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"Specialty Insurance Blog" - 5 new articles

  1. 2014 Cyber Risk Breaches – A Big Step Upwards
  2. Email Piracy – Using Email to Steal Money
  3. Healthcare Data Breach & Cyber Risk Insurance
  4. Cyber Risk Insurance & Insurance Agent Training
  5. The Art of Schmoozing – Updated
  6. More Recent Articles
  7. Search Specialty Insurance Blog
  8. Prior Mailing Archive

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...

Healthcare Data Breach & Cyber Risk Insurance

Healthcare organizations have significant cyber risk exposure, as demonstrated by the Anthem breach, and should carry Cyber Risk Insurance. Smaller healthcare organizations also have significant exposure and breaches can develop in unexpected and unusual ways. A recent breach at the Indiana State Medical Association (ISMA) resulted in the loss of approximately 39,000 healthcare records including social security numbers and personal medical histories. The breach was the result of the theft of two hard drives being transported as part of the organizations disaster recovery program. The theft was characterized by the ISMA as a “random criminal act” (see here, here, here). The costs of a breach can vary widely, and estimating the cost of a particular breach is difficult. The Ponemon...

Cyber Risk Insurance & Insurance Agent Training

Cyber Risk insurance has become a critical coverage for virtually all organizations, but the coverage is new, varies between insurers and continues to change. How does an insurance agent or broker keep up to best support his or her customers? Work with an expert: An expert, such as Tennant Risk, can provide the technical support needed to identify the most comprehensive coverage and competitive terms in the market, and add insight to assessing the best coverage fit with the customer’s exposure. Get educated: Significant educational material on Cyber Risk exposures, market and coverages is available online, but reviewing this material is time consuming. Designation: A new training program with a designation has been kicked off by two experts in the...

The Art of Schmoozing – Updated

One of our favorite posts is The Art of Schmoozing by Guy Kawasaki (see our prior post). He has update his original post, where are here, here and below, with some moderate and modern changes (here). The Art of Schmoozing, By Guy Kawasaki Building relationships can pay off in sales and partnerships. The key is to establish a relationship before you need it. And this is why I’d like to provide the art of schmoozing. 1. Understand the goal. Darcy Rezac in his book, The Frog and the Prince, wrote the world’s best definition of schmoozing: “Discovering what you can do for someone else.” Herein lies 80% of the battle: Great schmoozers want to know what they can do for...

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