PCIT PLUSNews and Updates in the Property & Casualty Insurance Industry – A KMG Initiative

Cybercrime-analog

IN THE AGE OF CYBERCRIME, THE BEST INSURANCE MAY BE ANALOG – Bloomberg

Old fashioned mechanical systems, plus humans, may help avert catastrophic cybercrime and data breaches. Right before Christmas, two power companies in Ukraine were simultaneously targeted in what’s now regarded as the world’s first successful cyber-attack on public utility.

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80 % Organizations Concerned About Consequences of a Large Public Data Breach

  In a report by ID experts on how to manage data breach, it was noted that more than 80 % of organizations are concerned about a large data breach.

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Cyber Threats Evolving Fast

  Businesses must prepare for a new generation of cyber risks which are fast evolving, moving beyond the established cyber threats and of data breaches, privacy issues and reputation damage to operational damage, business interruption and even potentially catastrophic losses.

Cyber-Security-Big-Concern-for-Insurance-Data

Cyber Security : Big Concern for Insurance Data

  With the use of technology in Insurance and the industry growing at such a rapid rate, there is an urgent need to look into the security of data. Insurance more than any other industry is dependent on its client database; as the consumer information is now being stored in electronic form, the requirement to keep the data secure has grown.

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Data Breach: Is Your Business at Risk?

  A data breach is an incident in which sensitive, protected or confidential data has potentially been viewed, stolen or used by an individual unauthorized to do so. Data breaches may involve personal health information (PHI), personally identifiable information (PII), trade secrets or intellectual property.

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Cyber Security in Insurance

  Cyber security insurance is designed to mitigate losses from a variety of cyber incidents, including data breaches, business interruption, and network damage attack. In the last few months, we’ve seen massive breaches at major organizations.