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Cyber Liability

Cyber risks, Cyber liability, cyber liability insurance

cyber insurance
Hospitality & Restaurants, Risk Insight, Cyber Liability

Why Hotels Need Cyber Insurance, Coverage Not Available Under CGL

Having a separate Cyber insurance policy is vital to corporations that store any sort of customer data. Too often businesses mistakenly believe that their Commercial General Liability (CGL) insurance will respond in the event of a data breach. This isn’t so as reflected by the latest case involving a Florida hotel group looking to its CGL policy to reimburse $2.4 million in fines and other related costs as a result of a data breach back in 2016. The carrier, Connecticut-based St. Paul Fire & Marine Insurance Company, a unit of Travelers Cos Inc., denied coverage and has requested a declaratory judgment that it is not liable for the data breach under the insured’s CGL policy. Data breach losses, the carrier stated, are not as a result of “bodily injury, property damage, personal injury, or advertising injury under the policy” – exposures covered under the CGL.

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Credit Card Breach
Hospitality & Restaurants, Risk Insight, Cyber Liability

Hotels Under Cyber Attack: Intercontinental Properties Hit by Credit Card Breach

The InterContinental Hotels Group (IHG), which owns thousands of hotels worldwide, disclosed earlier this month that a credit card breach impacted at least a dozen of its properties. This is just the latest cyber attack that has hit some of the largest hotel and hospitality chains over the past years – from Kimpton Hotels to Trump Hotels, Hilton, Mandarin Oriental, Starwood Hotels and Hyatt.

According to IHG’s statement, malicious software was installed on point-of-sale servers at restaurants and bars of 12 of its managed properties between August and December 2016. The locations affected by the data breach include the Sevens Bar & Grill at Crowne Plaza San Jose-Silicon Valley, the Bristol Bar & Grille at the Holiday Inn San Francisco Fisherman’s Wharf, InterContinental San Francisco, Aruba’s Holiday Inn Resort and InterContinental Los Angeles Century City.

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Hospitality & Restaurants, Risk Insight, Cyber Liability

Ransomware Hackers Targeting Hospitality Sector

Imagine it’s check-in or check-out time at your hotel on a Saturday right before a holiday and the entire computer system is locked. Kaput.

Smiles and sorrys aren’t doing the trick. The “server reboot to the rescue” doesn’t get business up-and-running.  In fact, it turns out that your software has been attacked by ransomware—a nasty cyber extortionist that demands money in order to unlock your computer.

Hotel guests are waiting (not patiently). Do you quickly fork over hundreds or even thousands to the hacker? Or do you try to de-bug (which could take a significant amount of time) to see if you can avoid paying the ransom?

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Hospitality & Restaurants, Cyber Liability

In the News: Hackers Hit HEI Hotels… Hard

According to Verizon’s 2016 Data Breach Investigations Report, the “Accommodations” industry topped the lists of number of security incidents and number of confirmed breaches with compromised data. One of the most recent victims was HEI Hotels & Resorts, an owner and manager of more than 50 high end hotel properties around the US. Franchisees are wise to remember that their franchisors’ cyber policies don’t always provide protection for individual locations in the event of a breach. Read more about Cyber Liability here.

 

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Hospitality & Restaurants, Market Insights, Cyber Liability

Are Your Hospitality Clients Covered For This Type Of Data Breach?

Hyatt reported earlier this year that the hotel chain suffered a massive data breach that affected about 250 of their hotels in 50 countries over the course of almost four months. Ouch. This Reuters article shows that this type of incident is becoming all too common in the hospitality industry, with Hilton Worldwide Holdings Inc., Starwood Hotels & Resorts Worldwide Inc., and Trump Hotel Collection all disclosing cyber attacks since November 2015.

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Hospitality & Restaurants, Market Insights, Cyber Liability

2016: The Year of Cybersecurity?

Cyber Key

As we think about trends for 2016—particularly those that technology will bring—there’s lots to be excited about: artificial intelligence and robotics replacing repetitive tasks, drones making deliveries, augmented-reality headsets enhancing our ability to visualize, along with several other trends mentioned in this recent BBC article. But, as technology guides us deeper into our mobile phones and connected devices, generating a host of new data, we can’t help but also think about the threat of allowing that data to fall into the wrong hands.

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Hospitality & Restaurants, Cyber Liability

A new product for cyber risk management

We recently sat down with Distinguished Specialty’s Chief Operating Officer, James Flynn, to talk about a brand new insurance product on the Distinguished Speciality menu: Cyber Liability. For those keeping up with the news, you’ve read the headlines: data breaches, network hacks, business interruption by criminals seeking proprietary or confidential information. The risk of a cyber attack is real and should be considered a threat to any business housing data.

Q: Tell us about Distinguished Specialty’s new cybersecurity insurance product? What led the team to build this product and how did they go about doing it?  

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