A bipartisan cybersecurity bill may be heading for Congress this week. Federal lawmakers have been discussing the growing threat residing in the digital world and what it means for national security and that of citizens. Over the years, several companies have been the target of cybercrimes such as hacking and data theft. The recent security breaches at Sony Online Entertainment, which compromised the financial information of thousands of consumers, highlight the need for new legislations that encourage cyber insurance. Cyber insurance – that is, insurance that protects against cybercrime –…
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Cyber security a major issue for the U.S. according to inquisitive task force
Cyber security is a growing area of concern in the business world. A number of major attacks have shown the danger of having lackluster protection and has cost some companies millions of dollars. The damage wrought from these attacks in not only shouldered by the targeted companies, however, they have also produced grievous financial wounds on consumers who had their identities and financial information compromised in the attacks. A Congressional task force, which was tasked with the duty of investigating the importance of cyber security, has released recommendations to lawmakers…
Read MoreThe safety of online storage remains unsure as thousands of insurance documents are left unprotected
As states continue to labor toward health insurance exchanges, there have been concerns raised regarding the safety of medical and insurance documents stored online. These concerns stem from a provision of the Affordable Care Act that has health care and insurance professionals store consumer information electronically to allow quick and easy access. Electronic storage will be a major part of the coming online insurance exchanges, as it will allow doctors to access important medical information when treating patients. The safety of these documents has been questioned as hackers continue to…
Read MorePersonal identity theft protection tips following a breach of your account
The past few months have clearly demonstrated that no account – no matter the organization or security measures taken – is immune to access by a determine hacker, so it is important for everyone to know what they should do in order to protect themselves once an attack has occurred. Millions of Americans experience data breaches every year, increasing their risk of various types of fraud, such as identity theft and financial fraud, as their personally identifiable information (PII) may have been obtained by an unauthorized individual. Experts are recommending…
Read MoreZurich American takes Sony to court over data breach claims
A new court case between the Zurich American insurance company and Sony – its client – may set a precedent for future decisions made regarding an organization’s liability and coverage at the time of a data breach. The insurer has stated that it will not cover Sony’s costs for the many class-action lawsuits that have occurred following the massive database breaches it experienced earlier in 2011, and is seeking the support of the courts for its decision. Sony has already reported that it anticipates that the direct financial cost of…
Read MoreP&C insurance agents must keep ahead of the latest threats to privacy
Agents and brokers for property and casualty insurance are being advised to keep abreast of the very latest information and statistics regarding the ever-growing risk of cyber attacks and the different kinds of coverage solutions that can allow their clients to decrease financial exposure. As hacking into private information of all types – financial, personal, and medical, for example – becomes increasingly common, insurance professionals must be able to keep up so that they can offer their clients the right forms of coverage, particularly in terms of miscellaneous professional liability.…
Read MoreU.S. Commerce Department Seeks Internet Code of Conduct
The U.S. Commerce Department has issued a report that states that companies doing business over the internet should be bound by a code of conduct that will help to minimize online theft and hacking behaviors. Recommendations made by the department included enhanced identity authentication, as passwords and login information are currently easily and regularly hacked and stolen. The department also encouraged the use of cutting edge technologies that help to make certain that when web users enter a URL into their browsers, they will actually be brought to that domain…
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