Your weakest cyber security leak may be outside your own network. In another demonstration of how an organization can face significant financial and reputational exposure from another’s failure of cyber security, Massachusetts General Hospital announced on this week that one of its vendors suffered a cyber breach — on the vendor’s own network — that exposed more than 4,000 records of MGH patients. Some of the compromised information may have included patient names, dates of birth and Social Security numbers.
With the warm weather approaching, many people are thinking of summer vacations and shedding the winter clothes. However, with the changing seasons comes the threat of bugs and the viruses they carry. As we previously discussed on our blog, Zika Virus is the threat of the year and does not appear to be going anywhere due to the lack of knowledge surrounding the virus.
According to the CDC, there are currently 358 confirmed cases of Zika Virus in the United States, but it’s important to note that 351 of these are from those who have traveled to other countries where the virus lives, and only 7 are due to sexual transmission. The biggest concern for the CDC is the transmission of the disease from one person to another. Women who have been in an infected area are told to wait 8 weeks before trying to conceive; while men are told to wait 6 months, as the virus has been noted to last even longer in their bodies. The transmission of the disease between partners and to an unborn child is a significant scare due to the lack of preparation against the disease.
In 2015, the D&O market as a whole experienced a competitive environment, with new and increased capacity leading to healthy premium decreases for some companies. The public D&O insurance market for life sciences companies, however, continues to evolve, with the industry still a prime target of Federal Securities Class Action (FSCA) lawsuits. In 2014, a total of 170 FSCA lawsuits were filed, including 39 complaints against 38 companies in the life sciences sector. At 23% of all 2014 FSCA filings, this represents a noteworthy increase over recent years.
The heightened regulatory environment and the increase in investigations and enforcement actions by the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) –perhaps most notably in the SEC’s increased targeting of individuals–has presented more complex and costly exposures for life sciences companies. Read more…
A phase 1 drug trial is under scrutiny after one person has died and 5 others are in critical condition following ingestion of the drug. The private laboratory in France, Biotrial, has been testing a pain and mood disorder medication for Bial a Portuguese pharmaceutical company. The drug was a FAAH inhibitor and was supposed to act on the body’s pain, enocannabinoid, system. It had been tested on chimpanzees and just moved to the human phase earlier this month.
A multitude of media outlets have been reporting on the incident and additional details are becoming available to the public. There are now reports of French prosecutors launching a manslaughter investigation into the unusual case, which shined a spotlight on the practice of testing drugs on paid, healthy human volunteers.
According to the Insurance Information Institute, claims for winter storm damage in the U.S. totaled $2.3 billion in the first quarter of 2015. Property owners can avoid business interruption, limit financial losses, and other adverse effects of winter weather by planning in advance. One of the most damaging winter threats that people often forget to take precautions for is ice dams.
An ice dam is a buildup of ice at the edge of a roof and prevents melting snow from draining. Failure to properly remove snow from your roof may cause an ice dam to develop that is large enough to prevent water from draining off the roof. This pooling water can then back up underneath roof shingles and seep inside the property.
The very well-known Wyndham Hotel and Resorts data breach is once again in the news. This time the company has agreed to settle with the Federal Trade Commission (FTC). In 2014, the payment card information (PCI) data of thousands of customers was hacked in three separate instances due to poor cyber security. With this settlement, Wyndham has agreed to develop a sophisticated data security program that will protect PCI and other payment methods while also conducting annual audits to ensure the safety of customer information.
According to the FTC’s press release, the hotel chain must institute secure networks so hackers cannot gain access again. In addition, Wyndham is required to perform formal risk assessment procedures with a certified auditor. These two measures have been put in place to minimize the possibility of any future hacks. Read more…
Last week’s attacks across the city of Paris not only shocked the world but reminds us that no area is truly safe from a senseless terrorist attack. The coordinated attacks across the city left 100 people dead and 350 others fighting to survive. Not even a week later over 100 were taken hostage at a hotel in Mali, and it was discovered that the Russian airliner crash last month was the aftermath of a bomb. As events such as these continue to escalate, it is becoming more apparent that the risk facing the global insurance industry has been altered and that many business owners don’t understand the risks they may face in the event of a tragedy.
Your business need to evaluate whether TRIPRA is the right protection against an increasing frequency and severity of political violence and terrorism throughout the world. Is TRIPRA enough? What alternative coverage exists and do I want to pay for it? Religious and political violence, Sabotage, Kidnap and Ransom, Civil war, insurrection and chemical biological or radiological contamination are not covered by TRIPRA. Read more…