissions policy. Theft of data is taken very seriously by the date and federal government. A solid network infrastructure protecting data could keep your business from high dollar notification costs, reputation damage and lost revenue.
22
Jan
2010
Passwords No Longer Enough Protection
Security measures such as the use of one-time passwords and phone-based user authentication – considered among the most robust forms of IT defences – are no longer enough to protect online banking systems against fraud. PC World notes that according to a Gartner Inc report, cybercriminals are using increasingly sophisticated tactics to outmanoeuvre security systems so they can steal customers’ log-in credentials and pillage their bank accounts. Gartner analyst Avivah Litan says Trojan horse programs lurking inside a customer’s Web browser can steal one-time passwords and immediately transfer funds, or intercept a transaction between a bank and a customer and make changes unbeknownst to the user or the bank.
Full PC World report
