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"Cyber Insurance"
U.S. bank regulators on Wednesday outlined cyber security standards meant to protect financial markets and consumers from online attacks against the nation’s leading financial firms.
Leading banks will be expected to use the most sophisticated anti-hacking tools on the market and to be able to recover from any attack within two hours, said officials briefing reporters on the plan. Continue reading
The cost of a typical cyber breach to an American company is much less than has been generally estimated, providing one possible explanation for why companies do not invest more to improve computer security, according to a new RAND Corp. study.
The typical cost of a breach is about $200,000 and most cyber events cost companies less than 0.4 percent of their annual revenues, the study found. The $200,000 cost is roughly equivalent to a typical company’s annual information security budget. Continue reading
Now that the yearly task of filing personal taxes has passed, this is an opportunity to discuss another type of filing for businesses that occurs every year – the workers’ compensation and general liability audits. In comparison, insurance audits and filing taxes are similar in that both are mandatory, annually. The workers’ compensation and general liability audits are conducted at the end of each policy period to verify that the premium is correct for the exposure during the policy period. In the event there is a claim, the claim might be denied because the premium exposure for the policy term within the policy period where the claim occurred was underinsured. Continue reading
The insurance industry is on the horns of a dilemma: how to use new technologies to improve their operations and how to insure the risks these new technologies present to their customers.
The pace of technology is changing at faster rates than ever before and continues unabated despite the associated risks. New technology startups constantly enter the field, using technologies that impact multiple industries and user groups. Additionally, new technologies are developed virtually every day and are released almost immediately. Continue reading
Risk managers are exploring quantification techniques to better understand their cyber risk exposures and how much cyber insurance to buy, as well as other risk mitigation techniques. Continue reading
A service provider that issues ID cards for many health care providers says it discovered on July 6 that a server containing member information was accessed beginning May 21.
Albany, New York-based Newkirk Products Inc., said in its statement Friday, however, that no health plan’s systems were accessed or affected in any way, and there is no evidence to date that the data accessed has been used inappropriately. Continue reading
As if texting and e-mail weren’t enough to capture people’s attention as they are walking or driving, now Pokémon Go is creating yet another reason to take your eyes off the road or not watch where you’re walking in the airport, at the mall or on the street.
It’s only been available for a week in the United States, but Pokémon Go has become the latest technology craze to mesmerize gamers of all ages.
Continue reading
Visa and MasterCard are using security measures prone to fraud, putting retailers and customers at risk of thieves, The Home Depot Inc. says in a new federal lawsuit.
It’s the latest giant retailer to raise the security concerns, with a lawsuit filed this week in U.S. District Court in Atlanta. Last month, Arkansas-based Wal-Mart Stores Inc. sued Visa Inc. over similar issues. Continue reading
