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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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The Benefits of XDR
March 26, 2023
Extended detection and response (XDR) is a cybersecurity solution that offers businesses end-to-end visibility, detection, investigation and response across multiple security layers. XDR is an evolution of endpoint detection and response (EDR)—a cybersecurity offering that continuously monitors threat information and endpoint data to detect and respond to ransomware and other types of malware. However, EDR…
Read MoreKey Elements of an Effective Cyber Incident Response Plan
February 26, 2023
Through proper response planning, businesses can mitigate potential damages that may arise from cyber incidents. Yet, it’s important to note that cyber incident response planning requires coordination across a company. An effective response plan should outline: Cyber incident response plans should address a variety of possible scenarios and be communicated to all applicable parties. These…
Read MoreCybercrimes Against Small Businesses Decrease, Although Risks Remain
January 28, 2023
Small businesses and self-employed people saw fewer cyberattacks and data breaches over the past 12 months. Still, significant risks remain for this corner of the economy, according to the Identity Theft Resource Center’s (ITRC) 2022 Business Impact Report. The ITRC recently surveyed 450 people who led small businesses or were self-employed about their experiences with…
Read MoreCybercrimes Against Small Businesses Drop, but Challenges Remain
January 1, 2023
Small businesses and self-employed people saw fewer cyberattacks and data breaches over the previous 12 months. Still, significant risks remain for this corner of the economy, according to the Identity Theft Resource Center’s (ITRC) 2022 Business Impact Report. ITRC recently surveyed 450 people who led small businesses or were self-employed about their experiences with cybercrime.…
Read MoreRansomware, BEC Caused Half of All Claims in 2020, 2021
October 24, 2022
Ransomware and business email compromise (BEC) caused the most cyber insurance claims over the past five years, accounting for 44% of about 7,000 claims examined in NetDiligence’s 2022 Cyber Claims Study. The percentage of claims attributed to these two causes of loss rose to 50% for claims reported in 2020 and 2021. Of the 7,439…
Read MoreCyber Liability – Patch Management Explained
October 22, 2022
Patch management is the process of acquiring and applying software updates to a variety of endpoints, including mobile devices, computers, servers and embedded devices. Installing patches regularly is necessary to correct errors, help protect data and optimize system functions. This article provides information on how a consistent approach to patching and updating software can limit…
Read MoreCyber Liability – Attack Surface Management Explained
October 11, 2022
Attack surfaces refer to the total possible entry points (also known as attack vectors) for unauthorized access into any system. The recent increase in remote and hybrid work combined with the shift to the cloud and widespread implementation of software-as-a-service (SaaS) applications have made attack surfaces increasingly large, complex and difficult to defend against cyberattacks.As…
Read MoreSCAM OF THE WEEK: Watch Out for Phishy Energy Bill Scams
August 12, 2022
During times of economic change, cybercriminals will use fear and instability to their advantage. Now, they’re using concerns about energy costs to lure victims into their malicious scams. These scams offer rebates, refunds, or discounts for energy bills to appeal to frustrations about rising costs.In a recent scam, cybercriminals send you an email offering you…
Read MoreSCAM OF THE WEEK:What’s Up with WhatsApp Scams?
July 14, 2022
WhatsApp is an application that allows you to message and call your friends and family worldwide. However, due to a new scam, the next WhatsApp message you receive may come from a cybercriminal instead of a trusted contact. To start the scam, a cybercriminal will send you innocent WhatsApp messages to earn your trust. After…
Read MoreCyber Hygiene Best Practices [Infographic]
July 6, 2022
As cyberattacks become more frequent and severe, it’s increasingly important for organizations to practice good cyber hygiene—habitual practices ensuring critical data and connected devices are handled safely—to minimize their exposure to risk. Some consequences of poor cyber hygiene include: Security breachesData lossSoftware vulnerabilitiesAntivirus weaknesses The following are essential parts of cyber hygiene: Passwords—Users should create…
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