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Axis Insurance Services
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Errors and Omissions Insurance is business liability insurance for Management, IT, Accountants, Lawyers Appriasers & Medical Professionals
Errors and Omissions Insurance is business liability insurance for Management, IT, Accountants, Lawyers Appriasers & Medical Professionals

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“Law firms are a virtual treasure trove of sensitive information that could be valuable…and traditionally they have some of the weakest cyber security regimes and infrastructure.” - John Reed Stark, cyber security consultant.

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The American Institute of #CPAs (AICPA) is looking to better equip CPAs, finance chiefs and their staffs across all industry sectors with measures to fight off cyber attacks that involve impersonating executives in order to get employees to transfer large sums of money between subsidiaries or to suppliers on behalf of the company.

This type of #cybercrime is part of a growing risk known as business email compromise (BEC). Now the AICPA has published a fraud report to help stem these types of losses.

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In August several prominent U.S. universities made headline news when they were sued by a number of employees that alleged their retirement savings were fraught with excessive fees. #Fiduciary #University #RetirementPlan #EmployeeLaw

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75% of #healthcare #databreaches can be linked to three common security problems. Managing these issues can significantly impact a healthcare organization’s overall #cybersecurity.

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April was ransomware’s biggest month in the United States, with the number of ransomware infections increasing by 158% over March.

All types of organizations including professionals are targets of #ransomware. In addition, professionals, including accountants and lawyers, should look at purchasing #CyberLiability #insurance that covers ransomware losses, including the related IT expenses.

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State #lawmakers in #NewYork are looking to amend the statute of limitations on #malpractice cases against #hospitals and #physicians.The proposed legislation would change the statute of limitations to starting at the time of the discovery of the medical error instead of starting at the time of the occurrence of the medical error.

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The implementation of strong #cybersecurity practices is critical in helping to mitigate the potential for a #databreach. But no level of security is full proof against the determination of today’s sophisticated hackers. Having a robust #CyberLiability / #Privacy & #NetworkSecurity program in place for #medicalfacilities is essential.

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No employer is immune from employment-related lawsuits, especially in today’s highly regulatory environment. Companies looking to minimize their exposure for employment-related lawsuits should carry properly secured #EmploymentPractices #Liability #Insurance (EPLI).

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It only stands to reason that since #databreaches will continue to occur, the potential for data breach-related D&O litigation is real, and could become an increasingly important part of the corporate and securities #litigation landscape.  Companies must take measures to minimize the risk of a #cyberattack and the potential for a #DirectorsandOfficers suit related to a #data breach.

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While vendor fraud associated with employee dishonesty continues to be the largest source of claims, imposter #fraud is among the growing trends #crimeinsurance #underwriters are evaluating. In addition to taking strong measures against phishing, review your #Crime insurance policy and #CyberLiability insurance to see what coverage is available.
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