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sandy ingram

Few businesses are likely to be insured against the result of cyber attacks - Security ... - 0 views

www.securitypark.co.uk/security_article263278.html

Best Practice Privacy Security Insurance Employee Fraud unemployment resession

shared by sandy ingram on 21 Jul 09 - Cached
  • Businesses are advised to thoroughly review risk management procedures and insurance programmes to ensure they have adequate and relevant cover in place: “The responsibility to get the house in order should lie with an organisation’s Managing Director or Finance Director, and not the IT department alone,” says Simon. “IT defences whilst vital only react to known problems and are not guaranteed to be 100 percent secure. Protection for the whole business and its sustainability is without doubt the safest option.”
  • “The economic downturn has resulted in people of all levels and responsibilities losing their jobs, and those with a detailed knowledge of their former employers’ IT and operating systems may well present a real potential threat, and turn to extortion as a way of taking revenge on their former employer, and of making some money at the same time.
  • According to The Wilson Organisation, insurers and underwriters are predicting a rise in white collar extortion as the recession continues to bite and unemployment figures increase. Worryingly many businesses do not have insurance cover for data or business loss.
  • sandy ingram on 21 Jul 09
     
    According to The Wilson Organisation, insurers and underwriters are predicting a rise in white collar extortion as the recession continues to bite and unemployment figures increase. Worryingly many businesses do not have insurance cover for data or business loss. "According to a DTI Information Security Breaches Survey, a third of UK businesses think general business insurance provides full cover for damage to the business arising from data loss," comments Wilsons' Simon Hoare, "but the reality is quite different, with very few businesses likely to be insured against the result of cyber attacks on its most crucial management and business tool - corporate and customer information, most of which is today held on corporate IT systems. "For public company directors, this is in fact in breach of their duties under the Turnbull Report, which requires them to identify, manage and take an informed opinion on the transfer of risks for the business."
sandy ingram

Special agent to National Insurance Crime Bureau: "anecdotally the economic recession i... - 0 views

www.claimsjournal.com/...99413.htm

Fraud Insurance Recession FBI Economics

shared by sandy ingram on 09 Apr 09 - Cached
  • the FBI is aligning a lot more investigators to look into actual economic fraud investigations versus insurance fraud investigations.
  • "Fraud bureaus are telling us this, we're hearing it from the state fire marshals, and we're hearing about it anecdotally through news stories. It's clear that as the economy has gone down, the opportunity to commit fraud, to recover monies they think they need, has increased."
  • And with anywhere from $80 billion to $200 billion lost to fraud each year, affecting all lines of the insurance business — health, property, casualty, life and disability — it's no wonder that states are concerned with combating it.
  • ...1 more annotation...
  • NICB has seen a "pretty significant' trend in medical identity theft and provider fraud, according to McKee. This is when someone steals a person's identity, and medical and insurance information, then submits fraudulent bills to the insurance company for treatment the person did not receive. The check goes back to the fraudulent company, and the person is unaware that his or her identity was stolen or is being used for fraud, he explained.
  • sandy ingram on 09 Apr 09
     
    Does a bad economy increase crime? Analysts have debated that question for years, according to Mike McKee, senior special agent for the National Insurance Crime Bureau. While it's too soon for statistics to confirm whether recent events like the mortgage meltdown and an increase in unemployment truly lead consumers to commit more crimes, McKee said at least anecdotally the economic recession is affecting insurance fraud.
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