cyber security
April 25, 2024
Email Is Where Most Cyber Insurance Claims Originate
This past year saw cyber insurance claims frequency up 13% year-on-year and claims severity increased 10%, according to Coalition’s 2024 Cyber Claims Report. Funds transfer frauds (FTF) and business email compromises each accounted for 28% of cyber insurance claims in 2023, according to Coalition, Inc. Ransomware accounted for 19% of claims, while other events such as...
April 18, 2024
5 Cyberthreats to Watch in 2024
Cybersecurity is paramount to preserving the financial integrity and consumer trust of insurance companies and the businesses and personal finances of policyholders. The 2024 Cybersecurity Benchmarking Survey by ACA Aponix and the National Society of Compliance Professionals (NSCP) asked compliance professionals what they perceive to be the top threats this year and found email phishing...
February 13, 2024
Debunking 5 Common Cybersecurity Myths
Also known as IT security, cybersecurity refers to the act of safeguarding internet-connected systems, critical data and other digital assets from potential cyberthreats—threats that may attempt to exploit sensitive information, steal funds or disrupt normal business operations. In other words, cybersecurity consists of the strategies implemented to help protect people, processes and technology from cyberattacks...
November 30, 2023
How Vulnerable to Cyberattacks Are Commercial Buildings?
At first blush, the ransomware attack on Colonial Pipeline(link is external) in May 2021 and a hacker’s attempt to poison the water supply(link is external) in Oldsmar, Fla., in February of the same year may not appear to have much bearing on the safety of the average commercial building. But in reality, most buildings are vulnerable to these types...
November 15, 2023
Common Social Engineering Tactics to Watch For
Social engineering refers to a cyberattack method in which a cybercriminal preys on key human behaviors (e.g., trust of authority, fear of conflict and promise of rewards) to obtain unwarranted access to targets’ technology, systems, funds or data. These attacks can be deployed through various tactics, such as digital impersonation, deceitful messages or malicious software...
November 6, 2023
The 2023 Cyber Year in Review
When everyone thinks of cyber, first-party ransomware claims spring to mind, but this year there has been a more significant rise in third-party liability claims driven by pixel and tracking software-related matters. As more U.S. states pass laws against the collection of personally identifiable information, tracking software claims have evolved. This new trend follows other data privacy trends that...
May 10, 2023
Data Privacy Lawsuits Nearly Doubled in 2022
Data breach litigation ramped up significantly in 2022, with more filings overall and filings in smaller data privacy events, according to BakerHostetler’s annual Data Security Incident Response Report. The law firm tracked a five-year trend showing a higher percentage of events resulting in at least one lawsuit—from four lawsuits out of 394 in 2018 up...
March 16, 2023
Mobile Device Security Threats and How to Prevent Them
Mobile malware—malicious software designed to gain access to private data on mobile devices—is a growing threat to companies’ cybersecurity. As companies embrace remote work and more employees use their personal devices for work-related tasks, cybercriminals are finding more opportunities to exploit these vulnerable and often unsecured devices to access corporate servers and sensitive information. The...