Agrisilience

Key Takeaways:
  • Precision agriculture and technological advances in food production and distribution represent countless pathways to potential cyber liabilities in the agribusiness setting
  • The distinct nature of commercial agribusiness and farm operations and insurance present unique data security threat vectors and, therefore, require targeted partnerships to respond to the segment’s business needs
  • Agritech + cyber resilience = agrisilience
Agritech has been broadly defined as the use of technologies and innovations to improve food production and distribution. It is yet another term of art in the… Continue Reading

Cyber Insurance: Enabler of Ransomware Events? Not Quite

Ransomware is once again front and center in the news with reports of a rash of attacks on public and private entities throughout the United States. Some suggest that the proliferation of cyber insurance is fanning the flames of cyberattacks, but there is scant evidence to support that conclusion. In fact, cyber insurance merely offers insureds options in how to respond to a ransomware event. A recent ProPublica article speculates that cyber insurance’s ability to assist insured’s operations to quickly recover from a ransomware event… Continue Reading

Yearly Cyber Report Reveals Large Increases in Cyberattacks and Costs

The third Hiscox Cyber Readiness Report, which was published in April 2019, highlights the increased cyber risks that businesses are facing. The report, which drew data from seven countries (Belgium, France, Germany, the Netherlands, Spain, the United Kingdom, and the United States), noted the marked rise in both the amount of attacks and the overall costs stemming from cyber losses. Turning first to the increase in cyberattacks, 61 percent of respondents reported a cyber incident, up from 45 percent last year across the seven… Continue Reading

ACE Group and The Institutes Launch Dedicated Cyber Risk Programs

This week, two major industry players announced the launch of dedicated cyber risk programs. ACE Group, one of the world’s largest multiline property and casualty insurers, announced the launch of its new dedicated cyber risk business unit in response to internal research showing that cyber risk is a “top three” emerging issue among European risk managers.  ACE first established its global cyber practice in 2014, and is seeking to strengthen its leadership in this new risk area with the addition of full-time dedicated cyber underwriting… Continue Reading

Digital Cloning: Hacking Your Fingerprints

While your biometrics may be as unique as a snowflake, they can still be digitally captured, copied and used to gain access to your “secure” computer network and data storage facilities.  Using standard photos taken during a press event in October and commercially available software, a 31-year-old member of Europe’s largest association of hackers successfully re-created a digital fingerprint of German defense minister Ursula von der Leyen.  The digital print could then be used not only to fool security software, but with the increasing sophistication… Continue Reading

Cy-“Burned” – The New Importance of Cyber Insurance

Data breaches that result in the unwanted dissemination of personal information are prevalent in the news of late, particularly given the rapid growth of electronically stored information and online commerce. A data breach can be very, very expensive even for the smallest of companies. This post was originally published on Professional Liability Matters. Please click here to read the rest of the article written by Seth L. Laver, Jessica L. Wuebker, and Matthew D. Cabral.… Continue Reading