Insider hacking poses huge cyber risk

Cyber Liability Insurance

Insiders account for most cyber theft losses

Outside hackers, whether domestic or part of criminal gangs in Eastern Europe and Asia, get most of the media attention. However, a bigger cyber risk is inside jobs by a company’s own employees. These crimes account for 70 percent of all security incidents that result in losses, according to some sources.

This is known as authorized access for unauthorized use.

Disgruntled or simply dishonest employees, independent contractors, or employees of independent contractors may steal confidential information such as credit card numbers, bank account information, or proprietary information such as trade secrets or intellectual property.

Most Cyber Liability policies only cover unauthorized access by outsiders. Make sure that your policy also covers authorized access for unauthorized reasons.

For a assistance determining your coverage needs, please call us at 800-622-7370


Source: Do You Need Coverage For Cyber Risks? The John Liner Letter, Vol. 43, No. 7, June 2006.

 

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