Cyber insurance is becoming more important for businesses

Cyber Insurance Coverage

Fallout from major data breach at Anthem highlights the need for cyber insurance

Following the major cyber attack against health insurance provider Anthem, numerous insurers are beginning to promote cyber insurance. Last week, Anthem confirmed that it was the victim of a major data breach, wherein hackers stole personal information concerning the company’s clients from its databases. Anthem noted that no financial information was compromised by the attack, but more insurers are beginning to stress the importance of adequate cyber insurance protection.

Oklahoma Insurance Commissioner is promoting digital protection

In Oklahoma, Insurance Commissioner John Doak is promoting protection. Doak has warned those that may have fallen victim to the attack on Anthem that their personal information may have been stolen from the company. While Anthem does not sell health insurance coverage directly in the state, some people may be receiving coverage from the company by their employers. As such, the cyber attack on Anthem could have an impact on them.

Agents are promoting identity theft protection

Cyber Insurance CoverageMany insurance agents are beginning to urge their clients to purchase identity theft protection. A growing number of insurers are beginning to offer such coverage in order to effectively manage the risks that have begun to emerge in the digital world. Cyber attacks can compromise a person’s personal information, allowing malicious groups to use this information to their benefit. Identity theft protection could be an effective way to recover from whatever damage such exploitation can cause, but it may not be able to cover the full extent of whatever damage is caused by such an event.

Cyber insurance is becoming a major priority for companies that do business online, especially those that store financial information

Businesses are being encouraged to purchase adequate cyber insurance protection as well. Many businesses, especially those that store information and do business online, are becoming very attractive targets for hackers. This is partly due to their relatively lackluster cyber security measures. Without adequate security, they are exposed to data breach and various other risks that have emerged in the digital world.

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One Thought to “Cyber insurance is becoming more important for businesses”

  1. Kessy Holmes

    It’s just a simple logic, we now live in a world where electronic documents and storage of personal information is all electronic. Cyber insurance is simply becoming part of doing business and running a smart business.

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