Because Security Gives Us Freedom.
The following is a guest blog, published with the author’s permission. Click here to read the original post at Tressler LLP.
While some courts have found coverage for data breach claims under CGL policies, there should be little dispute that the best way to limit risk is to obtain a cyber policy rather than hoping for coverage under a CGL policy.
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“The National Bank of Blacksburg lost $2.4 million to Russian hackers and its insurer only wants to reimburse it $50,000, according to a lawsuit the bank filed in U.S. District Court in Roanoke,” stated The Roanoke Times on July 26, 2018.
How could they have protected their assets more effectively? What gaps do they still have with their cybersecurity? Unless they conduct a cybersecurity audit, gaps may still exist that could be exploited with fraudulent transactions and ransomware.
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On, March 1, 2019, all banks, other regulated entities and persons regulated and licensed through the Department of Financial Services (DFS) must be in compliance with the requirements of 23 NYCRR 500.11.
If you do business in New York State—and who doesn’t?—these NYDFS cybersecurity requirements apply to you; your bank must be in compliance.
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After tricking employees into opening emails that gave them access to debit card account numbers at National Bankshares of Blacksburg, Virginia, Russian hackers stole $2.4 million from hundreds of ATMS across the country in 2016 and 2017, news accounts say.
To make matters worse, the bank’s insurer has offered only $50,000 to cover the loss, a dispute that is now in federal court.
Taking your insurance company to court is one way to reduce your cyber security losses. A better way is to arm yourself against such losses in the first place. At onShore Security, we have 20 years experience in protecting banks from cyber intrusions and a comprehensive system of detection, analysis, and ongoing vigilance that builds security, inside and out. Learn more from our CEO in the video below.
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The following is a guest blog, published with the author’s permission. Click here to read the original post at Tressler LLP.
Courts have generally defined “spoofing” as “the practice of disguising a commercial e-mail to make the e-mail appear to come from an address from which it did not originate. Spoofing involves placing in the ‘from’ or ‘reply-to’ lines, or in other portions of e-mail messages, an email address other than the actual sender’s address, without the consent or authorization of the user of the e-mail address whose address is spoofed.”
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