Contact us

(831) 722-3541

Contact us

Contact details:

Message:

Your message has been sent successfully. Close this notice.

Commercial Insurance Quote

Coverage Information

Current Coverage Information

Contact details:

Your Quote Form has been sent successfully. Close this notice.

Auto Insurance Quote

Contact details:

Current Coverage Information

Your car:

Your Quote Form has been sent successfully. Close this notice.

Homeowners Insurance Quote

Your house:

Current Coverage Information

Contact details:

Your Quote Form has been sent successfully. Close this notice.

Life Insurance Quote

Life Insurance Details

Current Coverage Information

Contact details:

Your Quote Form has been sent successfully. Close this notice.

Health Insurance Quote

Coverage Information

Current Coverage Information

Contact details:

Your Quote Form has been sent successfully. Close this notice.
3 days ago · by · 0 comments

9 Cyber Risk Questions Every Board Should Ask

When a data breach or other cyber event occurs, the damages can be significant, often resulting in lawsuits, fines and serious financial losses. What’s more, cyber exposures impact businesses of all kinds, regardless of their size, area of focus, or status as a private or public entity.

In order for organizations to truly protect themselves from cyber risks, corporate boards must play an active role. Not only does involvement from leadership improve cyber security, it can also reduce liability for board members.

To help oversee their organization’s cyber risk management, boards should ask the following questions:


Does the organization utilize technology to prevent data breaches?

Every company must have robust cyber security tools and anti-virus systems in place. These systems act as a first line of defense for detecting and preventing potentially debilitating breaches.

While it may sound obvious, many organizations fail to take cyber threats seriously and implement even the simplest protections. Boards can help highlight the importance of cyber security, ensuring that basic, preventive measures are in place.

These preventive measures must be reviewed on a regular basis, as cyber threats can evolve quickly. Boards should ensure that the management team reviews company technology at least annually, ensuring that cyber security tools are up to date and effective.


Has the board or the company’s management team identified a senior member to be responsible for organizational cyber security preparedness?

Organizations that fail to create cyber-specific leadership roles could end up paying more for a data breach than organizations that do. This is because, in the event of a cyber incident, a fast response and clear guidance is needed to contain a breach and limit damages.

When establishing a chief information security officer or similar cyber leadership role, boards need to be involved in the process. Cyber leaders should have a good mix of technical and business experience. This individual should also be able to explain cyber risks and mitigation tactics at a high level so they are easy to understand for those who are not well-versed in technical terminology.

It should be noted that hiring a chief information security officer or creating a new cyber leadership role is not practical for every organization. In these instances, organizations should identify a qualified, in-house team member and roll cyber security responsibilities into their current job requirements. At a minimum, boards need to ensure that their company has a go-to resource for managing cyber security.


Does the organization have a comprehensive cyber security program? Does it include specific policies and procedures?

It is essential for companies to create comprehensive data privacy and cyber security programs. These programs help organizations build a framework for detecting threats, remain informed on emerging risks and establish a cyber response plan.

Corporate boards should ensure that cyber security programs align with industry standards. These programs should be audited on a regular basis to ensure effectiveness and internal compliance.


Does the organization have a breach response plan in place?

Even the most secure organizations can be impacted by a data breach. What’s more, it can often take days or even months for a company to notice its data has been compromised.

While cyber security programs help secure an organization’s digital assets, breach response plans provide clear steps for companies to follow when a cyber event occurs. Breach response plans allow organizations to notify impacted customers and partners quickly and efficiently, limiting financial and reputational damage.

Board members should ensure that crisis management and breach response plans are documented. Specific actions noted in breach response plans should also be rehearsed through simulations and team interactions to evaluate effectiveness.

In addition, response plans should clearly identify key individuals and their responsibilities. This ensures that there is no confusion in the event of a breach and your organization’s response plan runs as smoothly as possible.


Has the organization discussed and formalized a cyber risk budget? How engaged is the board in terms of providing guidance related to cyber exposures?

Both overpaying and underpaying for cyber security services can negatively affect an organization. Creating a budget based on informed decisions and research helps companies invest in the right tools.

Boards can help oversee investments and ensure that they are directed toward baseline security controls that address common threats. Boards, with guidance from the chief security officer or a similar cyber leader, should also prioritize funding. That way, an organization’s most vulnerable and important assets are protected.


