Cyber risks continue to evolve (see our prior post here), and some comprehensive Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage) polices adjust as well to keep up. Some of the emerging risks include:
Social Engineering Fraud Drives Theft of Money
Criminals are getting more skilled at gaining control of key email accounts via phishing, monitoring the communications, and imitating key players to drive fraudulent funds transfers , here, here, & here).
Ransomware Gets More Sophisticated
Ransomware continues to evolve, and is getting more sophisticated. Criminals are using more targeted attacks, are increasing the ransom demands and are not necessarily releasing the lock on data when the ransom is paid (see here, here, & here).
Professional Firms Increasing Exposure to the Release of Client Data
As more client data moves to electronic storage, professional firms exposures to breaches increase. Some professional firms, such as healthcare providers, have faced this for years, but others, such as specialty consultants and attorneys, have been lagging in protecting client data via comprehensive Cyber Risk Insurance (see here, here, & here).
Access to Systems & Data via Service Providers
Physical Attacks – Connected Devices/IOT
Crypto Currency Impacts Ransomware
Criminals require ransom to be paid in cryptocurrency, often in bitcoin. But sometimes the value of cryptocurrencies can vary widely, and even be difficult to obtain (see here).
Large Data Breaches
Large breaches of sophisticated information, such as the Equifax breach, are becoming more frequent (see here).
State Sponsored Attacks
In addition to strong IT security, Cyber Risk Insurance is an important financial protection against hacking attacks. Coverages vary widely, but comprehensive Cyber Risk Insurance policy forms are available.
Tennant Risk Services, a division of Worldwide Facilities, is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability and specialty insurance (E&O, D&O, EPL, Cyber Risk, Specialty). Cyber Risk Insurance is our specialty, and we excel at hard to place accounts. Review our expectations here.