MasterCard and Visa warn of massive security breach, insurers highlighting the need for cyber security

Financial giant MasterCard has announced that there may have been a breach in its security systems this week. The potential breach is linked to a third-party vendor based in the United States. MasterCard has contacted banks and law enforcement to mitigate the problems caused by the security breach and has also elicited the aid of an independent security organization to assess the extent of the damage the breach may have caused. This particular breach could have an impact on more than 10 million customers around the world. MasterCard has been…

Read More

Insurance groups warns companies to take cyber attacks seriously and protect themselves accordingly

As “hacktivism” becomes a major concern for companies all over the world who manage electronic data, the need for insurance protection against cyber attacks is becoming more apparent. Sihle Insurange Group, a Florida-based insurance organization, has begun a campaign to promote this type of protection. The insurer is warning companies in the U.S. that they need to be more proactive about their security lest they fall prey to hackers looking to cause a bit of mischief. Even a hacker looking for a laugh at the expense of others can cause…

Read More

Liberty International Underwriters launches three new cyber liability insurance products to protect consumers and companies from attack

Liberty International Underwriters, a specialty lines division of Liberty Mutual Insurance, has announced that it will be providing three new cyber liability products. Insurers are beginning to take the risk of cybercrime seriously, especially as more hackers become more brazen in their attacks on companies and government institutions. While companies face the potential for major losses as the result of cybercrime, consumers are the ones that are affected most by attacks. Identity theft is rampant in the world of technology, and many have found their sensitive financial information compromised due…

Read More

Corporations may be hiding information on cyberattacks from investors and the SEC

Large corporations may be keeping cyberattacks a secret from investors and the public, according to the Securities and Exchange Commission (SEC). In October of last year, the agency released documentation that outlined the necessary measures corporations must take if they have been the target of an attack. The document outlined reporting procedures for such events, but the agency suspects that companies have not taken these requirements to heart for the sake of their businesses. Since October, a scant few corporations have followed the reporting procedures outlined by the SEC, despite…

Read More

Hackers steal source code from Symantec – cyber security again highlighted by insurers

Acclaimed Internet security company Symantec has announced that the source code for its popular pcAnywhere program has been stolen by hackers. The company has issued a warning encouraging consumers to discontinue use of all Norton Antivirus, Internet Security and SystemWorks programs including pcAnywhere while they are fixing the bugs. Earlier this month, fabled hacker group Anonymous claimed that the company’s source code for these security programs had been compromised. After investigating the matter, Symantec has acknowledged that this is, in fact, the case. The issue can quickly turn into an…

Read More