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Cyber Liability

Medical Identity Theft

What is medical identity theft? How can it put a patient in jeopardy? How are data breaches involved? Healthcare fraud is costing American taxpayers up to $234 billion annually, based on estimates from the FBI. One form of healthcare fraud, known as medical identity theft, has its own staggering statistics: 1.42 million Americans were victims of medical identity theft in 2010, according to a 2011 study on patient data privacy and security by the Ponemon Institute. The report estimates the annual economic impact of medical identity theft to be $30.9 billion. The harm medical identity theft causes patients is often… Read More »Medical Identity Theft

Paperless Insurance Now Offers Coverage in New York

SAN FRANCISCO-based independent insurance brokerage Paperless Insurance Services (PIS INC), Inc. has started offering business insurance products in the State of New York, PIS INC announced Thursday. PIS INC will be using their website as the marketing and underwriting base in the State if New York CFO Diana Motseniat said in her announcement. Paperless Insurance also announced that it is in the process of starting operations in the State of Texas. “Starting operations in New York is vital to the continued expansion of our U.S. platform to complement our strong position and build a truly unified small business insurance platform,”… Read More »Paperless Insurance Now Offers Coverage in New York

Reduce Cyber Risk and Data Breach – Change Password

One way to help lower personal and business cyber risk is to avoid using easy-to-crack passwords. SplashData, a password management application maker, recently compiled a list of the 25 worst passwords for the year 2011. The research results were based on millions of actually stolen passwords that were made available online. Having tough-to-guess passwords may not necessarily deter sophisticated, determined hackers. But they do make it much more difficult for amateur cyber thieves to breach online accounts. Avoid any of the passwords for the below list: 1. password 2. 123456 3. 12345678 4. qwerty 5. abc123 6. monkey 7. 1234567… Read More »Reduce Cyber Risk and Data Breach – Change Password

How to Compete for Clients with Large Retailers / eTailers

The fact: the chance are slim to none that any local retail store will ever “beat” the large retailer or etailer, like Amazon. Large retail monsters have massive marketing budgets, a strong online presence, great name recognition, and enjoy a reputation for being low in cost. Still, you can compete against retail “elephants” on a client by client basis. Sometimes, you’ll earn a long time returning customer, other times you won’t. But if you don’t make a continuous effort, you’ll never win. The path to successfully compete with the big companies requires a basic understanding of their marketing strategies, including… Read More »How to Compete for Clients with Large Retailers / eTailers

Eleven Cybersecurity Tips for Small Businesses

Broadband and information technology are powerful factors in small businesses reaching new markets and increasing productivity and efficiency. However, businesses need cybersecurity tools and tactics to protect themselves, their customers, and their data from growing cyber threats. Here are ten key cybersecuritytips for businesses to protect themselves: 1. Train employees in security principles Establish basic security practices to protect sensitive business information and communicate them to all employees on a regular basis. Establish rules of behavior describing how to handle and protect customer information and other vital data. Clearly detail the penalties for violating business cybersecurity 2. Protect information, computers and… Read More »Eleven Cybersecurity Tips for Small Businesses

New Underwriting Requirements for Technology Errors and Omissions Insurance Coverage through Travelers Insurance Company

Select Accounts and Global Technology have a close working relationship to provide competitive products and services for Select’s technology customers. With Select’s Master PacSM product and coverage offerings combined with Global Technology’s CyberFirst® E&O Liability product, coverage may be specifically tailored for today’s high tech companies. Select Accounts recently reviewed Master Pac business with an associated Technology CyberFirst E&O policy to determine the proper eligibility to maximize Select Accounts Technology E&O writings. As a result of the review, it has been determined that the best opportunity to write CyberFirst E&O coverage for Select business is when the account has at… Read More »New Underwriting Requirements for Technology Errors and Omissions Insurance Coverage through Travelers Insurance Company

Data Breach Coverage For Small Businesses

While data breaches at large companies continue to dominate the headlines, breaches involving smaller businesses are also on the rise. According to a 2011 report from Verizon Business of more than 760 data breaches analyzed in 2010, nearly two-thirds involved businesses with fewer than 100 employees. The Hartford has expanded its portfolio of cyber risk coverage with data breach protection designed specifically for smaller businesses. Get a quote now The Hartford’s data breach offering is available as an endorsement to the company’s Spectrum business owner’s policy. It provides coverage for expenses and legal liability resulting from a data breach. It… Read More »Data Breach Coverage For Small Businesses

ADP – Automatic Data Problem?

ADP (Automatic Data Processing Inc) the world’s largest payroll processor, todayt said it is investigating a data breach affecting one of its corporate clients. ADP said it is “taking measures to address the impact” of the breach, but it did not provide specifics. The breach occurred at a benefits administration unit ADP recently bought and was limited to a single client. ADP did not identify the company that was affected. The processor said it has been working with law enforcement and other officials to identify the cause of the breach and to catch the hackers. ADP is the latest in… Read More »ADP – Automatic Data Problem?

Travelers Bond & Financial Launches CyberRisk Product

Travelers has unveiled CyberRisk, a new product from Travelers Bond & Financial Products meant to limit client cyber exposures and managing associated risks.  “Cyber risks leave businesses exposed regardless of size, industry or track record,” said Jason Glasgow, CyberRisk product manager for Travelers Bond & Financial Products. “While some business owners have employed tactics to minimize opportunities for exposures, the risks go far beyond a single hacker accessing information. From dealing with information leaks to meeting expenses associated with crisis management, business owners need to be prepared to manage their cyber liability.” As cyber risk becomes a larger threat to… Read More »Travelers Bond & Financial Launches CyberRisk Product

Cyber Liability and Data Breaches

Cyber liability plaintiffs are experiencing more success in the courts, significantly increasing potential costs for companies that have experienced data breaches. Increasing legislation and regulation related to data breaches at both the state and federal levels is contributing to plaintiffs’ success. The average cost of a data breach was $2.4 million in a recent survey of approximately 80 data breach claims. Hackers are the most frequent cause of data breach losses, responsible in 32% of the claims studied, Mr. Greisiger said, followed by rogue employees or contractors in 19% of the claims. Health care was the sector most often at… Read More »Cyber Liability and Data Breaches