While the breaches at Target, the IRS, Chipolte and others made the news during 2017, small business breaches were up over 40% between 2015 and 2016 and doesn’t show any signs of letting up. Given that, here are some reasons why small businesses should have cyber risk insurance. #1 – Small businesses do not have […]
Continue reading → [DISPLAY_ACURAX_ICONS]I wrote about 21st Century Oncology in March (see post here) when the FBI came knocking on their door. The result? 2.2 million records compromised. At that time they said that they likely did not have enough insurance to cover the costs of the breach. Fast forward six months. Law360 is reporting that Charter Oak […]
Continue reading → [DISPLAY_ACURAX_ICONS]I have written several times about the fight between Cottage Health System and Columbia Casualty, a division of CNA Insurance. In 2013 Cottage’s systems were breached and the private information of thousands of patients was publicly disclosed. Their insurance company paid $4.125 million for costs related to the breach, including a class action lawsuit. That […]
Continue reading → [DISPLAY_ACURAX_ICONS]P.F. Chang’s restaurant chain suffered a cyber breach in which about 60,000 credit cards were stolen. The breach only affected 33 of the company’s approximately 400 restaurants, so it could have been much worse, even though it lasted 8 months. Still, the restaurant spent about $1.7 million recovering from the breach. If the breach hit […]
Continue reading → [DISPLAY_ACURAX_ICONS]For those companies who ask why they should invest in reducing cyber risk when they have cyber breach insurance – here is why. As a result of recent breaches, cyber insurance premiums for those companies whom insurance companies deem to be in high risk industries saw their premiums go up, on average, 32%. In addition, […]
Continue reading → [DISPLAY_ACURAX_ICONS]Everyone knows that the Sony breach was different than, say, the Target or Home Depot breach because of the damage that Sony is still, 10 weeks later, trying to recover from. But now, the insurance experts are adding yet another wrinkle – thanks Sony. According to the Hartford Courant, Sony may break new ground in the […]
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