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Articles for the ‘Cyber Liability’ Category

“Lloyd’s of London recently said in a report that a global cyber attack could result in as much as $121.4 billion in damages.”

In today’s world, there is no individual or organization that is safe from cyber risks.  As technology evolves so does the threat.  The effects of recent cyber-attacks have been raising awareness to the vulnerability companies and organizations face. Property Managers are particularly vulnerable to cyber-attacks.

The Personally Identifiable Information that property managers store make them attractive targets for cyber criminals for data breach and other cyber-attacks.  Cyber-attacks are costly and are not typically covered under traditional insurance protections.

Being prepared and attentive is a necessity.  Understanding cyber threats and where they come from is a good place to start.

Most of today’s cyber-attacks are the result of viruses, hackers, identity theft or extortion, or ransomware.

Protecting property managers from cyber-attacks requires more and more attention. Property management firms must have adequate safeguards when it comes to users and people, their administration processes, and technology weaknesses.

Some things property managers and property management organizations can do today to immediately help the threat are:

  • Back up their information on a regular basis
  • Make sure their Wi-Fi network is secured
  • Avoid unknown emails with links or attachments
  • Make sure their anti-virus software is always up to date
  • Make pass phrases difficult to copy
  • Secure all mobile devices
  • Remind staff to update software on their personal devices
  • Stay current with any system updates

Unfortunately, there is no way to avoid all the evolving challenges posed by cyber related risks. The best way to deal with this problem is to have the proper coverage in place.  The cyber liability coverage offered by New Empire Group is designed to protect property managers from cyber and data breaches that can result in liability and financial loss for their organization.

Feel free to contact us with any questions you may have regarding cyber liability and for additional information on how your property managers can be properly protected.

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Hacker typing on a laptopOn April 16th the National Association of Insurance Commissioners released Cybersecurity Guidelines for the insurance industry as a result of the ever-increasing cybersecurity issues. The guidelines are in the form of 12 principals, intended to establish insurance regulatory guidance.

The guiding principles identify the industry’s responsibility to secure the personally identifiable information of its customers and recommend an organizational approach to Cybersecurity. In addition, imploring insurance regulators to “mandate” carriers, agents and brokers to have systems in place to alert consumers in a timely manner following a breach and to require minimum standards for security.

The NAIC document, Principles for Effective Cybersecurity, lists each of the principles.

Cyber breaches have become more significant as critical information is increasingly being stored in electronic forms. For many, insurance agents often overlook their own exposure to Cyber Liability and Data Breach Liability and fail to fully comprehend the consequences a breach could have to their organization.

For more Cyber Liability resources please visit www.newempiregroup.com.

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