Spending on cyber insurance skyrockets as high profile cases rise

Cyber Insurance industry popularity

The size of the problem associated with cyber attacks is becoming clearer as data breaches make more frequent headlines. The number of large companies and corporations that have experienced highly publicized data breaches is rapidly rising, and other businesses have not failed to notice; having responded with the purchasing of cyber insurance policies to help to protect themselves from the extensive damages that this type of digital attack can bring. Insurers that offer this type of data breach liability coverage are seeing notable growth in that business. At the same…

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Cyber insurance is spiking in popularity among SMBs

computer cyber insurance site

Smaller and medium sized businesses are discovering that data breach liability protection is vital. According to recent data that has been released by the Center for Strategic and International Studies, last year, alone, there were more than 3,000 businesses in the United States that experienced a data breach, and the increase in cyber insurance policies shows that companies have not all failed to learn the lesson from this threat. Among those businesses, many of them are small and medium sized firms with minimal protection. The rapid rise in cyber attacks…

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Cyber crime insurance launched by former US homeland security chief

identity theft cyber insurance

The coverage is the result of a collaboration among syndicates operating through the Lloyd’s of London market. A new cyber crime insurance product has now been launched by Tom Ridge, a former U.S. Secretary of Homeland Security, by his firm, which created it in collaboration with a number of syndicates that operate through the Lloyd’s of London. This insurance coverage is meant for businesses with under $500 million in market capitalization. This means that approximately 80 percent of all American publicly quoted companies fit into the target market for this…

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Cyber insurance industry is hunting for expertise

risk industry cyber insurance

As the demand for this risk coverage skyrockets, insurers are looking for experience and skills in handling the problem. While insurers are watching the tiny cyber insurance coverage market spike and grow at an exponential rate, they frequently don’t have the type of skills and experience that are necessary to actually handle data breaches and hackers to be able to provide the type of service that would be required to offer this type of product. It is becoming almost commonplace to hear about high profile data breaches among massive corporations.…

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Is Cyber Insurance Really Necessary?

Cyber Insurance

Society is becoming more integrated with technology and that is exposing businesses to new threats that they may not be prepared to deal with. Cyber insurance is designed to be a type of protection against these threats, but many businesses have yet to fully embrace this protection. Large companies tend to have cyber liability policies in force, but smaller companies do not typically see this type of coverage as necessary, mostly due to the misconception that they are not high value targets. High profile cyber attacks are often highlighted in…

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Cyber insurance is making it onto more company shopping lists

cyber insurance theft id higher rates

As a growing number of hackers make recent news headlines, businesses are no longer comfortable without coverage. At the same time that it has become clear that even the most sophisticated data systems among the leading high profile companies can still be broken into by skilled hackers, the cost of those attacks is becoming increasingly clear to businesses of all sizes and they are beginning to purchase cyber insurance at an increasing rate in order to cover themselves against potentially devastating damage. This special form of risk and liability insurance…

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Cyber liability insurance interest spikes following major data breaches

Cyber Insurance industry popularity

Recent news headlines from large trusted companies such as Target and Kickstarter have caused serious worry. With a steady stream of data breaches at major corporations continually making recent news, the need for cyber liability insurance has become much clearer and companies are starting to take action by buying at a higher rate than they have done in the recent past. Businesses are starting to realize that nobody is really safe against a determined online criminal. Target recently revealed that hackers had broken into their files and had stolen the…

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Cyber insurance now available from Chubb

Cyber Insurance

The company has acknowledged the growing need for coverage and is now selling to business customers. If there is anything that can be agreed upon by virtually every business that uses a computer (are there any out there that don’t have at least one?), it is that the threat of a data breach or of being hacked and having information is high, and that cyber insurance could provide some protection. With this knowledge, and the increasing popularity of the coverage, Chubb has jumped on the bandwagon and is selling. Data…

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Cyber insurance experiencing sudden boom from businesses

Cyber Insurance industry popularity

Hotels, banks, educational institutions, and companies are purchasing the coverage in droves. Although less than a decade ago the majority of businesses felt that the idea of cyber insurance was ridiculous, as they believed that they had strong security for their networks and expert IT professionals to keep them safe, that story has changed considerably in a short time. After a number of high profile data breaches, companies are starting to realize that they are not as safe as they once thought. In fact, cyber insurance has become particularly popular…

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Cyber insurance demand is going to rise

Cyber Insurance

A new report has revealed that while there is large potential for this market, price is still a barrier. According to a report released by A.M. Best, the rating agency, there is tremendous growth potential in the cyber insurance market, but the evolving nature of the risk of digital attacks and the pricing strategies currently used are posing a sizeable underwriting challenge. Over the past handful of years, there has already been a massive increase in this market. The size of the cyber insurance market has grown by approximately 80…

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