Ritman Insurance Insights

Cyber Crime in the form of Ransom Attacks

Posted 3:10 PM by
RITMAN Agent Adam Gwaltney focuses on legal professional liability, title agent errors & omissions liability and cyber liability insurance. Read his latest blog below regarding Cyber Crime.

 

Cyber crime in the form of ransom attacks continues to rise...no matter who you are or what your company does. Falling into a ransom attack is like walking into a minefield, it is totally indiscriminate. These attacks can cripple your business at a minimum. Recent industry reports indicate ransomware attacks increased over 200% from 2015 to 2016. And the hits keep coming. Law enforcement sources state that many of these ransom cases go paid but unreported. Current statistics from the FBI indicate that about 4,000 ransom attacks are reported daily. One can only speculate as to how many go unreported.

Ransom attacks are not only continuing to increase exponentially in number of daily attacks, they are becoming more sophisticated and for increasingly higher ransom amounts. If your company, organization or association doesn't have a data security policy in force that provides ransom coverage....you are officially behind the curve.  To quantify in dollars and cents, our agency has seen ransom attacks range from $23,000 in total costs to the business to upwards of $100,000.

How deep is your pocket?



 

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Are you protected from social engineering fraud?

Posted 4:00 AM by

Social Engineering Fraud is rampant with attacks originating from around the globe, as well as from your own back yard. Impersonation of management personnel or a client to deceive a staffer happens every single day.

Is your firm protected if an employee unknowingly provides data or financial access that could cost you thousands or even millions? Watch the following video provided by Chubb and contact us right away to review your cyber liability coverage.

 

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You did WHAT with my firm’s files?

Posted 4:43 PM by

Law firm stores closed files in a remote access storage facility.  As has been the usual course for several years, the lawyer travels to the facility to retrieve a file and is told that the storage facility has been sold and the new owner has transferred the firm’s files to an out of state facility without the law firm’s knowledge or permission.  Oh, S#&@! The new storage facility owner does not have an inventory of what was removed from the old unit or what was delivered to the new unit and is hesitant to disclose the location of the firm’s files.   The lawyer is instructed to log-in to the facility’s website to submit a request to have the needed file couriered to the lawyer at the law firm’s expense.

The new owner also requires the law firm to sign a new payment contract but does not provide them a new vendor agreement.  The payment contract includes a monthly charge for data breach response services.  Furthermore, the law firm was pre-enrolled in this program without their knowledge and or approval and had to opt out of the program in writing.  Double S#&@! The law firm calls Ritman agent who advises that such a data breach response service would directly jeopardize the firm’s standalone cyber liability insurance policy.  Cyber liability insurance carriers mandate that the breach notification services are controlled by and carried out using their approved vendors in conjunction with their approved legal counsel.

And finally, the storage facility’s data breach response service advises the law firm incorrectly that in the event of a breach wherein non-public information or personal health information of individuals in three different states did not require notification in those three states, but only the state in which the law firm is domiciled.

The moral of this story?  There are many.  Keep in close communication with your vendors.  Review each party’s duties and responsibilities before signing vendor agreements. But most importantly, call RITMAN if you have a question.  As your trusted advisor, we have your best interest at heart.

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Differences in Worker's Compensation

Posted 8:50 PM by
How does Worker's Compensation Coverage differ between Corporations, Partnerships, LLCs, LLPs, Sole Proprietorships and Professional Corporations...
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DATA BREACH - Be Aware

Posted 9:41 PM by
49 states have state specific laws re data breach. Over one-half of the 49 states, notification have to be sent not only to the affected individual but to other third parties such as: Credit Bureaus, State Attorney General Office, State Police and the State Department of Consumer Affairs...
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