Remove Cyber Remove Risk Remove Theft
article thumbnail

Cyber Resilience in the Digital Age: The Imperative of Cyber Insurance for Technology Companies

Jackson & Jackson

In an era where data is as valuable as currency, the risk of cyber threats looms more significant than ever, particularly for technology companies. Cyber Insurance, encompassing Data Breach and Cyber Liability coverage, is no longer optional but a critical component of a comprehensive risk management strategy.

Cyber 52
article thumbnail

New Cyber Security Requirements for Financial Services Companies

ProWriters

Globally, only the manufacturing sector sees more cyber attacks than the financial industry does. The New York Department of Financial Services (NYDFS) established cyber security requirements for financial services companies in 2017. Since then, the cyber security landscape has changed. The newest changes went into effect Nov.

Cyber 52
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The latest reports from FBI and ITRC reveal that cyber incidents in 2023 broke records for financial loss and frequency.

Triple-I: Business Insurance

Cyber incidents reported to the FBI’s Internet Crime Complaint Center (IC3) in 2023 totaled 880,418. The 2023 Data Breach Report from Identity Theft Resource Center (ITRC) reveals that last year delivered a bumper crop of cybersecurity failures – 3,205 publicly reported data compromises, impacting an estimated 353,027,892 individuals.

article thumbnail

RIMS TechRisk/RiskTech: Opportunities and Risks of AI

Risk Management Monitor

Ramesh Srinivasan gave a keynote titled “The Opportunities and Downside Risks of Using AI,” touching on the key flashpoints of current technological advancement, and what they mean for risk management. He noted that as data storage has become far cheaper, and computation quicker, this has allowed risk assessment technology to improve.

Risk 75
article thumbnail

Combating Fraudulent COVID Unemployment Claims

Risk Management Monitor

As federal and state officials scramble to send unemployment and stimulus funds to help people hit hard by COVID-19 business shutdowns, it has become a perfect storm for cyber fraud. The payments are an easy target for cybercriminals as hackers and cyber gangs around the world have started to file unemployment claims use stolen identities.

Claim 75
article thumbnail

Protect Your Clients Against Data Breaches

ProWriters

companies faced the risk of a significant cyber attack. Analysts project cyber crime to cost the U.S. For most companies, a cyber breach isn’t a question of if but when. As a Cyber Insurance broker, you can learn from their mistakes to help protect your clients. trillion by 2028.

article thumbnail

Common Myths About Commercial Insurance Debunked

Protect Commercial Insurance

Every business, no matter its size or industry, faces unique risks that require specific coverage solutions. Regardless of size, all businesses face potential risks that can threaten their operations and financial stability. This is far from the truth. However, the reality is starkly different.