Report Predicts Costs up to $6 Trillion Due to Cybercrime by 2021

Dark and costly days lie ahead for the connected world, according to a recent report that estimated potential future costs of cybercrime at up to $6 trillion by 2021.

“Cyberwarfare has crossed from the digital world into our physical realm, and there is a very real potential cybercrime will lead to the loss of human life” said Robert Herjavec, founder and CEO of Herjavec Group, an information security advisory firm that sponsored “Hackerpocalypse: A Cybercrime Revelation” along with the firm Cybersecurity Ventures.

Read more at http://www.advisenltd.com/2016/09/14/report-predicts-costs-up-to-6-trillion-due-to-cybercrime-by-2021/

Erin Ayers, Report predicts costs up to $6 trillion due to cybercrime by 2021 (September 14, 2016), available with subscription at Advisen Cyber Front Page News.

Big Data Aids in Federal Fight Against Cyber Attacks: Report

Federal government agencies plagued by security breaches say they now look to big data analytics for insight into how better to protect themselves and the information they must safeguard, according to a new survey and report from MeriTalk.

“Agencies face a perfect storm of cybersecurity threats,” said Steve O’Keeffe, founder of MeriTalk, a public-private partnership focused on governmental cybersecurity. “When you’re headed into troubled waters, you need a weather forecast. Big data provides agencies with the visibility to ensure they don’t end up the river without a paddle.”

Read more at http://www.advisenltd.com/2016/09/14/big-data-aids-in-federal-fight-against-cyber-attacks-report/

Erin Ayers, Big data aids in federal fight against cyber attacks: report (September 14, 2016), available with subscription at Advisen Cyber Front Page News.

US Government Names First Federal CISO

The United States government took another step in improving its cybersecurity posture by appointing the nation’s first federal chief information security officer — Gregory J. Touhill, a retired brigadier general.

Touhill has been serving as the Department of Homeland Security’s (DHS) deputy assistant secretary for cybersecurity and communications developed programs to protect government systems and critical infrastructure. In his new role, he will manage the implementation of cyber policies and practices across government agencies. The White House also named Grant Schneider, formerly director for cybersecurity policy on the National Security Council, as acting deputy CISO.

Read more at http://www.advisenltd.com/2016/09/14/us-government-names-first-federal-ciso/

Erin Ayers, US government names first federal CISO (September 14, 2016), available with subscription at Advisen Cyber Front Page News.

Economic Losses from Louisiana Floods Over $10B; Insured Losses Much Lower

Catastrophes in the month of August took a serious economic toll, with total damages from the “historic” Louisiana floods expected to top $10 billion and an earthquake in Italy leaving 266 people dead, according to Aon Benfield’s latest global catastrophe report.

“A slow-moving area of low pressure brought multiple days of extreme rainfall across parts of the Gulf Coast and Midwest in the United States, causing catastrophic flood damage in several communities,” stated Aon Benfield in its report.

Read more at http://www.advisenltd.com/2016/09/14/economic-losses-from-louisiana-floods-over-10b-insured-losses-much-lower/

Erin Ayers, Economic losses from Louisiana floods over $10B; insured losses much lower (September 14, 2016), available with subscription at Advisen Professional Front Page News.

FTC Chair Suggests Nature of “Personally Identifiable” Info is Changing

A recent speech by Federal Trade Commission chairwoman Edith Ramirez offers clues to how the active regulatory agency will view the use of data analytics by businesses and what the future of “privacy” will entail.

“As new technologies and business models continue to emerge, however, we hear with increasing frequency the claim that technological innovation and big data have rendered certain fundamental tenets of privacy, particularly the idea of consumer consent, outdated and ill-suited for today’s digital world.

Read more at http://www.advisenltd.com/2016/09/14/ftc-chair-suggests-nature-of-personally-identifiable-info-is-changing/

Erin Ayers, FTC chair suggests nature of “personally identifiable” info is changing (September 14, 2016), available with subscription at Advisen Cyber Front Page News.

Ransomware: A Nightmare for Businesses

Ransomware is one of the biggest cyber threats faced by businesses of all sizes. After witnessing serious attacks in 2015, experts expect the number, intensity, and financial impact of ransomware attacks to increase significantly in 2016.

