Cybersecurity Continues to Be Important

There’s been a lot of activity in the cybersecurity world over the last few weeks. Most of it is negative. There are two cyber incidents that you should be aware of.

Insurance brokerage firm HUB experienced a cyber breach mainly affecting its US operations. Former and current staff, as well as clients, may have been affected. Suspicious activity was identified on certain HUB network systems on January 17, 2023. An unknown individual accessed certain portions of HUB’s network without authorization between December 2022 and January 2023. The accessed data included personal information such as names, social security numbers, and financial account information.

MGM Grand experienced a cyber-attack that shut down their entire operation, including hotel room keys, slot machines, and websites. The attack may have started with a simple phone call if reports are to be believed. This is an example of social engineering at its best. Initial reports suggest that the hackers used publicly available information and persuasive tactics to gain access to MGM’s systems. MGM Resorts has not provided specific details about the cyberattack other than an acknowledgment of a “cybersecurity issue” on Twitter.

These two incidents highlight the vulnerability of what you would assume to be well-protected organizations to cyberattacks. These incidents should remind you of the importance of protecting your internal systems and client information and, as importantly, helping your clients protect their information from a cyber-attack by selling them cyber insurance.

At Catalyit, we spend a lot of time helping agents understand cybersecurity problems and the available solutions. Check out the recordings in The Vault.

As I said, this highlights the ongoing problem with protecting vital information and ensuring the proper insurance coverage is in place for each one of your clients. And if they refuse, get a signed coverage declination.