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.  On average, a relatively small breach that involves less than 10,000 records reportedly costs about $2.4 million in out-of-pocket expenses, $3 million in lost revenue, and no small amount of lost client confidence. Despite this risk, another recent study found that …

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Insider Trading at Law Firms? You Bet.

Law firms house a treasure trove of sensitive documents, confidential information, trade secrets and other materials of immeasurable value. Most professionals are aware of these risks and take steps to safeguard cyber and hard copy materials. Yet, the frightening ease with which materials land in the wrong hands was made public recently when a stock broker and a law firm employee were arrested on charges of fraud in connection with  a $33 million insider trading scheme. 

According to reports, here is how the scheme …

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Cybercrime Strikes Target Corp

Target Corporation, the nation’s number two general retailer (after Wal-Mart), was recently the center of a cybercrime attack that may have compromised as many as 40 million credit and debit card accounts. Target revealed that a third-party had breached its security safeguards during the height of the holiday shopping season and gained access to private customer data, including shoppers’ names, credit card numbers, expiration dates, and three-digit security codes. This highly publicized debacle highlights the risks of cyber exposure.

Target’s large scale data breach is …

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