What is ransomware? What damage can it cause businesses? What is the average payment demanded by cyber criminals?

Read more and download the infographic at http://www.advisenltd.com/2016/09/13/ransomware-a-nightmare-for-business/

Hiscox Ltd."Ransomware: A Nightmare for Businesses [Infographic]". Advisen Ltd. | Hiscox Ltd. September 2016. Web. 14 September 2016.

Evolving Cyber Risks for Small Businesses

September 14, 2016

11:00 am - 12:00 pm EDT 

Every organization faces cyber risks, from the largest Fortune 100 companies down to the smallest mom-and-pop shops. But small businesses are particularly vulnerable, especially when it comes to collecting customer data and performing online transactions. For a smaller business, the task of preventing, detecting, and remediating system intrusions can seem overwhelming, but there are several relatively easy and affordable best practices that all organizations can and should implement to improve their cyber security posture.

On Wednesday, September 14, join IDT911’s Eduard Goodman, Advisen’s Erin Ayers and a panel of experts as they discuss the steps any small business can take to address their cyber risk effectively.

This free, one-hour webinar is sponsored by IDT911.

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/08/24/evolving-cyber-risks-for-small-businesses/

Advisen Ltd. (2016). Evolving Cyber Risks for Small Businesses [Webinar].

Regulatory Investigations – Reduce the Costs, Minimize the Risks

September 13, 2016

11:00 am - 12:00 pm EDT 

The Securities and Exchange Commission’s (SEC) Enforcement Division is placing a greater focus on investigations and is growing its resources to reinforce its investigative functions. As a result, companies are increasingly confronted with the risk of prolonged regulatory scrutiny and the costs associated with responding to a formal or informal investigation.

On September 13, Advisen will host a webinar on the current regulatory environment.

For more info and registration for this webinar, visit http://www.advisenltd.com/events/webinars/2016/09/13/regulatory-investigations-reduce-the-costs-minimize-the-risks/

Advisen Ltd. (2016). Regulatory Investigations – Reduce the Costs, Minimize the Risks [Webinar].

Cyber in Property Policies, Drones, and Labor Laws Areas to Watch for Insurance Buyers

Insurance coverage for cyber-related property damage, new regulations for drones, and upcoming changes to federal labor laws topped the list of concerns for insurance buyers as experts from Marsh discussed the broker’s recent midyear report.

The potential for property damage to occur as a result of a cyber attack has been at the forefront of insurance discussions and Marsh’s property practice leader Duncan Ellis reported during a webinar this week that a few insurers now provide some element of coverage. He cited FM Global and Zurich incorporating cyber as a peril in their property policies, and noted that AIG recently released a broader cyber policy to address property damage, bodily injury, and business interruption. Marsh clients have shown increased interest in cyber coverage as part of their property program, according to Ellis.

Read more at http://www.advisenltd.com/2016/08/16/cyber-in-property-policies-drones-and-labor-laws-areas-to-watch-for-insurance-buyers/

Erin Ayers, Cyber in property policies, drones, and labor laws areas to watch for insurance buyers (August 16, 2016), available with subscription at Advisen Professional Front Page News.

Billions in Potential Marine Insurance Losses as RMS Ranks the Top 10 Riskiest Ports

On the one-year anniversary of the Tianjin Port explosion, ranked as one the highest insured losses in history, catastrophe modeling firm RMS evaluated potential losses at other world ports to aid insurers in their “guessing game” of where disaster could next strike and to what degree.

RMS’ marine risk experts calculated the 1 in 500 year loss probability for ports in nearly 80 countries, looking at cargo type, storage location (near the water or further inland), type of storage (warehouses, containers, etc.), and how long cargo remains in port (which can vary based on automation, labor, and whether goods are imported or exported). RMS noted, for example, that although container shipping has improved the global economy, it increases catastrophic risk exposure due to larger ships.

Read more at http://www.advisenltd.com/2016/08/16/billions-in-potential-marine-insurance-losses-as-rms-ranks-the-top-10-riskiest-ports/

Erin Ayers, Billions in potential marine insurance losses as RMS ranks the top 10 riskiest ports (August 16, 2016), available with subscription at Advisen Professional Front Page News.