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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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Cyber Case Study: SolarWinds Supply Chain Cyberattack
October 17, 2021
In the final month of 2020, it was revealed that foreign hackers had orchestrated a supply chain cyberattack throughout the past year in an effort to compromise several federal agencies and private organizations. The cybercriminals first infiltrated the digital infrastructure of SolarWinds—a Texas-based technology company—before using that infrastructure to gain access to sensitive data from…
Read MoreCyber Liability: Lessons From the Colonial Pipeline Breach
September 16, 2021
One of the nation’s largest pipelines was forced to shut down in early May 2021 after falling victim to a ransomware attack. The 5,500-mile pipeline is operated by Colonial Pipeline and carries refined gasoline and jet fuel from Texas to New York. This pipeline transports 45% of the east coast’s fuel supplies. The attack—carried out…
Read MoreCritical Infrastructure Cyberattacks on the Rise
August 31, 2021
Critical infrastructure cyberattacks are increasing in frequency according to Advisen’s loss database, and some experts are worried the worst is yet to come. There are sixteen industry sectors in the United States that make up the country’s critical infrastructure. These sectors are considered so vital their incapacitation or destruction would have a debilitating effect on…
Read MoreCyber Risks: Penetration Testing Explained
August 1, 2021
Keeping workplace technology up and running is vital to any organization’s success. While this task seems feasible, it’s growing harder and harder each year as cybercriminals expand their reach. It’s not enough to simply protect workplace technology with software and security protocols. It’s also critical for your organization to test the overall effectiveness of these…
Read MoreRansomware Considerations for Board Members
July 11, 2021
Organizations of all sizes and sectors are facing increased cybersecurity risks. Specifically, ransomware attacks—which leverage malware to compromise a victim’s data and demand them to make a large payment to recover it—have quickly become a rising threat across industry lines. In fact, recent research found that these types of attacks have surged by 150% in…
Read MoreReducing Supply Chain Cyber Exposure
June 13, 2021
Cyberattacks on global supply chains can cause irreparable harm to an organization’s operational, financial and reputational wellness. These incidents can occur even if your organization is practicing proper cybersecurity methods. Instead of attacking your organization directly, these cybercriminals take advantage of vulnerable suppliers or vendors in your organization’s supply chain to wreak havoc on key…
Read MoreDouble Extortion Ransomware Attacks
April 29, 2021
In recent years, ransomware attacks have steadily been on the rise. These incidents—which entail cybercriminals compromising a device or server and demanding a large payment be made before restoring the technology (as well as any data stored on it) for the victim—are one of the most damaging cyberattack methods, incurring an average of $1 million…
Read MoreWhat is Multi-Factor Authentication and Why Do I Need It?
April 15, 2021
What is Multi-Factor Authentication (MFA)? Multi-factor Authentication (MFA) is an authentication method that requires the user to provide two or more verification factors to log in to an account. These factors could be a password, login code received via SMS text message or email and an authentication app on your phone. MFA is used to…
Read MoreHow to Prevent a Malware Attack
February 25, 2021
Malware is a form of malicious software that cybercriminals deploy via unsafe links, downloaded attachments or other virus-ridden programs with the intention of disrupting normal computing operations, collecting sensitive information and controlling your organization’s technology system resources. Malware programs are being produced at an alarming rate and are consistently changing in form and purpose, making…
Read MoreThe Importance of Promoting Strong Passwords
February 9, 2021
Cyberattack methods continue to grow and evolve over time. One specific tactic that cybercriminals frequently utilize is hacking victims’ accounts or devices by cracking their passwords. This tactic is often all too easy for cybercriminals when their targets fail to create strong enough passwords to ward off password-cracking technology or—in some cases—simple guesses. Nevertheless, cybersecurity…
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