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Cyber Losses are on the Rise

Cyber Losses are on the Rise

By: Drew Smith

The news lately has been filled with security breaches from cyber-space. So far the ones in the news have been large companies like Target and Home Depot, retail stores that get millions of different transactions daily, including their own reward programs which were the main focus of the attack.

But now in the last month it was revealed that JPMorgan Chase was breached sometime in August 2014. This breach was revealed to have compromised 85 million accounts, of which about 90% of the accounts compromised, about 76 million, were personal accounts. At this time, Chase believes no account numbers, user ids or Social Security number were exposed, nor have they announced any fraudulent activities.[1]

Chase is considered one the largest banking institutions in the United States and the world. If an organization like JPMorgan Chase can be compromised then any company of discernible size can be victimized. For companies like Chase this will turn out to be a costly loss. A properly structured privacy policy combined with effective controls can assist companies of all sizes protect their company’s assets.

About PL Risk

PL Risk Advisors Inc. (PL Risk) is the wholesale division of Axis Management Group Holdings Inc. which also owns Axis Insurance Services, LLC, a rapidly expanding E&O specialty broker specializing in insurance agents and commercial real estate. PL Risk offers the same high-quality expertise and markets, however focusing exclusively as a wholesale insurance broker. PL Risk believes in building solid relationships with their insurance carriers so that they can negotiate the right coverage at competitive rates. The professional staff at PL Risk has the experience and knowledge to provide retail agents with expertise and access to markets that may not be available in the general market.

 

For more information visit axisins.com or contact:

Mike Smith President
Axis Insurance Services
201-847-9175 ext. 105

Please note that the above information does not constitute any legal advice. You should consult your attorney prior to implementing any employment related policies and procedures for your company.

 

[1] http://www.zdnet.com/jpmorgan-chase-bank-hack-it-gets-worse-7000034337/

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