WikiLeaks exposes further Internet business risks
Recent attacks on commercial websites by supporters of WikiLeaks’ chief, Julian Assange, demonstrate a new level of complexity and risk on the internet. Large companies like MasterCard and PayPal as well as small companies are equally exposed to Distributed Denial of Service (DDOS) attacks that can shut down a website for its other customers. These attacks can come from internet crowds or mysterious governmental or government-sponsored entities.
DDOS attacks can lead to lost sales both during a shutdown and after. Customers may not come back quickly to a site that was not able to service their needs. Insurance coverage for these interruptions of business are not perfect but they are improving. Major insurers for this coverage include Chartis, Chubb and various underwriters at Lloyds of London.
About the Author
Phil Edmundson is the Chairman and CEO of William Gallagher Associates (WGA), insurance brokers and consultants for businesses with over 30 years in the insurance industry. He manages strategy, talent acquisition and development, and management / acquisitions at WGA.
William Gallagher Associates is a leading provider of insurance brokerage, risk management and employee benefits services to firms with complex risks and dynamic needs, within industries that include technology, life sciences, financial risks, health care, renewable energy & clean technology, and environmental services. WGA has offices in Boston, MA; New York, NY; Hartford, CT; Princeton, NJ; Columbia, MD; and Atlanta, GA.