Robert M. Travisano, Member of the Firm in the Litigation & Business Disputes practice, in the firm’s Newark office, was quoted in LP Gas, in “Businesses Face Growing Risk of Cyberattacks, Financial Loss,” by Phillip M. Perry.
Following is an excerpt:
An unwelcome guest has arrived on the doorstep of the propane industry: cybercrime. …
Costly fraud
Whatever the final resolution of Superior’s systems breach, the incident highlights a larger issue: Cybercrime is on the rise everywhere. Companies need to take effective security steps to counteract a national and global upsurge not only in ransomware attacks but in electronic fraud of all kinds.
While many thieves want money, others want data such as company marketing plans or customer information for identity theft. Losing control of the latter can be especially costly. …
It’s not only large companies at risk. …
Fueling the rise in cyberfraud is the growing digitalization of business transactions, a long-term trend given further impetus by a greater reliance on electronic communications during the COVID-19 pandemic.
“Flaws in firewalls and virtual private networks (VPNs), as well as in videoconferencing systems, have exposed more businesses to incursions,” says Robert M. Travisano, an attorney in the litigation practice of Epstein Becker Green. …
Reducing risk with cyber insurance
While no business can eliminate the risk of cyberfraud, insurance can save the day when a breach occurs. Many common commercial general liability policies already address some areas related to digital transactions. Security experts, though, advise seeking better protection.
“Cyber coverage in existing property polices is often limited,” says Robert M. Travisano, an attorney in the litigation practice of Epstein Becker Green. “Moreover, policies can differ from carrier to carrier. It makes sense to shop around for a dedicated cyber policy.”
The typical cyber policy will cover money lost to cyber thieves. In the event of customer data loss, policies may cover breach notification, credit and fraud monitoring services, and the costs associated with restoring and recreating data, as well as with hiring a public relations firm.
