Insurance industry well attuned to digital risks
The Internet has become an all-encompassing resource for information and community for most of the world. Today, the Internet supports a multitude of businesses, many of which rely on the digital world to reach out to consumers and sell products around the world. While the Internet is often considered one of the greatest accomplishments in human history to date, it is not a utopia. Within the Internet are many threats that businesses, consumers, and governments have yet to become acclimated to. The cyber insurance industry has long been privy to these threats and has been warning of the damage they could cause for years.
Recent attacks spur further awareness efforts throughout insurance industry
The insurance industry has considered cyber security to be a major issue for several years, but this belief is not widely held throughout the business sector. Even in the government sector, where security is often a political point of contention, cyber security rarely receives the attention it is due. Many insurers claim that large companies lack the protection necessary to guard against hackers that are tenacious enough to steal their valuable information. Over the past nine months, however, cyber security has been attracting a great deal of attention in the U.S.
US officials claim general public unaware of severity of cyber attacks
The self-described activist group known as Cyber Fighters of Izz ad-din Al Qassam have claimed responsibility for numerous cyber attacks that have targeted several U.S. banks over the past several months. This activist group has successfully brought down many of the sites associated with these firms and companies like JPMorgan Chase and Wells Fargo have admitted to having trouble keeping up with the attacks. This week, security experts from the U.S. as well as government officials suggested that the general public is not aware of how serious these attacks are and many people are unaware of how much of an impact they could have on the country.
Insurance industry continues to promote security
Over the past nine months, the insurance industry in the U.S. has been drawing attention to cyber insurance — protection against the threats that exist in the digital world. While cyber insurance itself does not stop cyber attacks from taking place, such protection does offer a safety net for companies and organizations targeted by such attacks.