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Category: Cyber Risk
The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.
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SCAM OF THE WEEK: The Fake TSA Precheck Email
November 9, 2024
Many air travelers turn to TSA PreCheck for its quickness and ease. TSA PreCheck is a US airport screening program that allows you to get through airport security with fewer steps and without waiting in long lines. But cybercriminals take advantage of this tool to trick travelers. In this scam, you receive an email that…
Read MoreContingent Business Interruption Insurance for Cyber Events
September 8, 2024
In today’s evolving risk landscape, organizations of all sizes and sectors face a wide range of cyberthreats. Amid advancing attack techniques and growing hacker sophistication, cyber events can arise from various avenues and cause considerable damage, often resulting in prolonged operational disruptions and associated losses. With this in mind, it’s crucial for organizations to secure…
Read MoreCyber Liability: Cybersecurity Awareness Programs: Benefits and Implementation
May 12, 2024
Businesses of all sizes are susceptible to cyberattacks such as phishing scams, malware attacks and ransomware schemes, which can create significant financial loss and lead to major reputational damage. Therefore, businesses need to take measures to mitigate cyber risk. Implementing a comprehensive cybersecurity awareness program is one of the most important strategies for recognizing and…
Read More5 Common Cybersecurity Myths Debunked
March 24, 2024
Cybersecurity consists of strategies implemented to help protect organizations from cyberattacks and related losses. Such defense has become increasingly important as businesses of all sizes and sectors expand their reliance on technology and other digital services. Yet, there are several misconceptions about cybersecurity that diminish the value of effective mitigation strategies and may leave organizations…
Read MoreCyber Liability – Managed Detection and Response Explained
February 24, 2024
The cyber risk landscape is in a state of constant evolution, with cybercriminals quick to exploit emerging technologies for malicious purposes. In response, businesses are exploring innovative methods to detect and prevent these attacks. One such option is a managed detection and response (MDR) service, which combines technology and human expertise to monitor and address…
Read MoreCyber Update – Deepfake Scammers Con Company Out of Over $25 Million
February 10, 2024
At a briefing on Friday, Feb. 2, 2024, Hong Kong police revealed that a recent cyber incident involving deepfake technology resulted in a finance professional at a multinational firm being manipulated into wiring more than $25 million in company funds to fraudsters. This event showcased the widespread damage that can be caused by deepfakes, which…
Read MoreJuice Jacking Explained
January 4, 2024
Charging a battery through a free public USB charging station may seem innocuous, but doing so could result in costly cybersecurity issues. Through a tactic known as juice jacking, a malicious actor can gain access to an individual’s device when they connect to these ports. Since these charging stations are common in public places like…
Read MoreCyber Update – Identity Theft Resource Center Reports Data Compromise Record with Three Months Left in the Year
October 18, 2023
A data breach report from the nonprofit Identity Theft Resource Center (ITRC) found that there were 2,116 publicly reported data compromises in the U.S. market during the first nine months of 2023. This figure represents the most in a calendar year, and there are still three months to go. The previous high mark was set…
Read More2023 Cyber Insurance Midyear Market Outlook
July 8, 2023
Increasing threat vectors and growing attacker sophistication have consistently driven up cyber incidents in recent years, causing a rise in cyber insurance claims and related losses. Alongside unprecedented segment growth, such challenging market conditions led to most insureds experiencing steep rate hikes, additional underwriting scrutiny and various policy restrictions— particularly pertaining to coverage for ransomware,…
Read MoreWhite House Announces New Actions to Promote Responsible AI Innovation
May 7, 2023
On May 4, 2023, the White House announced new actions to promote responsible innovation in artificial intelligence (AI) in the United States and protect people’s rights and safety. This announcement builds on the Biden administration’s ongoing efforts to advance a comprehensive approach to AI-related opportunities and risks. This announcement is part of the White House’s…
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