Cyber Insurance Case Study

With cyber war, nations are able to skip the battlefield. Gone are the days where troops line up across from each other hoping to do damage to the other. Clarke explains that people, industries, governments, companies and organizations can be possible targets and are vulnerable to these attacks. Keeping that in mind should help these targets become defensive minded and shield off attacks before they happen. As we all know, the prevention is better than the

H.R. 1731, the National Cybersecurity Protection Advancement (NCPA) Act, is bipartisan bill passed unanimously by the Committee on Homeland Security. This pro-privacy, pro-security bill ensures the sharing of cyber threats is transparent and timely. It strengthens the NCCIC’s role as the lead civilian interface for cyber threat information sharing by: Providing liability protections for the voluntary sharing of cyber threat indicators and defensive measures with the NCCIC or private-to-private. Granting liability protections for private companies to conduct network awareness of their own information systems. Allowing companies to operate defensive measures and conduct network awareness on information systems they own or operate. The NCPA Act also ensures personal information

Cyber security, also referred to as information technology security, focuses on protecting computers, networks, software programs and data from unintended or unauthorized access, change or destruction. Post 9/11 and other terrorist attacks, the United States grows its endeavors to repulse cyberattacks, U.S. corporate organizations and the government agencies wind up in strife over how to adjust to new methods of security and privacy. The current state of security measure protocols and privacy policies placed by the US government in cyberspace raises concerns for the 99%. This is due to the recent cyber-attacks on American corporate organization systems and government alike, where their digital information and network infrastructures within the systems were compromised, and personal data was hacked and stolen.

By: Banham, Russ. Journal of Accountancy. Oct 2017, Vol. 224 Issue 4, p28-32. 5p. , Database: Business Source Complete

A recent increase in large scale data breaches has exposed a multitude of cybersecurity vulnerabilities that pose a definite risk to consumers (Lorio, 2017). In some cases, a data breach can distress an establishment so much that other organizations experience a backlash from the repercussions (Kosseff, 2011). The Equifax data breach of 2017 is a perfect example of this kind of event as it caused an overwhelming economic repercussion that affected other major corporations and more than 143 million credit card customers worldwide (Janakiraman, Lin, & Rishika, 2018).

1. UMUC (2012).The Future of Cybersecurity Technology and Policy, CSEC 670 (Module 2). Document posted in University of Maryland University College CSEC 670 9042 online classroom, archived at: http://webtycho.umuc.edu

The ITF tries to make the public and private sector work together more effectively. It also ensures that the policies are adopted widely among security enterprises. It is understood that protecting critical infrastructures is in the interest of both the government and the private sectors. In reality, private sectors usually have different business priorities that need to be addressed before security. Even though there are independent market-base incentives already in place that organizations can take advantage of, cyber risks outgrow the pace of security improvements. To address the problems and to coordinate with the private sectors and provide incentives for them, the Incentives Working Group was created to study different incentive options and their cost benefit to encourage best security practice implementation across organizations (“Analytic Report: Executive Order 13636 Cybersecurity Incentives Study” 4). To encourage organizations to create and provide security products and services for the Framework, the government provides grants for R&D and allows these organizations to recover their investments with special rates. For the Framework adopters, they are provided with financial and tax incentives to offset the cost of adoption (6). Furthermore, the government introduces regulations that place capped security liabilities for adopters and

Numerous association and organizations in this world, including government and military store a lot of secret data on PCs and send essential information around the world to different PCs. With programmers out there, there ought to be an extraordinary level of security to ensure these information and individual data. As indicated by senate insight authorities, Cyber attack is one of the main dangers in the country so this needs to compass consideration.

The growing risk of cyber attacks has prompted the National Association of Insurance Commissioners (“NAIC”) to adopt new “Cybersecurity Guiding Principles.” The principles are intended to protect consumers by providing the insurance industry with guidelines for protecting client information and identifying risks to data.

The SEC Risk Alert highlighted the importance of cybersecurity preparedness and set the groundwork to assess cybersecurity preparedness in the securities industry. SEC Chair Mary Jo White and SEC Commissioner Louis Aguilar have made clear that financial institutions and regulated firms must be proactive and develop and maintain effective information security programs. The results of the OCIE Cybersecurity Exam Summary were released on Feb 3, 2015 after examining 57 registered broker-dealers and 49 registered investment advisers. The firms selected were intended to provide a cross-section of the industry. The staff focused on identifying risks related to cybersecurity, cybersecurity governance, policies and procedures, oversight processes, vendor and third party risk, detecting unauthorized activity, and protecting firm networks.

Operbeck, D. (2016). Cybersecurity, data breaches, and the economic loss doctrine in the payment card industry. Maryland Law Review, 75(4), 1-50. Retrieved from

The growing number of cyber security threats has brought about a proliferation of businesses offering various forms of network protection solutions. This may

People across the world are becoming disproportionately dependent on modern day technology, which results in more vulnerability to cyber-attacks including cybersecurity breaches. Today, the world continues to experience inordinate cases of cybersecurity meltdowns. There is a rapid growth in complexity and volume of cyber-attacks, and this undermines the success of security measures put in place to make the cyberspace secure for users. Cyber-attacks on both private and public information systems are a major issue for information security as well as the legal system. While most states require government organizations and certain federal vendors to report incidences of data breaches, no equivalent legislation exists to cover private entities.

In the previous five years, cybersecurity has turned into the most looked for after calling around the world. More than 90 percent of respondents to an overview directed by the Ponemon Institute (2011) detailed being a casualty to cyberattacks amid the most recent year, costing all things considered more than $2 million for each association. This number keeps on ascending as the two programmers and security devices progress. As indicated by PwC, roughly 33% of all U.S. organizations are as of now utilizing digital protection (Lindros and Tittel, 2016).

Cybercrime has become a fast growing concern for the 21st century as businesses, institutions and individuals grow into an interconnected web of computer networks. Online business transactions, along with the sharing of personal information, are vulnerable to a host of disasters that can reap economic and social havoc. Some sources say that today, cybercrime costs more than $1.0 trillion to society--Global Industry Analysts, Inc. forecasted the world cyber security market to reach $80 billion by 2017 (Gale, 2011).