Cyber Insurance Blog

It’s unlikely anyone using the internet still asks, “What is ransomware?” High-profile ransomware attacks like WannaCry in 2017 and the attack on Colonial Pipeline in 2021 have significantly raised this cyber crime’s profile. But just in case: Ransomware is malicious software (malware) designed to encrypt a victim’s data, rendering it inaccessible until they pay the attacker a ransom in exchange…

Artificial intelligence (AI) is revolutionizing industries, allowing organizations to speed up research and development, streamline processes, and make better, data-driven decisions. Global AI spending is forecasted to hit $154 billion in 2023 as businesses recognize its potential to transform operations. However, while AI can bring great value to organizations, its adoption also poses legal challenges. With the ability to learn,…

As more people rely on health apps and online tracking technologies to manage their wellness, there has been a corresponding increase in the collection and storage of sensitive medical information. While health care entities are mandated to follow HIPAA regulations to safeguard this information, these new technologies are not traditionally subject to the same standards. However, the Federal Trade Commission…

SUMMARY: Healthcare organizations must exercise greater caution when configuring and using the Meta Pixel and other website tracking technologies, or risk raising their cyber liability exposure. The Meta Pixel can send patients’ protected health information (PHI) to Facebook, which may constitute a violation of HIPAA regulations. Recent court decisions finding that data transmission via pixel tools violates state wiretapping laws…

  As the world grows more digitally interconnected, organizations become more susceptible to cyber attacks. Hackers are increasingly targeting small businesses due to their vulnerabilities, with losses reaching nearly $7 billion in 2021. While Cyber Insurance coverage holds much value in mitigating this risk, many organizations are unaware of its importance. According to an industry survey, 61% of small businesses…

Cyber Insurance has become a necessity in the modern business landscape as cyber crime continues to increase in number and sophistication. The average cost of a data breach in the United States currently amounts to $9.44 million. According to industry data, the global cost of cyber crime is expected to rise by $23.84 trillion within the next five years. Rising…