Cyber Insurance Blog

Thirty-five years ago, subscribers to a World Health Organization AIDS conference list received a floppy disk in the mail. Ostensibly a survey, the disk actually delivered the earliest documented ransomware file. The file infected the host computer’s operating system. After a certain number of boot-ups, it encrypted the file names on the machine’s hard drive. Ransomware attacks have grown exponentially…

Healthcare cyber attacks and data breaches have risen in recent years, according to The HIPAA Journal. The year 2023 set two records: the most reported healthcare data breaches (725) and the most breached records (more than 133 million). Several major breaches have made headlines. In February 2024, Change Healthcare, whose technology powers the processing of some 15 billion medical bills…

On July 19, 2024, the world got an unwanted glimpse of what might have happened had the Y2K “millennium bug” struck more than two decades earlier. A software update gone wrong caused millions of computing devices to crash. As a result, chaos plagued airlines, hospitals, banks, and retailers for days. The so-called “CrowdStrike attack” wasn’t Y2K, as IT expert Sean…

When a client experiences a data breach, the first move is obvious—find the entry point and stop the damage. But after the initial response, what’s next? Sure, you’ll need to assess the compromised data and financial losses, but to truly understand the breach and protect against future risks, data breach forensics is essential. Data breaches don’t just happen in a…

Modern businesses rely on cloud storage, connected digital devices, and online apps to serve their clients. As an insurance broker, you likely recognize that while these technologies drive business operations, they also increase vulnerability to cyber crime, making Cyber Insurance a necessity for your clients. Helping your clients understand cyber risks and Cyber Insurance policy jargon can be challenging. But…

Employees today are keenly aware of their rights and quick to take action when they believe employers violate those rights. In FY 2023 alone, the U.S. Equal Employment Opportunity Commission (EEOC): Received 81,055 new discrimination charges (a 10.3% increase over FY 2022). Filed 143 new lawsuits on employees’ behalf (a greater than 50% increase). Obtained more than $22.6 million for…