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L Squared Insurance Agency Blog: cyber liability insurance

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Ransomware encrypts computer files and is used by hackers who then demand money in exchange for freeing the content.  It is becoming a huge problem globally.  The costs of unlocking data varies; with individuals typically paying a few hundred dollars to thousands of dollars for businesses. READ MORE >>

We have blogged about this before.  HIPPA information needs to be protected.  If there is a breach, then the clock starts clicking.  Chicago based Presence Health’s failure to provide notification with the 60 day time from results in an enforcement action costing the firm $475,000. READ MORE >>

In a ransomware attack close to home, the Lansing Board of Water & Light (LBPL), a Michigan municipal utility, in May paid a $25,000 ransom to unlock its internal communications systems after they were disabled by a cyberattack.  General Manager Dick Peffley told the Lansing State Journal it cost about $2. READ MORE >>

Everyday there is another WikiLeaks purported release of new e-mails or data hacked from some organization.  Most recently their favorite target has been the Democratic Nation Committee and Hillary Clinton.  While WikiLeaks appears to have gotten their information from the Russians, the data breaches are not always from an external source. READ MORE >>

Ransomware encrypts computer files and is used by hackers who then demand money in exchange for freeing the content.  It is becoming a huge problem globally.  The costs of unlocking data varies, with individuals typically paying a few hundred dollars to a few thousand for businesses. READ MORE >>

What if your Law Firm was breached as Mossack Fonseca was?  You do not have to being secretly helping the rich and famous in hiding money to have your firm not only embarrassed, but subject to large 3rd and 1st party.  All you need is one disgruntled employee with opportunity and access to be able to disclose your firm’s client’s confidential information. READ MORE >>

What can be done about Data Breach or a Cyber Attach? Prevention is always the best medicine: 1.    Training employees on the proper methods for handling the devices, passwords and how to use the internet and cloud. 2.    Keeping current with operating systems and application software updates READ MORE >>

How Does a Data Breach or Cyber Attack happen? Many data breaches are not very high tech:  1.    With the use of tablets, laptops, smart phones, and thumb/flash drives by much organization, simply losing or having these devices stolen can open up your entire treasure trove of protected data. READ MORE >>

The Problem with Cyber Liability & Data Breach: Wouldn’t be nice to go back to the good old days where all of your firm’s information was within the four walls of your office or warehouse.  You could protect it from the outside world with locks, keys, and guard dogs. READ MORE >>

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