Has the management team provided adequate employee training to ensure sensitive data is handled correctly?

While employees can be a company’s greatest asset, they also represent one of their biggest cyber liabilities. This is because hackers commonly exploit employees through spear phishing and similar scams. When this happens, employees can unknowingly give criminals access to their employer’s entire system.

In order to ensure data security, organizations must provide thorough employee training. Boards can help oversee this process and instruct management to make training programs meaningful and based on more than just written policies.

In addition, boards should see to it that education programs are properly designed and foster a culture of cyber security awareness.


Has management taken the appropriate steps to reduce cyber risks when working with third parties?

Working alongside third-party vendors is common for many businesses. However, whenever an organization entrusts its data to an outside source, there’s a chance that it could be compromised.

Boards can help ensure that vendors and other partners are aware of their organization’s cyber security expectations. Boards should work with the company’s management team to draw up a standard third-party agreement that identifies how the vendor will protect sensitive data, whether or not the vendor will subcontract any services and how it intends to inform the organization if data is compromised.


Does the organization have a system in place for staying current on cyber trends, news, and federal, state, industry and international data security regulations?

Cyber-related legislation can change with little warning, often having a sprawling impact on the way organizations do business. If organizations do not keep up with federal, state, industry and international data security regulations, they could face serious fines or other penalties.

Boards should ensure that the chief information security officer or similar leader is aware of his or her role in upholding cyber compliance. In addition, boards should ensure that there is a system in place for identifying, evaluating and implementing compliance-related legislation.

Additionally, boards should constantly seek opportunities to bring expert perspectives into boardroom discussions. Often, authorities from government, law enforcement and cyber security agencies can provide invaluable advice. Building a relationship with these types of entities can help organizations evaluate their cyber strengths, weaknesses and critical needs.


Has the organization conducted a thorough risk assessment? Has the organization purchased or considered purchasing cyber liability insurance?

Cyber liability insurance is specifically designed to address the risks that come with using modern technology—risks that other types of business liability coverage simply won’t cover.

The level of coverage your business needs is based on your individual operations and can vary depending on your range of exposure. As such, boards, alongside the company’s management team, need to conduct a cyber risk assessment and identify potential gaps. From there, organizations can work with their insurance broker to customize a policy that meets their specific needs.


Asking thoughtful questions can help boards better understand the strategies management uses to prevent, detect and respond to data breaches. When it comes to cyber threats, organizations need to be diligent and thorough in their risk prevention tactics, and boards can help move the cyber conversation in the right direction.

Cyber exposures impact organizations from top to bottom, and all team members play a role in maintaining a secure environment. However, managing personnel and technology can be a challenge, particularly for organizations that don’t know where to start.

That’s where Scurich Insurance can help. Contact us today to learn more about cyber risk mitigation strategies you can implement today to secure your business.

Read more

3 months ago · by · 0 comments

Wire Fraud in Real Estate

No industry is exempt from cyber crime, and the real estate industry has become a common target. As hackers devise plans to obtain sensitive information about real estate transactions, real estate professionals need to take particular interest in cyber security to protect their clients and themselves from wire fraud.

What is Wire Fraud?

In instances of wire fraud, a common ploy involves hackers breaking into a real estate agent’s email account to obtain details about upcoming transactions. Once the hackers have all the information they need, they send an email to the buyer, pretending to be the agent or a representative of the title company.
In an email to the buyer, the hackers state that there has been a change in the closing instructions and that the buyer needs to follow new wire instructions listed in the email. If a buyer falls victim to the scam and wires money to the fraudulent account, they’re unlikely to see the money again.

Red Flags

A potential indicator of wire fraud is an email that makes any reference to a Society for Worldwide Interbank Financial Telecommunication (SWIFT) wire transfer, which is sent via the SWIFT international payment network and indicates an overseas destination for the funds.
However, since the emails tend to include detailed information pertaining to the transaction—due to the perpetrator having access to the agent’s email account—many people make the mistake of assuming the email is from a legitimate source. The email addresses often appear to be legitimate, either because the hacker has managed to create a fake email account using the name of the real estate company or because they’ve hacked the agent’s actual email account.

