The recent cyberattack on Anthem, Inc., one of the largest health insurance companies in the United States, illustrates the persistence and severity of the risk of data breaches. On February 4, 2015, Anthem confirmed that one of its databases had been hacked. The data breach exposed personal information of approximately…
Online banking is an electronic payment system that enables customers of a financial institution to conduct financial transactions on the web. In today’s high-tech world, online banking fraud is committed on a daily basis. As such, sometimes customers may not be liable for certain unauthorized online transactions, subject to the…
In recent times, e-residencies (a/k/a “electronic residency”) have become a trend in some European societies. For example, the Republic of Estonia implemented this concept into its banking systems in order to permit people to manage their funds in an electronic environment. According to the Information System Authority, in 2001, the…
In recent years, much of consumer retail consumption has transitioned to the online marketplace. So, many of us engage in e-commerce, especially when shopping for the upcoming holiday season. While e-commerce is convenient and easy, consumers are becoming more aware of the risks posed by hackers that commit online fraud.…
The purchase of commercial general liability and umbrella insurance policies are ways to protect your business from liability. However, these types of policies have not adapted to protect policyholders from certain types of cyber liability. This issue was recently exposed in a case against Urban Outfitters, Inc., and its subsidiary,…
Peer-to-peer networks have provided an invaluable service that allows users to share information and data around the world. These networks became popular for media sharing, culminating in the infamous Napster scandal. Many are aware of the copyright issues that arise with the use of peer-to-peer media sharing. However, there are…
In the past, to start a business you had to find a location, rent space, and open your doors to the public. Today, many entrepreneurs can do it all online by advertising, communicating with customers, and managing transactions using the web. Many entrepreneurs are interested in starting a new business…
Today, most companies are dependent on technology and their computer systems, and there are entities whose primary focus is to hack into these systems. On the other hand, a company might experience an internal breach of its network system, which causes the unauthorized release of sensitive information. Any breach into…
The smartphone has brought a world of possibility to the average consumer’s fingertips. Now, this has come to include mobile banking. With fast-paced lifestyles and long lines at the banks, mobile banking has emerged as a thrilling convenience. However, this convenience brings cybersecurity concerns. Therefore, consumers who have turned to…
In the aftermath of high profile cybersecurity breaches, businesses and consumers are alert to the real dangers of cyber vulnerability. In response, various government agencies have taken up efforts to protect against future breaches. Thus, consumers and businesses must continue to take steps to protect themselves and their private information.…