From botnets to phishing, stock price manipulation to ATM hacking, online crime has been popping up in the news with an increasing frequency. Although it is difficult to quantify how much cybercrime is actually taking place out there – especially because many companies don’t report attacks – in 2005, an FBI source estimated that the annual losses to businesses emanating from cybercrime in the US alone amounted to over 67 billion USD. In all likelihood, this figure may have doubled, if not tripled since then. As a result, the need to have technology insurance coverage in place is more important than ever before.
The internet connects you and your business to the world. Unfortunately, without internet liability insurance, this connection also exposes you to a world of risk. These legal hazards are typically not covered by the standard errors and omissions policy in your business liability insurance. Not only e-commerce sites are at risk – any business-related internet activity can present a liability, even simply using e-mail. The more your business utilizes an online presence to prosper and expand, the more you have to lose when operating without internet liability insurance.
Cyber crime may sound like it comes out of a 1980’s Science Fiction novel but it has become a very real part of the computer age today. There’s no escaping it and while it may not be quite the reality envisioned by those struggling visionaries, it is a big deal and it is very relevant.
In fact, simply owning a computer makes cyber crime relevant. For a business relying on its website or IT for daily functioning, cyber crime has the potential to destroy all that you have created. Read the following cyber crime news updates and consider how your business could be affected:
Consider this: Without Intellectual Property Rights the human race could come to a standstill in innovation. Without being able to copy brilliant ideas of others, more people are encouraged to join the race and create better inventions and think brighter thoughts.
Plant Science products. Lifesaving Drugs, Kidney Dialysis machines. These and many other innovations, which help to improve the lives of human beings, are all copyrightable and patentable. Similarly, copyright covers arts, including literature, music, television and film works, which entertain billions of people.
Whole industries exist on the back of these artistic inventions, which in turn generates the need for a copyright and IPR insurance. For instance, special effects equipment for cinema industry now exists to provide computer animation – and it’s all covered with many patents.
Facebook Viruses and Facebook Malware are being distributed more often every day, marking the beginning of a new and evolving cyber security risk.
Facebook is a powerful networking tool. As companies and employers start to recognize advantages of allowing their employees to access the social networking site during business hours and the benefit of running a company Facebook page, they unknowingly put themselves at a serious risk for a cyber security breach.
With advanced hacking technologies and so many examples of past cyber security breaches to learn from, hackers are able to record passwords entered into Facebook. Since 1/3 of Internet users use the same password for almost everything that requires one, obtaining a password from a social networking site that is connected to a business often provide hackers with a smooth entrance to more valuable information your company holds (read: What can happen if your business is hacked?). Continue reading