As the world becomes accustomed to a sharp increase in major cyberattacks and data breaches, cyber insurance is becoming more popular. Cyberinsurance can protect a business if it is held liable for losses suffered if hackers steal customers’ sensitive data. You can...
The rise of artificial intelligence has changed our world completely—sparking impressive advancements and opening doors to countless possibilities. Yet, as we continue in this AI-centric era, we need to be prepared for the unexpected pitfalls it might bring—especially...
PIACT held its annual Connecticut Convention at the end of March—returning to the Hartford Marriott Downtown. The event featured hundreds of agents, company representatives, exhibitors, and more industry professionals from Connecticut. Excitingly, the Connecticut...
On Sept. 8, 2022, Suffolk County, New York, learned a professional hacking group known as BlackCat had gained unauthorized access to over 20 agencies with the county. Everybody from the police forces, to social services, to emergency dispatchers were forced to figure...
Recently, claims management has had a hard and unmissable shove into the future. With the growing emphasis on digital transformation and the rise of InsurTechs, it’s nearly impossible to manage claims—or even exist—in the property/casualty insurance industry without...
Those individuals who hold a New York state insurance license (covered entities), including nonresident licensees, have until Saturday, April 15, 2023, to certify their compliance with the requirements of New York state’s cyber security regulation (23 NYCRR 500) for...
Small businesses—which can include PIA members—are tempting targets for cyber crooks. They are just as vulnerable to data breaches as big companies, but they have fewer defenses. Members who have walked clients through the cyber claim process or who have been hacked...
Hardbit ransomware emerged in October of 2022 and by November, version 2.0 already had evolved. What’s important to know about Hardbit ransomware is that it attempts to broker ransom payments through its victim’s cyber insurance policies. What is the threat? According...
The New York State Department of Financial Services released the official proposed second amendment to the cyber security regulation (23 NYCRR 500) for public comment late last year. This follows an unofficial draft of the amendments that circulated this past August....
Raise your hand if you enjoy reading contracts. Why am I getting the sense that I am the only one with his hand up? OK, I get it. Contracts are boring. They are long and filled with terms that barely resemble English. While I can’t get you out of reading the terms of...