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May-June-2017

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30 PalletCentral • May-June 2017 palletcentral.com think everyone is aware of the problem of computer virus and computer hacking issues that have caused considerable havoc and unrest in corporate America. News of malicious intrusions by hackers stealing millions of personally identifiable information from businesses has grabbed the headlines, and rightfully-so, but it's the less publicized claims that insurers see in far greater numbers that can be just as involved and costly. These claims involve privacy-related breaches that require strict compliance within numerous state and federal laws; incidents arising out of human error, lost equipment with unencrypted data, insider threat, and more. Due to both increased claim activity and the increased threat for claim activity, most within the insurance industry agree that we can expect a continued trend increase in rate, i.e. premium. Not necessarily specific to forest products, or any one industry necessarily, but most potential insureds should expect increased scrutiny surrounding network security. In other words, how is your data protected? Fortunately, in 2016 we didn't see the large, newsworthy cyber loss of years past. I would view that as good news that data protection is advancing. It could also be that we are more desensitized to it. The truth is that privacy and security issues have never been more prevalent. What we might consider traditional buyers – retail, financial, and healthcare – still make up approximately half of known data breaches. However, I CYBERINSURANCE and the Wood Packaging Industry Business Blog by Bradley Van Swol, AAI, CPIA SECURITY

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