The perils of phishing emails and cyber-insurance were laid bare this week after news emerged of an American bank that fell victim to hackers twice within eight months and is suing its provider for failing to cover the losses.. The Virginian National Bank of Blacksburg was hit in late May 2016 and again in January 2017 thanks to phishing emails which eventually resulted in the combined theft of $2.4m. The link for this article located at InfoSecurity is no longer available. . A financial institution in the United States experienced two heists, exposing vulnerabilities related to social engineering attacks and inadequate cybersecurity insurance policies.. Phishing Risks,Cyber Insurance Issues,Banking Cybercrimes. . LinuxSecurity.com Team
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In the middle of February, Time Magazine ran a great article on Cyberinsurance or "Shock Absorbers", and I feel this future trend deserves a couple of comments, from the article: "As companies grow more dependent on the Internet to conduct business, they have been driving the growing demand for cyber insurance. Written premiums have climbed from $100 million in 2003 to $200 million in 2005, according to Aon Financial Services Group ... . The need for cyberinsurance has only increased as hacker move away from general mischief to targeted crimes for profit. Insurers offer two basic types of cyber insurance: first-party coverage will help companies pay for recovery after an attack or even to pay the extortion for threatened attacks, while third-party coverage helps pay legal expenses if someone sues after a security breach. Demand for insurance is also driven by laws in over twenty states that require companies to notify consumers if a breach compromises their personal data. However, prevention is still the top priority for most companies, since loss of critical data to competitors would do damage beyond the payout of any policy." The link for this article located at Dancho Danchev is no longer available. . With cyber assaults growing in precision and cost, organizations are turning to cyber insurance, transforming the security ecosystem.. Cyber Insurance, Security Breach, Data Recovery, Risk Management. . LinuxSecurity.com Team
Big insurers are now offering policies against hacks, viruses, and stolen data. They may also set security standards. This broad rubric covers policies that address threats new to the Digital Age, including virus attacks, denial-of-service assaults, cracking into company systems, and Web-site defacements.. . .. Big insurers are now offering policies against hacks, viruses, and stolen data. They may also set security standards. This broad rubric covers policies that address threats new to the Digital Age, including virus attacks, denial-of-service assaults, cracking into company systems, and Web-site defacements. Some companies even write policies that cover cyber-extortion, where an online intruder or an insider steals crucial data such as customer credit-card files and demands a payoff. The rising tide of lawsuits against companies whose employees have used corporate e-mail inappropriately has also caught the attention of e-insurers. The repercussions could be sweeping. Why? Because insurers will probably become a major force in shaping the computer- and network-security business. They'll likely mandate what types of security practices, providers, and products are acceptable, just as they've shaped practices and products in the construction and auto industries. "Things like CodeRed [a computer worm that appeared in July, 2001] are happening so often now that cyber-insurance will become ubiquitous. Then [insurance] price differentials will appear for different types of software," says Bruce Schneier, chief technology officer of Counterpane Internet Security. The link for this article located at BusinessWeek is no longer available. . Major insurance firms are increasingly providing coverage for cyber attacks, malware incidents, and data breaches, influencing risk management techniques and compliance requirements.. Cybersecurity Policies, Data Theft Protection, Virus Attack Insurance. . LinuxSecurity.com Team
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