Posts in July 2015
A three-hour shutdown of the New York Stock Exchange on the same day that a network failure halted all United Airlines flights in the U.S. had people across the country thinking one thing: cyber-attack.
It wasn’t, but the July 8 incidents were alarmingly close to the Armageddon scenario that Austin Berglas, a former Federal Bureau of Investigation agent, described in an interview last month, in which the Nasdaq exchange, the New York subway system and power provider Con Edison go offline at the same time.
Berglas, who started the FBI’s New York cybercrime unit in 2009 and worked on probes into a breach at JPMorgan Chase & Co. and the Silk Road drug market, joined corporate investigations company K2 Intelligence in April. The firm is partly owned by American International Group Inc., which is seeking to sell insurance policies for property and infrastructure damage caused by hackers and cyberterrorists.
“There’s going to be mass panic, people are going to think it’s a terrorist attack, people are going to think it’s another 9/11 event,” Berglas said.
To our Valued Clients and Partners,
As you may or may not know, Chubb Group has agreed to be acquired by ACE Limited. ACE and Chubb are two complimentary companies with regards to insurance capabilities, assets and territorial reach.
Most important is the combined company will adopt the Chubb name, which is an indication of ACE’s respect for the Chubb brand.
For those of you who are not familiar, ACE is one of the world’s largest property and casualty insurers, with over $30 billion in capital and operations in 54 countries. ACE employs approximately 21,000 people worldwide including 10,000 employees in 170 offices in North America.
At this time, it is business as usual, and both Chubb and ACE will to continue to operate as two competing and separate companies. You’ll be pleased to know that our firm represents both ACE and Chubb.
We are excited about the pending transaction, but most importantly we remain committed to our highest level of care, service and responsiveness to our clients.