Cyber Risks and Insurance for a New Age

“Dear _____ Guest, As you have likely heard by now, ______ experienced unauthorized access to payment card data from U.S. _______ stores. We take this crime seriously. It was a crime against _______, our team members and most importantly you—our valued guest. We understand that a situation like this creates stress and anxiety about the safety of your payment card data at _______. Our brand has been built on a…

Retail data breaches and protecting personal data

As reported by USA Today, Sears Holdings announced that it detected a data breach at its Kmart stores. As a result of malware that infected the Kmart payment data systems, information on customers’ credit and debit cards may have been hacked. The Kmart breach is yet another major retailer to make the news for massive data breaches, following those of Target, whose 2013 breach potentially affected 40 million cardholders, and…

Credit cards, EMV, and the 10/1/2015 “Liability Shift”

Increasingly, data breaches have been making headlines. An important shift in security – and liability – for credit card breaches is taking place this year in the US. Consumers and business owners who accept credit cards should familiarize themselves with these changes. The problems with magnetic stripes on credit cards To understand the security problems associated with traditional credit cards, one only needs to think of their own house key.…