Cyber Insurance

10 Notable Cyber Incidents Involving Retailers

Our partners at Advisen, Ltd. put together a list of data breaches that have cost retailers hundreds of millions of dollars. With the holiday season approaching, it's more important now than ever for retailers to take the necessary precautions to protect customer information and have the insurances to help sustain their business in the event of a large scale breach. 

Not Even Dragons Can Ward Off Cyber Attacks: HBO Hacked

This week, HBO received a video letter from hackers threatening to release confidential internal documents, including emails and Game of Thrones materials such as scripts, the cast's personal information and even alleged possession of unreleased episodes. The hackers demand a ransom of several million dollars in bitcoin to prevent further release of the stolen data. 

The hack is akin to the crack of Sony's network in 2014, leaking "thousands of embarrassing emails and released personal information, including salaries and social security numbers, of nearly 50,000 current and former Sony employees." Though the chaos inflicted to HBO falls short of this breach, though the risk of the information leaking would impose a large liability for the network. In its efforts to prevent further leaks, HBO has enlisted "round the clock outside cybersecurity firms and law enforcement resolve the incident," to prevent further breach and the public release of this stolen information. 

Cybersecurity is an evermore important subject. From small businesses to large TV networks, the risk of a data breach is stronger than ever and it is important to take cautionary measures when handling sensitive data (especially when it may contain details on the latest conquests of Queen Daenerys and the King in the North). 

"The global cyber market is estimated to be worth $3 billion to $3.5 billion, according to Lloyd’s. PricewaterhouseCoopers, on the other hand, forecasts a potential value of $7.5 billion by 2020."

You can read more about the hack of HBO's network here and here. (No spoilers on the show, we promise.)

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