Tag Archives: cyber attack

What Does Cyberinsurance Actually Cover? | Slate.com

So it came as a shock to the bank when its insurer, Everest National Insurance Co., ultimately refused to pay out a significant portion of the bank’s claimed losses of $2.4 million, offering instead only $50,000 on the grounds that the breaches were not covered by National Bank’s computer and electronic crime insurance rider. In June, National Bank sued Everest for breach of contract and a larger portion of the breach costs in a lawsuit that highlights just how nebulous and unhelpful cyberinsurance policies can be, as well as how little the companies purchasing those policies typically understand about their coverage.

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Is Your Small Business at Risk for a Cyber Attack? | All Business

Cybersecurity is in the news lately, with President Obama recently proposing legislation that would set federal standards for notifying consumers about data breaches. Consumers aren’t the only ones worried about a cyber attack: Small business owners, too, are concerned, says a recent report from the National Small Business Association (NSBA).

More than nine out of 10 small business owners in the study cited cybersecurity as a concern. This is not an unfounded fear: Half of them report they’ve already suffered a cyber attack, with 61 percent of those attacks taking place in the last 12 months.

What happened to these entrepreneurs as a result of the attack? A service interruption was the most common problem, followed by the business website going down. In addition, 19 percent had either their business credit cards or bank account hacked.

The cost of cyber attacks is also on the rise. In 2014 the average cyber attack cost a small business $20,752, a substantial increase from the average of $8,699 an attack cost businesses in 2013.

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