[ISN] Information Risk Group Joins Underwriters at ...

From: mea culpa (jerichot_private)
Date: Thu Apr 23 1998 - 00:04:35 PDT

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    Forwarded From: Nicholas Charles Brawn <ncb05t_private>
    BW   4/22/98 4:59 PM  
    Information Risk Group Joins  Underwriters at Lloyd's -- London, UK -- to
    Announce Computer  Security and Information Loss Insurance 
        Business Editors
        PORTLAND, Ore.--(BUSINESS WIRE)--April 22, 1998--
        Rise in Computer Crime Creates Insurance Need to Cover Loss from 
        Destruction or Disappearance of Electronic Data Including Loss 
        from Business Interruption and Extortion
        Information Risk Group L.L.C. announced today that they joined forces
    with the Underwriters at Lloyds, and Lloyd Thompson, Ltd. (a London
    broker) in a new computer security insurance product, Computer Information
    and Data Security Insurance (CIDSI). 
        CIDSI is the first insurance product that provides a full range of
    coverage for business information systems and information losses. Prior to
    the new CIDSI product, there has not been a specific product to cover
    organizations, other than banks, for financial losses sustained as the
    result of employee or intentional hacking. 
        With computer crimes on the rise, CIDSI is an invaluable product for
    any company that has a computer information system.  A recent survey of
    250 businesses jointly conducted by the Computer Security Institute, Inc. 
    in San Francisco and the FBI found that the dollar value losses resulting
    >from computer crimes (including internal and external hacks) totaled $137
    million last year, compared with about $100 million in 1996, a rise of
    37%.  Users also reported that the average losses from theft of
    proprietary company information leaped 68%, from approximately $955,000 in
    1996 to about $1.68 million last year. 
        "With computer crimes growing at such an alarming rate, we are very
    pleased to be able to team up with Lloyds underwriters to provide this new
    CIDSI product to our clients," said John J. Posey, president of
    Information Risk Group, L.L.C.  "Together we are able to combine the
    Underwriters of Lloyds innovative insurance product with our effective
    risk reduction services which will help prevent hackers or extortionists
    from succeeding in their malicious acts.  Information Risk Group will
    provide loss services to CIDSI policy holders by first assessing the
    policy holder's information system and secondly by providing an immediate
    response to incidents and losses covered in their policy" 
        The Underwriters at Lloyd's CIDSI product offers coverage up to a
    limit of $50 million in combination with Information Risk Group's embedded
    computer security and information risk services to prevent and mitigate
    losses from hacking, extortion, sabotage, and theft involving computer
    systems and data.  The embedded services follow a general model of
    services that are similar to Kidnap and Ransom Insurance coverages. 
        The CIDSI coverage responds to loss due to: 
        -- Fraudulent and malicious acts of employees or third parties 
        -- Loss of computer systems and programs 
        -- Loss of electronic data and media 
        -- Computer virus attacks 
        -- Extortion against information systems 
        -- Business interruption 
        "The new CIDSI product covers a large gap that is left with
    traditional insurance policies," said Simon Milner, of London insurance
    broker Lloyd Thompson Ltd.  "Other existing products exclude loss from
    acts of employees, directors, trustees or representatives.  The new CIDSI
    product not only covers these losses but helps put systems in place to
    prevent them from happening in the first place." 
        "Information technology is a new arena for our risk management
    program," said Reginald G. Schindler, director of risk management at
    Oregon Health Sciences University.  "We feel fortunate that we were able
    to bring the security experts from Information Risk Group into our
    organization.  They enabled us to add a high level of experience and
    expertise to our risk management and information technology initiatives. 
    We have a team approach to risk management and we view Information Risk
    Group as a valuable member." 
        The CIDSI product and services were developed in a joint effort of SVB
    Syndicates, Ltd., the leading Lloyd's underwriter for the CIDSI product,
    Lloyd Thompson Ltd., of the Jardine Lloyd Thompson Group, Information Risk
    Group, L.L.C., Oregon Health Sciences University (OHSU), Corporate
    Security Services, Inc., and Asset Management Technologies, Inc.  For more
    information visit the Information Risk Group web site at
        Information Risk Group Background 
        Information Risk Group, L.L.C. specializes in information loss and
    computer security services for businesses, law firms and governmental
    agencies.  The firm's headquarters is located in the Portland Oregon
    metropolitan area with branch offices in Raleigh NC, Atlanta GA, Tucson
    AZ, and San Jose CA and an affiliate branch office in London, UK.
    Information Risk Group's operations are executed through its core business
    partners Corporate Security Services Inc.  and Asset Management Solutions
        CONTACT:  Information Risk Group, L.L.C.
                  John J. Posey, 888/828-4474
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