WIN Magazine - Spring 2016 - (Page 10)

FEATURE SURVIVING THE CYBER-LIABILITY AVALANCHE: HOW CONTRACTS WITH BUSINESS PARTNERS AND VENDORS EXPOSE COMPANIES TO CYBER-LIABILITY R BY THEODORE M. SCHAER AND ELIZABETH S. FITCH 10 | v i e w t h i s i s s u e a t | ECENT HIGH PROFILE data breaches are indicative of the cyber breach avalanche that has arrived. For every Target, Sony, and Anthem, there are dozens of small to mid-size companies that are data breach victims. The 2015 McAfee Security Paradox Report reveals that 63 percent of midsize U.S. companies (51 to 1000 employees) have experienced a data breach this year.1 And why? The answer is simple: Small to mid-size businesses lack proper security and administrative controls, thus making them easy targets for hackers. According to a Symanteck report, 50 percent of the cyber attacks were directed at businesses with less than 2,500 employees with the largest segment being companies with less than 250 employees. A report by PWC indicated that 10 percent of organizations that suffered a breach in the last year were so damaged that they needed to change the nature of their businesses completely.

Table of Contents for the Digital Edition of WIN Magazine - Spring 2016

Surviving the Cyber-Liability Avalanche: How Contracts with Business Partners and Vendors Expose Companies to Cyber Liability
Data and Analytics: Another Dimension to Underwriting in the Specialty Insurance Market
Embracing New Technologies & Attraction Marketing Strategies
How the Cloud Levels the Playing Field for MGAs
Staying Agile in an Era of Disruption
Standardizing the Non-Standard Industry: E&S Working Group Champions Automation and Efficiencies
Using Technology Communities to Foster Innovation in the E&S Wholesale Distribution Model
Autonomous Vehicles: Considerations for Personal and Commercial Lines Insurers
AAMGA 2016 HeatMap of Emerging Issues and Trends: Challenges and Opportunities for the Specialty Insurance Industry
A Personal Note on Leadership: There’s Hope in the Young
In the WIN-ner’s Circle: Jim Mastowski and Coryn Mastowski Thalmann of Jimcor Agencies
Index of Advertisers

WIN Magazine - Spring 2016