Insurance industry may be able to improve the cyber security of companies
The insurance industry may have a major role to play to help companies in the U.S. improve their cyber security, according to the U.S. Treasury Department. Federal lawmakers in Congress are struggling to pass new legislation that concerns cyber security. The legislation would force companies to improve their defense against digital threats during a time when cyber attacks are becoming much more frequent. Sarah Bloom Raskin, deputy secretary of the Treasury Department, believes that insurers can be a major benefit for companies dealing with cyber attacks.
US continues to try and improve the security of businesses operating online
The Obama administration has been working to bring several sectors together in order to combat cyber attacks. These attacks are becoming more common, and malicious parties, as well as agencies from foreign governments, are becoming more proficient at bypassing the cyber security measures found in the United States. For companies, this is becoming a troubling trend, as they face major liability issues for not being able to protect the data they store. The U.S. is not the only country exposed to cyber attacks, of course, and the insurance industry may be able to help others protect themselves as well.
Cyber insurance is becoming more important for businesses
Cyber insurance can go a long way in helping protect companies from digital threats. This type of insurance coverage provides companies with the financial safety net they need to cover the costs associated with data breach and credit monitoring services. Cyber insurance can also help cover the costs associated with security services, which could allow companies to improve their defenses in the future.
Insurance industry collects $2 billion in cyber insurance premiums globally
The cyber insurance market has begun to grow quickly. The insurance industry currently pulls in approximately $2 billion in premiums from cyber insurance policies being sold throughout the world. The majority of this coverage is currently in the United States, as companies operating in the country have become very attractive targets for those looking to exploit sensitive data.