Premiums are beginning to decline due to the growing rarity of major cyber attacks Cyber insurance premiums are beginning to fall thanks to a decline in the number of major data breaches that have been reported. Major data breaches have made headlines in the past few years, but the frequency at which these digital attacks are occurring has fallen. As a result, cyber insurance rates have fallen during the first three months of this year for several high-risk industries, such as the retail and health care spaces. Large companies have…
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Agents and professionals are advised to keep up with technology – this will be sure to help with running an agency or brokerage. Learn what company is coming out with the latest claims program or risk mitigation software.
State-run health insurance exchanges contain security flaw
An investigation has discovered that the California, Vermont and Kentucky sites left personal data vulnerable. In a recent investigation of state-run health insurance exchange websites, “significant cybersecurity weaknesses” were discovered in California, Vermont and Kentucky, according to federal officials. These flaws in the websites may have left the personal information of residents of those states open to hackers. The Government Accountability Office (GAO) discovered the vulnerabilities. This independent agency functions as a watchdog organization over Congress. The investigation it conducted looked into the health insurance exchange websites of the individual…
Read MoreHow a tire gauge and other tools help you to avoid disaster
A surprising number of crashes and accidents can be prevented with very small road safety efforts. Many drivers fall into the routine of heading out the door and down the street every day, to the point that they have all but forgotten about using their tire gauge and other simple tools on a regular basis in order to help to prevent some extremely avoidable emergency situations. Drivers aren’t necessarily careless or risk-takers but are pressed for time and don’t realize the importance of 2 minute efforts. Tire failure is far…
Read MoreSelf-driving cars could have a major impact on the auto insurance space
Report highlights the disruptive potential of self-driving vehicles Self-driving cars may soon become a reality, and they could have a major impact on the auto insurance space. A new report from Moddy’s Investors Services suggests that there are many liability implications for those involved in the development of self-driving vehicles. Both manufacturers and technology suppliers could face significant risks, with consumers likely facing fewer risks as liability shifts away from them. This is because self-driving cars take human error out of the transportation space, which is likely to lead to…
Read MoreCyber insurance more affordable as headline hacks dwindle
As the hype over high profile data breaches subsides for a while, the premiums for coverage have fallen. Cyber insurance companies have responded to a lull in the occurrence of high profile hacks by slashing the rates they are charging to businesses such as health care companies and retailers to cover them against data breaches. This trend has been continuing throughout the first quarter of the year and has prompted insurers to cut rates. Over the last handful of years, particularly over the last couple, there have been some extremely…
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