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Cyber-liability Insurance The Blame GameCyber-liability Insurance

 

The Business-Standard recently reported that RPG Group was the latest victim of a cyber-attack. Fraudsters hacked its current account and siphoned off almost half a million dollars.

Cyber-security experts in India blamed the banks and Reserve Bank of India (RBI) for not being proactive enough to stop the attack. In addition, bank accounts were being created using fake documents and there are no effective know-your-customer measures to check this. As a regulator, RBI holds the responsibility to check what is happening.

However, bankers have a different view. They..



Posted:June 25, 2013

Directors & Officers Insurance Grooming Future LeadersDirectors & Officers Insurance: Grooming Future Leaders

Part of being a business owner or top executive is planning for the long term growth and success of your company. This may mean preparing a future without your guidance. To ensure longevity, Directors and Officers must create a succession plan to continue their business after they are gone.

Part of those duties include finding and developing successors. Here are some tips on how to groom future company leaders.



Posted:June 14, 2013

Cyber-Liability Insurance Fortune 500 LaggingCyber-Liability Insurance: Fortune 500 Lagging

Cyber-crime is one of the newest liabilities companies are facing on the market these days. As businesses continue to move larger portions of sensitive data and company operations onto the internet and computer networks, their risk of facing a cyber-attack exponentially increases. However, many Fortune 500 companies haven’t taken the necessary precautions.

According to a study by a national insurer, over half of Fortune 500 firms believed their firms would be seriously harmed by a cyber-attack. Yet many are still unprepared for one.

The top..



Posted:June 13, 2013

EPLI Trends Part II Employment Liability & Social MediaEPLI Trends Part II: Employment Liability & Social Media

Employment-related risks have grown with the use of social media. While it is a great marketing tool that allows companies to reach a level of branding that was previously unheard of, it also increases a company’s liability.

The average social media user creates more than 90 pieces of new content a month. Over 30 billion pieces of content are shared every month. That’s a million more reasons that you should be careful about your company’s social..



Posted:June 11, 2013

EPLI Trends Why You Should Reassess your CoverageEPLI Trends: Why You Should Reassess your Coverage

Employment practices liability (EPL) claims are a significant area of exposure for companies. Across the country there has been an increasing trend of EPL claims and exposures. There are a number of factors for this increase, including trends that could offer the amount of EPLI coverage you offer to your clients.

First, there’s an obvious increase in sheer numbers. The Equal Employment Opportunity Commission (EEOC) received 99,447 charges from employees alleging employment practices violation- including discrimination, retaliation and..



Posted:June 6, 2013

Privacy & Network Security Coverage Employees Cause Data BreachesPrivacy & Network Security Coverage: Employees Cause Data Breaches

 

Many clients and businesses are reluctant to purchase Cyber-security coverage because they don’t think they truly need it. It’s true; the high profile attacks on large corporations are splashed across the headlines. But smaller and midsize businesses are just as likely to experience data breaches. And, with more limited resources, they have more difficult recovering from them.

What’s more, the majority of data breaches aren't from malicious hackers looking to profit off your information. The majority..



Posted:May 30, 2013

Axis Insurance Services, LLC to Exhibit at Upcoming PLTA Convention

FRANKLIN LAKES, NJ – Axis Insurance Services, LLC is proud to announce we will be exhibiting at the 92nd annual Pennsylvania Land & Title Association Convention (PLTA), in Cambridge, MD from June 2nd – 4th.

Javier Gonzalez, our EVP of Sales and Tom Barrett, VP/Account Executive will be representing the company at the PLTA convention.

This convention attracts PLTA members, title agents and other related real estate professionals from all across the country. Close to 200 professionals will be in attendance and will come to share insights, new industry trends, participate in networking events and learn..


Posted:May 30, 2013

Directors and Officers Insurance for Nonprofit OrganizationsDirectors and Officers Insurance for Nonprofit Organizations

 

For years directors and officers of nonprofit organizations enjoyed a sense of invulnerability because their services were generally not an attractive target for litigation. However, this is no longer the case.

The number of cases and claims is increasing, even for nonprofits. And with increased public scrutiny, directors and officers are becoming larger targets. Over 90% of claims against boards of directors involve some type of employment dispute. Employment claims against directors and officers of nonprofit corporations typically fall into..



Posted:May 28, 2013

EPL Insurance: History of Employment Practice LiabilityEPL Insurance: History of Employment Practice Liability

Since the 1990’s employment practices liability insurance (EPLI) has increased significantly in the marketplace from a new coverage to a necessity due to the growing number of of employment claims and the limited availability of coverage under existing insurance policies.

Prior to 1990, EPLI was offered only a limited basis. This quickly changed as employment litigation became one of the fastest growing areas of litigation in the United States. The Federal Whistleblower Protection Act,..



Posted:May 24, 2013

Commercial Crime Learn from the New York ATM heistCommercial Crime

Two cyber-attacks in December and February involved ATM withdrawals in over 20 countries across the globe. One member of the cyber-ring took New York City ATMs for $2.4 million in February- he collected the cash in less than 24 hours making it the second-largest cash heist of any kind in the city’s history.

The heist was part of a high tech scheme that utilized stolen prepaid debit-card number to access the cash at ATMs...



Posted:May 22, 2013

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