The Unknowns of IT

Posted by Jon Edwards on Jul 17, 2020 12:31:00 PM

 

Most CEOs or CFOs are probably not Cyber Security experts, but are entrusted to ensure the company runs efficiently and profitably. In today’s business IOT world, having a safe and secure network is a large part of keeping the business operational. This includes ensuring that all cyber related risks are minimized as much as the budget will allow. Cyber related issues that threaten the company’s income are scary for sure, but perhaps the most frightening aspect of keeping your network and data secure are the “unknowns” of IT.

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Topics: Cyber Insurance, Cyber Security, Enterprise Risk Management, Total Cost of Risk (TCoR), risk management consultant

Will Homeowner’s Insurance Cover a Cyber Attack on Your Personal Information?

Posted by The ALS Group on Jun 8, 2020 1:17:32 PM

These days, with most of us stuck at home and doing the majority of shopping and banking online, the risk of cyber criminals hacking into our networks to get to our bank accounts and/or personal information is greater than ever. While we have made considerable advances in cyber-security, so have the cyber criminals which is one of the reasons we are starting to see insurance policies that protect personal information in the event of a breach.

The market for this type of insurance is still new, but it can be quite inexpensive to add cyber protection to homeowner’s policy if the insurer who wrote the policy provides it. 

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Topics: Cyber Insurance, Cyber Risk Mitigation, fraud, homeowner's insurance

Cyber Risk Preparedness

Posted by The ALS Group on Jul 16, 2019 9:49:55 AM

Given the widespread awareness of Cyber Risk and the increasing trend for companies to consider insurance around this exposure, a company’s preparedness for a Cyber risk related event should be a part of their risk management plan.  Unfortunately, for most organizations, this part of the plan has not been matured. That’s a mistake…

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Topics: Crisis Risk Management, Cyber Breach, Cyber Insurance, Cyber Risk, cyber attacks

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

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
  • Construction Management
  • Customized Risk Management Assessments (RMAs)

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