News

18/08/2018 20:28
  Although cyber risk premiums have expanded sizeably in recent years and loss ratios compared favourably relative to other product lines, sustainable growth of the cyber insurance market...
13/08/2018 07:44
There is a very large untapped market for selling cyber insurance to small businesses. How can brokers best approach small business owners to offer them cyber coverage? A recent 2018 study of...
06/08/2018 11:24
Today, the European Insurance and Occupational Pensions Authority (EIOPA) published its report "Understanding Cyber Insurance - A Structured Dialogue with Insurance Companies" (EIOPA Understanding...
16/07/2018 22:56
Cyber insurance has huge potential but the cyber insurance market remains frustratingly immature and is not keeping pace with threats and technology. Whereas many businesses have property insurance,...
24/06/2018 08:42
The International Monetary Fund--or IMF--says average annual potential losses from cyber-attacks could be close to 9% of banks’ net income globally, or around $100B. In a severe scenario...
17/06/2018 14:24
Specialist insurance provider behind BIBA’s cyber insurance scheme, CFC, will be launching its new BIBA Cyber Guide at BIBA 2018. While one of the most talked about topics in business insurance,...
17/06/2018 14:22
Cyber risk often touches companies in unexpected ways. In May 2017, an engineering firm learned this when it lost access every last piece of data it held. This included all of the firm’s technical...
12/06/2018 07:14
It’s no wonder when you bring two massive technology shifts together experts in each area rush to weigh in at the intersection. Akshay Sharma, Principal Analyst for the boutique advisory firm...
20/05/2018 20:15
Today’s cyber risks come in all shapes and sizes, from disclosure of protected information due to hacking or employee negligence, through network shutdown or impairment, regulatory violations, and...
18/05/2018 08:27
The potential financial impact of the General data Protection Regulation (GDPR) has generated concern across organizations globally. It is important for you to be aware of how the insurability of...
11/05/2018 07:37
I first got involved in cyber liability insurance back in 2011. An underwriter contacted me for some advice around a new ‘cyber’ thing that they were planning to launch and had seen me speak at a...
27/04/2018 07:03
Boards are facing the challenge of having to innovate to keep up with evolving digital technology and ensuring their firms are resilient to new cyber threats.   There has been a lot of...
27/04/2018 06:23
The spending is shifting more toward data security and IT systems. Equifax carries $125 million in cybersecurity insurance with a $7.5 million deductable. Equifax's first quarter earnings report...
25/04/2018 13:30
Μost carriers say that cyber insurance is quite profitable for them at the moment, and a majority are also using reinsurance to manage their exposures, PwC found in a new global survey of specialist...
14/04/2018 02:20
The last 40 years have seen a transformation in where value lies for most organizations. In 1975, more than 80 percent of the market cap of the S&P 500 was derived from physical assets and...
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Cyber Rescue Ltd.

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 The First 24 Hours Checklist 

  

Panicking won’t get you anywhere once you’ve discovered a data breach. Accept that it’s happened and immediately contact your legal counsel for guidance on initiating these 10 critical steps:

  • Record the date and time when the breach was discovered, as well as the current date and time when response efforts begin, i.e. when someone on the response team is alerted to the breach.

  • Alert and activate everyone on the response team, including external resources, to begin executing your preparedness plans.

  • Secure the premises around the area where the data breach occurred to help preserve evidence.

  • Stop additional data loss. Take affected machines offline but do not turn them off or start probing into the computer until your forensics team arrives.

  • Document everything known thus far about the breach: Who discovered it, who reported it, to whom was it reported, who else knows about it, what type of breach occurred, what was stolen, how was it stolen, what systems are affected, what devices are missing, etc.

  • Interview those involved in discovering the breach and anyone else who may know about it. Document your investigation.

  • Review protocols regarding disseminating information about the breach for everyone involved in this early stage.

  • Assess priorities and risks based on what you know about the breach.

  • Bring in your forensics firm to begin an in-depth investigation.

  • Notify law enforcement, if needed, after consulting with legal counsel and upper management

Source: Experian Data Breach Guide

 

 

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