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"Specialty Insurance Blog" - 5 new articles

  1. Employee Errors, Expectations & Cyber Risk
  2. Fast Growing Insurance Agencies
  3. Tax Refund Fraud & Cyber Risk
  4. 2014 Cyber Risk Breaches – A Big Step Upwards
  5. Email Piracy – Using Email to Steal Money
  6. More Recent Articles
  7. Search Specialty Insurance Blog
  8. Prior Mailing Archive

Employee Errors, Expectations & Cyber Risk

Cyber risk losses, primarily breaches, come from hackers & employee errors (or both), and both impact Cyber Risk Insurance losses. Good IT risk management is critical to protecting an organization, but one practitioner does not include unrealistic expectations of employees as a primary component of IT risk management. Employee errors account for a bit less than 50% of Cyber Risk losses, although the estimates vary depending on the criteria for defining employee errors. The typical breach involving an employee error is a lost laptop containing personal information. But employee error can also involve the increasingly common phishing and subsequent hack attack – involving both employee error (the click) and a hack attack (see here & here). An experienced IT security...
     

Fast Growing Insurance Agencies

Fast growing insurance agencies have five common attributes according to Stuart Ganis in PropertyCasualty360 (see here). The traits are: Culture – focused on production Technology – implemented to leverage people and scale Sales & Marketing – process oriented Metrics – measured and shared, in the culture Change – embraced Tennant Risk Services is a fast growing specialty wholesale broker and underwriting manager with a focus on Insurance Agents/Brokers E&O. Tennant Risk Services delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability insurance (E&O, D&O, EPL, Cyber). And we excel at hard to place accounts. Review our expectations here. Specialty Insurance Expertise: Tennant Risk Services
     

Tax Refund Fraud & Cyber Risk

With tax day looming, cyber criminals have beaten the tax filing deadline by committing tax refund fraud. 2014 was a record year for breaches (see prior post), w/ breaches up 46% over 2013. And the trend continues in 2015, with Anthem, Premera and other breaches. The glut of stolen information is being used by criminals to create phony tax returns, which are then filed with the IRS and state tax authorities in order to gain refunds. Last year, 86% of taxpayers filed online, and this year nineteen states have recently reported seeing a spike in electronic tax filing fraud cases (see here & here). According to KrebsOnSecurity, states are proving easier to deceive than the IRS (see here). According to...
     

2014 Cyber Risk Breaches – A Big Step Upwards

The 2014 Breach Level Index Report (here) shows that by all measures breaches were up significantly in 2014. Data breaches totaled 1,540, up 46% from the 1,056 in 2013. And records breached rose 78%, from ~575 million records to 1,023,108,267 records breached in 2014. The Ponemon Institute reached the same conclusion, calling 2014 the year of the mega breaches (see here). The primary source of breaches did not change much – 55% from malicious outsiders in 2014 and 57% in 2013. In second was accidental loss at 25%. But the nature of breaches shifted (see here): Many of the breaches in 2014 involved the theft or compromise of identifiable information, such as names, addresses and social security numbers. In comparison,...
     

Email Piracy – Using Email to Steal Money

Hackers are now using email in different and creative ways to steal money from small businesses – Email Piracy – so make sure your Cyber Risk Insurance covers this type of loss. Email Piracy is a new trend and is simpler than bank account takeover (discussed previously here), where a hacker will gain control of a company’s bank account. How Email Piracy Works: First, hackers gains access to an email account, typically through phishing. Phishing is getting a victim to click on a link or an email attachment in order to install some sort of malware. The malware allows the hacker to steal user credentials which can then be used to gain control of an email account. After gaining control...
     

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