Kidnap insurance protects companies in the case of ransomware

May 22, 2017May 19, 2017 Logan B.

Businesses that have not purchased cyber insurance policies are looking to alternative coverage for WannaCry losses. Companies without cyber insurance are reportedly making claims through their ransom, extortion and kidnap insurance policies in the hopes of recouping losses from WannaCry and other ransomware. The issue is that cyber insurance can be costly and businesses operating outside the U.S. rarely buy it. Aside from the expense associated with cyber insurance, many companies don’t think to buy it as they don’t feel that they would be the target of this type of…

Cyber insurance became increasingly popular last year

March 20, 2013April 30, 2013

A Marsh study showed that the demand for this protection increased considerably in 2012. According to a report issued by Marsh Inc., the broker and risk adviser, the demand for coverage with cyber liability insurance increased as a growing number of businesses purchased the protection. The average policy limits that were taken out also increased during last year, said the report. The number of clients of FINPRO at Marsh that took out cyber insurance last year increased by 33.3 percent over the number from the year before. This, according to…

Cyber insurance still not being used by most North American companies

August 20, 2012August 19, 2012 H. Cutner

Businesses still don’t seem to be protecting themselves against the risk of attack. The results of a new risk survey conducted by Chubb Insurance have been released, and they are showing that over 70 percent of North American businesses have created an incident response plan in order to deal with a security breach, and yet among them, 57 percent have not made cyber insurance an element. Liability coverage against online attacks is considered to be a vital part of this form of response plan. At the same time, the respondents…