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Cyber Security

Information is stolen in the absence of cyber security protection

Information is stolen during a cyber attack.  This material can be used for ransom and circulation to the public. Your business network is therefore shut down.  Highly sensitive information is hijacked. This data may belong to employees and clients.

Malware includes Trojans, viruses and worms:

Anyone with a social media presence or website is a target therefore for a cyber security attack. The different types of attacks are known broadly as Malware. These include Trojans, viruses and worms.

Trojan-type malware is on the rise

Trojans are spread by some form of social engineering. For example,  a user is duped into executing an email attachment.  This email is disguised to be unsuspicious (e. g. a routine form to be filled in).  Also  by drive-by download (this is a download when visiting a website without a person’s knowledge. Trojan-type malware is on the rise. It accounts for as much as 83% of the global malware detected in the world.

Many modern forms act as a backdoor thereby giving a controller unauthorised access to the affected computer. Trojans do not generally propagate themselves.

Use the most up-to-date security to decrease your system’s weaknesses.

Phishing:

This appears as a request for data from a trusted third party. Most noteworthy users are asked to click on a link and enter their personal data.

Cyber Insurance:

Cyber security insurance covers notification costs, litigation costs, as well as  fines and penalties. Furthermore protection against an attack by an employee in the company.

Everyone is vulnerable to a cyber attack and should thus have cyber security insurance. It is also not expensive if you use CyberPolicy for price comparisons between well known cyber security agencies. If you request a discount, you are most likely to benefit from a discount. On average, a cyber attack costs individual businesses about $38,000 a year.

60% of data is stolen within the first few hours

 Many companies are not actively taking steps to prevent attacks, in certain instances  Cyber security firms can take up to 200 days to detect a breach in security.

A recent Cisco research found that 60% of data is stolen within the first few hours of a security breach.

Usage Based Auto Insurance

Usage based auto insurance has arrived. Getting a discount on your auto insurance based on your specific driving habits is now possible. Insurance companies are now able to track your driving habits and base your auto insurance savings on how good of a driver you are. There are devices available that plug into one’s car to track the driving habits of the driver electronically. It is simply a device that plugs into one’s car’s onboard diagnostic port. The onboard diagnostic port is located under the steering column in most cars. It can be simply plugged into the port and through wireless technology one’s driving habits can be tracked and monitored to help the insurance company to determine a savings based on one’s specific driving habits. The driver can usually also view their own driving information through the insurance company’s website.

Usage based auto insurance is growing. Progressive Insurance was the first insurance company to widely offer its usage based auto insurance device and has been doing so for a while now with great success. Progressive offers a “pay as you drive” program called Snapshot. It gives you a personalised rate based on your driving. The better you drive, the more you can save. It is available in most states except AK, CA, HI, IN and NC. Snapshot collects driving data like how many miles you drive, the time of day you drive and how often you make sudden stops will be collected. You can review your driving snapshot anytime by logging in to your policy on ProgressiveAgent.com

Progressive will apply any discount you earn about 30 days after you plug in your Snapshot device. Then, when you renew your policy, Progressive will set your personalised Snapshot discount. You then keep your discount for as long as you are insured with Progressive. If you make a significant change to your policy, Progressive may ask you to take a new snapshot of your driving.

Sprint has launched a connected car offering for automotive insurance companies. The IMS UBI intelligence tool offers insurers a way to accurately determine a driver’s policy premium based on their driving behaviour. Drivers can choose to plug a telematics device into the port of their vehicle, which will measure metrics such as distance travelled and their braking and acceleration patterns. As a result, they may benefit from a lower premium for proving that they are a good driver. Insurers could also use the service to levy a higher premium on drivers who are not. The operator teamed up with connected car solutions provider Intelligent Mechatronic Systems (IMS) to devise the solution.

State Farm and Ford have recently announced that they are jumping in on the usage based auto insurance market as well. With all of these companies going in the direction of offering usage based auto insurance, it is important drivers determine if it is the best option for them.

Metromile is a California-based insurance startup funded by New Enterprise Associates, Index Ventures, National General Insurance/Amtrust Financial, and other investors. It offers a pay-per-mile insurance product using a device that connects to the OBD-11 port of all automobiles built after 1996. Metromile does not use behavioral statistics like type of driving or time of day to price their insurance. They offer consumers a low base rate per month and a per-mile rate ranging from 2 to 11 cents per mile, taking into account all traditional risk factors. Drivers who drive less than the average (10, 000 miles) per year will tend to save.

So, who would be best served by a usage based auto insurance device? Of course, anyone who is a great driver already and wants to make sure they are getting a good deal on their insurance for doing so. But, there are other applications where usage based auto insurance devices would be helpful. The first thing that comes to mind for parents out there would be how great of a device this would be to use to monitor their teen driver. We all know it is well documented that teen drivers have some of the highest accident rates. The usage based auto insurance device is probably one of the best tools a parent could have to keep track of how their teen is driving.

Along with tracking the driving habits of one’s teen, the usage based auto insurance device will also be able to track the actual time of day that the vehicle is being driven. Also, the parent can be alerted if the device is removed. It is easy to see why a usage based auto device would be helpful for a parent of a teen along with someone who knows they are a good driver and wants to pay less for their insurance based on their driving habits. A usage based auto insurance device can also be a good tool for the elderly to use so they can monitor their own driving habits in order to assist them in noticing any changes in their driving habits which could help them determine if a health problem is arising that could be impairing their driving.

In addition, it could be a great tool for someone who acknowledges that they do not have the best driving habits, knowing their insurance company is tracking their habits as if their agent was in the car with them, could be a great tool for changing one’s negative driving habits into positive ones.