Cybercrime From An Insurance Perspective

9/1/2017 (Permalink)

MyDoom is considered the most expensive virus in the world and in cyber security history, having caused an estimated financial damage of $38.5B.

We've heard the stories. Cyber hacks influencing the presidential election, ransomware attacks across the globe. We might even think the hackers are winning the war- the cyber war, that is.

Insurance Business America discusses this matter with an insurance perspective in a recent article, interviewing James Shaheen, cyber risk practice leader at Integro.

According to Shaheen, with every attack, our cyber security experts learn something new, and counter every attack with a defense. It will take us some time, though, to figure out what we need to implement, where the gaps are in the security, to fully protect our data.

When it comes to insurance, Shaheen believes we are doing well in the protection of Protected Health Information (PHI), Personally Identifiable Information (PII) and the Payment Card Industry (PCI), but the concern is what he calls "second-tier data."

Second-tier data, or trade secrets, is what drives businesses, and is also what is not well protected by insurance from these cyber attacks.

Shaheen claims at Integro this is an issue being addressed and developed. How much would such a development be worth to your business?

To read Insurance Business America's article and for related stories, click here.