How to Avoid It

Wire fraud is one of many types of online fraud targeting real estate professionals and their clients. To prevent cyber crime from occurring, every party involved in a real estate transaction needs to implement and follow a series of security measures that include the following:

  • Never send wire transfer information, or any type of sensitive information, via email. This includes all types of financial information, not just wire instructions.
  • If you’re a real estate professional, inform clients about your email and communication practices, and explain that you will never expect them to send sensitive information via email.
  • If wiring funds, first contact the recipient using a verified phone number to confirm that the wiring information is accurate. The phone number should be obtained by a reliable source—email is not one of them.
  • If email is the only method available for sending information about a transaction, make sure it is encrypted.
  • Delete old emails regularly, as they may reveal information that hackers can use.
  • Change usernames and passwords on a regular basis, and make sure that they’re difficult to guess.
  • Make sure anti-virus technology is up to date, and that firewalls are installed and working.
  • Never open suspicious emails. If the email has already been opened, never click on any links in the email, open any attachments or reply to the email.

If You’ve Been Hacked

Take the following steps if you suspect that your email, or any type of account, has been hacked:

  • Immediately change all usernames and passwords associated with any account that may have been compromised.
  • Contact anyone who may have been exposed to the attack so they too can change their usernames and passwords. Remind them to avoid complying with any requests for financial information that come from an unverified source.
  • Report fraudulent activity to the FBI via the Internet Crime Complaint Center at www.ic3.gov/default.aspx. Also contact the state or local realtor association, which will alert others to the suspicious activity.

Contact Scurich Insurance today for more information on avoiding real estate fraud and other types of cyber crime.

Read more

4 months ago · by · 0 comments

Ransomware Attack Sweeping the Globe

Another global cyber attack was activated on Tuesday, leaving companies across Europe, Australia and even the United States struggling to respond.

This outbreak may be the most sophisticated of a series of attacks initiated after hacking tools were stolen from the National Security Agency and leaked online in April. Similar to the WannaCry attacks in May, the most recent hack involves taking control of computer systems and asking users for digital ransom in order to regain access.

According to a spokesperson from Microsoft, the latest software update used to patch EternalBlue—the Windows software vulnerability that caused previous attacks—should protect against this attack. However, the companies affected may have failed to properly install it. As of Wednesday morning, the following companies had been affected:

  • Ukrainian institutions that include the Infrastructure Ministry, postal service, central bank and the country’s largest telephone company
  • Russian oil company Rosneft
  • The world’s largest container-shipping company A.P. Moller-Maersk
  • U.S. pharmaceutical giant Merck
  • U.S. food company Mondelez International
  • French bank BNP Paribas
  • French construction materials company Saint-Gobain
  • British marketing company WPP
  • German railway company Deutsche Bahn

Although the perpetrators of this outbreak are still unknown, computer specialists have noticed similarities between the ransomware used in this attack and last year’s Petya attack. Like WannaCry, Petya is a quickly spreading worm that affects vulnerable systems. Unlike WannaCry, Petya has multiple ways to spread. This could explain why even victims who applied the EternalBlue patch were affected.

If the most recent attack is related to Petya, it could be far more damaging than WannaCry. Unlike WannaCry, Petya lacks a kill switch to prevent it from spreading. Also, Petya locks and encrypts entire hard drives, while WannaCry only locked individual files.

At the time of this news brief, 30 victims had paid the bitcoin ransom of $300, according to online records, but it isn’t yet clear whether they’ve regained access to their systems. Complicating matters, German email provider Poseo shut down the email account of the hackers in a move that could make it impossible for hackers to restore their victims’ computer access once ransom is paid.

Scurich Insurance will continue to monitor the situation. Contact us if you have any further questions regarding how you can avoid disruptive business interruptions from cyber attacks.

Read more

Company information

Scurich Insurance Services
Phone: (831) 661-5697
Fax: (831) 661-5741

Physical:
783 Rio Del Mar Blvd., Suite7,
Aptos, Ca 95003-4700

Mailing:
PO Box 1170
Watsonville, CA 95077-1170

Contact details

E-mail address:
Info@ScurichInsurance.com

(831) 661-5697

Available 8:30am - 5:00pm