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The Quest
August 2011 - Issue 71
              
Inside this issue:
        
CBP updates 301 bond form

New bill proposed to fight fraud in trucking

Ways to red-flag fraud, by Andrew Spector, Esq.

New report identifies cargo theft trends

China proposes increase in FMC optional bond rider

Updates on liquidated damages for Periodic Monthly Statement

CBP updates mitigation guidelines for advance cargo information violations

U.S. government urges companies to strengthen Internet security
 
Trucking associations ask NHTSA to examine truck crashworthiness standards
       

                    

              
U.S. government urges companies to strengthen Internet security
  
Online transactions are estimated at $10 trillion annually and growing, but the risk of using the Internet to conduct business is rising too, according to the U.S. Department of Commerce (DOC).

A new report, Cybersecurity, Innovation and the Internet Economy, is part of a broad government effort to fight cyber crime. Rather than focus on “critical infrastructure” such as nuclear power plants, the DOC’s report is geared toward businesses of all sizes that are increasingly subject to cyber attacks – even small and medium-sized enterprises and bricks-and-mortar firms with online services.

Internet threats doubled during 2009 and 2010, with about 55,000 new viruses, worms, spyware and other threats attacking the Internet every day. In its report, the DOC outlines several tips for businesses, including implementation of Domain Name System Security, which ensures that Internet users are actually delivered to the web addresses they request.

The report recommends the DOC and the Department of Homeland Security lead the country in developing a cybersecurity policy. The agencies would create a national code of conduct through public-private collaboration that addresses cybersecurity vulnerabilities. The report also asks Congress to create a law that outlines a framework for customer notification when electronic records are breached.

“Our economy depends on the ability of companies to provide trusted, secure services online,” DOC Secretary Gary Locke said in a statement. “By increasing the adoption of standards and best practices, we are working with the private sector to promote innovation and business growth, while at the same time better protecting companies and consumers from hackers and cyber theft.”

Today, most transportation and logistics companies offer Web-based services, which creates multiple exposures. Avalon offers a comprehensive Executive Protection program that includes Internet Liability Insurance to provide coverage for legal exposures arising out of Internet communications. Coverage can include e-theft, copyright or trademark infringement, e-vandalism, destruction of data, privacy notification expenses, crisis management and more.


    
For more information, please contact your local Avalon office or Andriana Davis at (847) 700-8087 or at adavis@avalonrisk.com. A list of our offices may be found at www.avalonrisk.com.
             
       

Avalon Risk Management
150 Northwest Point Boulevard | 4th Floor | Elk Grove Village, IL 60007
Phone: (847) 700-8100 | Fax: (847) 700-8116

www.avalonrisk.com

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