Cybercrime and Cyber Risk are making headlines. Recently, Federal Prosecutors charged a gang of hackers from Russia and the Ukraine with stealing 160 million credit card numbers from more than a dozen companies. Authorities said it’s “the largest hacking scheme in U.S. history.” Some of the same hackers were accused of computer attacks on Citibank, PNC Bank and the Nasdaq stock exchange as well. And earlier this year, an international ring of cyber thieves stole $40 million in 10 hours from ATMs in more than two dozen countries.
Ty Sagalow, president of Innovation Insurance Group, joined WRIN.tv to discuss the impact of cybercrime on companies and infrastructure, what governments and insurers are doing to mitigate cyber losses, and developments in cyber risk insurance coverages.
Ty Sagalow is host of WRIN.tv’s Innovations in Insurance series. To view Innovations in Insurance programs with Vince Tizzio, President/CEO of Navigators Management Company, Inc., or with Pamela Newman of The Newman Team at Aon, visit the WRIN.tv On Demand Library.