Telemedicine & Cyber Risk: Time for a Check-Up

Telemedicine, the use of telecommunication and information technology to provide clinical healthcare from a distance, has revolutionized the delivery of healthcare services in recent years. However, with great technical advances come a wider spectrum of cyber threats, including telemedicine security risks.

While external threats coming from malicious actors are widely acknowledged, healthcare service providers must also pay attention to other sources of threats including employee error, unintentional disclosure, and insider threat.

In addressing telemedicine security risks, it is important to look for policies that combine the appropriate mix of professional liability, general liability and privacy and network security (cyber liability).

Visit https://www.advisenltd.com/2018/04/26/telemedicine-security-risks-cyber/ to learn more and download the full infographic.

Aspen Insurance | CRC Group | Advisen Ltd. April 2018. Telemedicine & Cyber Risk: Time for a check-up [Infographic].

Hacked Medical Device: ‘Where Bits and Bytes Meet Flesh and Blood’

White-hat hackers joined the white coats in a simulation of a hacked medical device during this year’s RSA Conference in an effort to demonstrate the very real cyber risk faced by healthcare organizations in securing medical devices.

“Our dependence on connected technology is growing much faster than our ability to secure it,” said Josh Corman, chief security officer and founder of cybersecurity firm PTC.

“Nothing’s going to change until someone dies, so we’re going to do what any good, self-respecting hackers would do and we killed people,” said Corman.

Erin Ayers, Hacked medical device: ‘where bits and bytes meet flesh and blood’ (April 23, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Advisen Data Spotlight: The Credit Card Breach is Back, Baby! (Or is it?)

In recent years, there have been no shortage of cyber-related headlines. The emergence of ransomware, concerns over the systemic impact of cyber attacks, and various other emerging risks have monopolized much of the conversation around cyber risk. But a flurry of recent high-profile credit card breaches begged the question as to whether cyber risk has come full circle. Is the credit card breach back? Have credit card breaches ever really gone away?

To get a better understanding of trends surrounding credit card breaches that occurred with malicious intent, Advisen tapped into its cyber loss database in search of answers.

Josh Bradford, Advisen Data Spotlight: The credit card breach is back, baby! (Or is it?) (April 16, 2018).

The Future of Cyber Risk Modeling

April 24, 2018 at 11am EDT

Effectively managing and modeling cyber risk can make all the difference for insurers, reinsurers, and brokers. As cyber insurance expands and evolves, the insurance industry must make well-informed underwriting decisions to meet both market demand and ensure financial success. From pricing more accurately to managing cyber aggregation, harnessing data analytics and modeling can usher the insurance industry into the future of cyber risk.

For more info and registration of this upcoming webinar, visit https://www.advisenltd.com/2018/04/24/the-future-of-cyber-risk-modeling/

Advisen Ltd. April 2018. The Future of Cyber Risk Modeling [Webinar].

Insurers Can Play a Role in Building Resilience to ‘Unforeseen Risks’

The insurance industry has a key role to play in assisting their clients in facing the challenges outlined in the recent World Economic Forum’s 2018 Global Risks Report, including cyber risk, environmental and sustainability risks, and political risks.

The report asks global leaders to reflect on the most serious challenges facing business, government, and society – in the 2018 report, environmental risks including extreme weather events, natural disasters, and failure to adopt climate change mitigation were named as some of the most pressing issues in terms of likelihood and potential impact. Cyberattacks also ranked among the top five risks.

Erin Ayers, Insurers can play a role in building resilience to ‘unforeseen risks’ (January 26, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Professional Front Page News.

Cyber Events Increase for Oil and Gas Orgs, Now Planning Should, Too

More oil and gas organizations (60 percent) reported “significant” cybersecurity events in 2017, up from 41 percent the previous year, according to Ernst & Young’s Global Information Security Survey, but just 17 percent feel comfortable detecting sophisticated cyberattacks.

Nearly all respondents (95 percent) say their cybersecurity efforts meet their organizational needs, even as the urgency is increasing. Greater adoption of connected devices in the industrial sector means that informational and operational technology have collided. With the industrial sector a key part of many supply chains, the time for attention to cyber-physical risks is now. The report indicated that while efforts to steal intellectual property, data, or finances have dropped for oil and gas organizations, malware and phishing efforts are on the rise.

Erin Ayers, Cyber events increase for oil and gas orgs, now planning should, too (January 22, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Hacking the Olympics Demands Greater Attention to Connected-Device Risk

Hackers targeted organizations involved in planning next month’s Winter Olympic Games in South Korea, according to recent reports from security researchers, an incident that illustrates the wide reach of cyber risk as connectedness increases.

According to McAfee Labs, the primary targets of the hacking campaign – which involved malicious documents attached to emails – were organizations associated with Olympic ice hockey competition. Other Olympic-related hacks have also been reported — Russian cyberespionage group Fancy Bear released emails stolen from the International Olympic Committee as suspected retaliation over the Russian Federation’s ban from the Pyeongchang Olympics in February.

The targets of the hacking campaign uncovered by McAfee seem more aimed at stealing sensitive information and McAfee did not speculate on attribution for the attack.

Erin Ayers, Hacking the Olympics demands greater attention to connected-device risk (January 15, 2018).

Cyber Risk Analytics Webinar

Tuesday, February 27, 2018 11:00 AM ET

Cyber OverVue™ is a cyber risk analytics solution that leverages historical loss data to generate a loss profile and benchmark analysis in one application, facilitating data-driven decision-making about the cyber risk of an organization.

During this webinar, Product Manager Aloysius Tan will demonstrate how you can easily identify frequency and severity drivers with Cyber OverVue and discuss the implications.

For more info and registration for this upcoming webinar, visit https://www.advisenltd.com/2018/02/27/cyber-risk-analytics-webinar/

Advisen Ltd. February 2018. Cyber Risk Analytics Webinar.

2018 Will Feature Continued Vulnerability Exploits and Expansion in Cyber Insurance Options

2017 may have been the year in which organizations began to fully understand that “cyber risk” means more than retail data breaches and 2018 for the cyber insurance industry will call for continued efforts to meet the expanding needs of their clients.

A key theme of 2017 included the exploitation by cybercriminals of known vulnerabilities to cause chaos, business disruption, and financial losses. Experts agree that the tactic is unlikely to end any time soon.

Erin Ayers, 2018 will feature continued vulnerability exploits and expansion in cyber insurance options (January 4, 2018), available with subscription at Advisen Cyber Front Page News.

Coalition: Underwriting Cyber Like an Adversary

Coalition, launched December 5, said it has the capability to quote, bind and issue a customized cyber insurance policy online in less than 5 minutes by looking at companies like a hacker.

“We are looking at companies like a real-life adversary would for all the things we might use to hack them,” added Joshua Motta, co-founder and CEO of Coalition—described as a provider of a full suite of cybersecurity products for small and midsize businesses, including cyber and tech E&O insurance of up to $10 million, backed by Swiss Re Corporate Solutions and Argo.

Coalition’s software “thinks like an underwriter without any underwriters,” said Motta, who started his first company at 13 years old. Microsoft subsequently bought the software Motta created and then hired Motta at age 15. After high school, Motta joined information operations at the CIA where he learned “how offense works” as a component to cybersecurity.

Chad Hemenway, Coalition: Underwriting cyber like an adversary (December 7, 2017), available with subscription at Advisen Cyber Front Page News.