Newark, NJ City Computers Struck By Ransomware Attack

Posted by Jon Edwards on Apr 25, 2017 2:06:29 PM

 

Multiple sources reported yesterday that hackers encrypted files on computers belonging to the city of Newark and have demanded $30,000 worth of Bitcoin to restore them.

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Topics: Cyber Breach, Cyber Insurance, Cyber Security, Ransomware, cyber attacks

Customer Identity Theft: Implications & Prevention Measures

Posted by Albert Sica on Apr 11, 2017 4:05:17 PM

 

Identity theft is the fastest growing crime in the United States. Each year, more than 15 million Americans fall victim. It’s also the number one consumer complaint received by the Federal Trade Commission.

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Topics: Cyber Insurance, Cyber Risk, Cyber Risk Mitigation

4 Ways to Evaluate and Mitigate Your Company's Cyber Risk

Posted by Jon Edwards on Mar 28, 2017 9:53:44 AM

Globalization and dependence on the internet for data storage over the past decade has exposed companies to a whole new set of risks. As this trend continues, so too does the risk associated with breaches of domestic or international servers. Massive data breaches happen with alarming frequency. In the past few years, there have been several high profile attacks

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Topics: Cyber Breach, Cyber Insurance, Cyber Liability, Cyber Risk, Cyber Risk Mitigation, cyber attacks

6 Cyber Attacks that Caused Property Damage

Posted by Jon Edwards on Mar 14, 2017 12:33:22 PM

You’ve heard of cyber attacks causing customer data breaches, business interruptions, reputation management issues, and public relations nightmares – but what about physical damage?

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Topics: Cyber Insurance, Cyber Risk, cyber attacks

3 Things Small Firms Should Do Before Shopping for Cyber Insurance

Posted by Jon Edwards on Mar 7, 2017 9:47:44 AM

 

Cyber risk continues to evolve at a breakneck pace.

Insurers are working to keep up by customizing policies and endorsements based on the size and business model of the insured. At last week’s third annual International Cyber Risk Management Conference, Matthew Davies, Assistant Vice President of Chubb Insurance Company of Canada, outlined a few key points on what cyber security practices a small organization to already have in place when looking to procure cyber insurance.

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Topics: Cyber Insurance, Cyber Liability, Cyber Risk, Cyber Risk Mitigation, Cyber Security

How to Respond to a Cyber Attack: 7 Crucial Steps

Posted by Jon Edwards on Feb 28, 2017 4:29:04 PM

 

In 2015 The Internet Crime Complaint Center received 288,012 complaints of cyber attacks totaling more than $1.07 billion in reported losses. Those numbers are based only on incidents that were reported to the FBI. When we talk about cyber risk, data theft, and the threat of Ransomware, we usually focus on prevention strategies. But being prepared to respond quickly and efficiently when an event does occur is just as important to operations recovery, cost reduction, and reputation management.

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Topics: Cyber Breach, Cyber Insurance, Cyber Liability, Cyber Risk, Cyber Security, cyber attacks

Four Ways to Protect Your Employees’ W-2 Information from Cyber Thieves

Posted by Jon Edwards on Feb 7, 2017 4:17:25 PM

Most companies today opt to distribute their employees’ W-2 tax forms electronically; either through email or some type of download service. Because these forms contain a good deal of Personally Identifiable Information (“PII”), such as name, address, social security number and salary information – cyber thieves are using several simple, yet, tried-and-true methods to fraudulently obtain them.

 

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Topics: Breach of Security, Cyber Breach, Cyber Insurance, Cyber Liability, Cyber Risk, Cyber Security, Data Breach, Ransomware, Risk management, Risk Management Blog

Reviewing Cyber Breach Insurance Coverage | First-Party Costs

Posted by Jon Edwards on Jan 31, 2017 6:02:18 PM

Organizations today must regard cyber breaches not as a possibility, but as an inevitable fact of life. In this environment, it’s crucial to have a cyber liability insurance policy that adequately covers the potential loss and offers payment or reimbursement for response costs. Understanding what’s covered by the policy well before a breach occurs and building that knowledge into your company’s incident response plan is critical.

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Topics: Breach of Security, Cyber Breach, Cyber Insurance, Cyber Liability, Cyber Risk, Cyber Security, Data Breach, Risk Management Blog

2017’s Latest Cyber Security Threat: The Ransomware Bluff

Posted by Jon Edwards on Jan 24, 2017 6:14:09 PM

2016 was a big year for ransomware. It saw a massive increase in ransomware events and payouts to criminals, which, most experts say, only exacerbates the issue.

 

A 2015 report by the Herjavec Group (an Information Security company) noted that the total cost of ransomware reached $1 billion in 2016. With new “strains” of ransomware spreading worldwide (such as the Russian “spora”), we should all be on high alert for this business-impacting cyber threat.

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Topics: Breach of Security, Cyber Breach, Cyber Insurance, Cyber Liability, Cyber Risk, Cyber Security, Data Breach, Ransomware, Risk Management Blog

Election Day | Cyber Concern Runs High

Posted by Jon Edwards on Nov 8, 2016 1:41:30 PM

As the world focuses on the outcome of the contentious Presidential race between Trump and Clinton, the US government is on high alert for potential Election Day cyber attacks.  The current global cyber climate, this summer’s Russian hack of the Democratic National Committee, and a recent string of Distributed Denial of Service (DDoS) attacks have intelligence officials highly concerned that cyber event(s) could seriously infringe on today’s election process.

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Topics: Breach of Security, Cyber Breach, Cyber Insurance, Cyber Risk, Cyber Security, Data Breach, Election Day Cyber Alert, Election Day Cyber Attack, High Alert Election Day Cyber Attack, Risk Management Blog

The ALS Group

Risk Management Blog

We manage more than a quarter billion dollars of premiums for a diverse range of clients around the globe. 

Our areas of expertise include:

  • Enterprise Risk Management (ERM)
  • Cyber Security & Cyber Liability Insurance
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