| | December 2023ENTERPRISE SECURITY8IN MY OPINIONIN MY OPINIONINTRODUCTIONThe relative quiet we had witnessed in the world of cyber risk during the first half of 2023 came to an abrupt halt at the end of May, when news of the MOVEit file transfer vulnerability first broke. By now, most information security professionals have a handle on their company's exposure to this threat. However, less attention has been devoted to the impact that this exploit will have on the underwriting process for cyber insurance. Even if your organization does not purchase this insurance, the risk management tips in this article can help reduce the likelihood and severity of losses associated with this vulnerability.WHAT'S HAPPENING?Progress Software Corporation (the parent company of the software developer) has reported that vulnerability in MOVEit transfer can be exploited to allow attackers to gain unauthorized access to data, and execute SQL statements that alter or delete data. All MOVEit transfer versions are impacted by this vulnerability. Although there are limited number of organizations that use this software, corporate clients of those users are receiving notices that their own customer data has been compromised, vastly multiplying the scope of this event. By David M. Finz, Esq., First Vice President, Cyber Risk, Alliant Insurance ServicesWHEN YOU THOUGHT IT WAS SAFE TO GO BACK IN THE CLOUD: PREPARING FOR YOUR CYBER INSURANCE RENEWAL IN LIGHT OF THE MOVEIT VULNERABILITYDavid M. Finz
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