Distinguished Blog - Cyber Liability
Market insights and industry news.
Cyber Liability Insurance: A Quick Rundown from Distinguished
This Article Highlights: In 2022, a panel of risk management experts declared cyber incidents the biggest threat to businesses worldwide. It beat out natural disasters (25%), pandemics (22%), and even supply chain disruptions (42%). It’s no wonder that 75% of businesses today have cyber liability insurance to protect themselves in case their businesses fall victim…
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How Much Does Restaurant Insurance Cost?
Restaurants require protection against many different types of hazards. To address their various risks, General Liability, Commercial Property, EPLI, Cyber Liability, and Umbrella Liability are just some of the coverages that should make up a restaurant’s insurance program. But how do insurers determine the restaurant insurance cost? The cost of a restaurant insurance program depends…
Hotel Cybersecurity Best Practices
In 2018, after detecting suspicious activity in the reservation database of a Marriott hotel company, security investigators discovered two forms of malware. Hackers had used one program to access the hotel computer system and another to surf its memory for valuable data. The massive security breach stole private information like passport numbers and credit cards…
How to Be Prepared for Cyber Monday Hacks
Cyber Monday is the appointed day when people frantically shop online for the best deals in time for the holidays. Everything from TVs, phones, and laptops to mattresses and appliances are promoted as being available at the lowest price all year. According to Adobe’s yearly shopping insights report, retailers reported a whopping $10.8 billion in…
Cyber Rates Are Going Up, but Purchasing Coverage Is More Important Than Ever
While many of the cyberattacks that get press are against high-profile entities or organizations, all types and sizes of business, including hotels and restaurants, are vulnerable to the sophisticated methods utilized by today’s cybercriminals – from phishing to ransomware and scareware tactics. Additionally, cybercriminals have upped their game with attacks rising consistently over the last…
Be Cyber Smart! Tips from Cybersecurity Awareness Month
You visit Facebook and type in your password. Red letters tell you your information is not recognized. You attempt to reset your password but notice your account has a new and unfamiliar email address. It dawns on you all at once: your account has been hacked.
How Hybrid Work Challenges IT Departments
When work-from-home became a reality for most professionals last year due to the pandemic, many firms had to rethink their best practices in order to adequately protect against network security, data breaches, and other IT vulnerabilities. As many firms are now adopting a hybrid work approach that consists of working in the office and remote,…
The Spate of Ransomware Attacks Puts Focus on Cyber Insurance Need
The recent surge in ransomware attacks has many private and public companies along with government entities reviewing their need for cyber insurance. Ransomware is where cybercriminals use malicious software to hold an organization’s computer system hostage and demand payment (typically in the form of bitcoin/cryptocurrency) to give back control.
Cyber Insurance Part of Business Continuity for Limited-Service, Franchise Hotels
Cybercriminals continue to attack the hospitality industry, becoming increasingly more sophisticated in their tactics. While high-profile incidents such as Marriott’s data breach earlier this year and MGM Resort’s data breach in 2019 that affected 10.6 million guests make headline news, limited-service and smaller franchise hotels are also the victims of bad actors, with data theft,…
Remote Work Cybersecurity Best Practices
Hacking activity is up, with cybercriminals taking advantage of remote work vulnerabilities amid the COVID-19 crisis. There are approximately 85 million Americans working from home. In fact, researchers cite that activity against corporations in the United States more than doubled by some measures in March, with malware infections, phishing tactics ,and ransomware running rampant. That’s…
Unlocking the Growing Cyber Risks in the Hospitality Industry
No industry, including the hospitality sector, is untouched by the growing threat of cybercrime. According to a report by Accenture, organizations have seen security breaches and other cyber risks grow by 67% in the past five years alone.