Every year the credit bureau, Experian, releases a forecast from their Data Breach Resolution unit. Their forecast for 2017 is available for download from their website now (short form required to be filled in to download.)
The entire report is a fascinating read, but here’s the excerpt of their 5 predictions for 2017:
Aftershock password breaches will expedite the move away from passwords. Aftershocks are when one site is breached and the personal information is then sold and used on other websites to access additional personal information. This occurs because people frequently reuse unsernames and passwords.
Nation-state cyber attacks will move from espionage to war. The recent ruckus about Russia’s meddling in the US election is proof that this will increasingly become a source of friction.
Healthcare organizations will be the most targeted sector, with new sophisticated attacks emerging. If you have clients in the healthcare field, they need cyber insurance.
Criminals will focus on payment-based attacks. The new chip based cards are a move in the right direction, but merchant’s systems still have many vulnerabilities.
International data breaches will cause big headaches for multinational companies. No surprise here. Security standards in other parts of the world are even more lax than they are here in the US. Securing all of an international organization’s points of data access will get increasingly difficult.
Hopefully this gives you some talking points when discussing cyber insurance with your clients. If you’d like to discuss a particular account prior to submitting us, we’d be happy to take a look. Call us at (513) 271-3400.
ABOUT CINCINNATI INTERMEDIARIES
Cincinnati Intermediaries is an insurance wholesale broker focused exclusively on the placement of management and professional liability insurance. They have sound expertise in Management Liability, E&O, D&O, Miscellaneous Professional, Cyber, Architects & Engineers, Financial Institutions, Lawyers and Non-Profits. Headquartered in Cincinnati, OH, they operate nationwide and are able to assist retail insurance agents with placement of coverage nationally. Cincinnati Intermediaries represents the majority of the admitted and surplus lines insurance carriers that focus on professional liability insurance in the United States.