Does cyber insurance truly provide the peace of mind it implies?

Cyber Insurance industry popularity
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Cyber insurance can provide important coverage against liability and data loss, but it does come with a cost and the form of coverage it provides is quite complex. The Ponemon Institute has released the results of its second annual Cost of Cyber Crime study, which indicated that the average yearly cost of identifying and coping with cyber crime, per organization, is $5.9 million. When compared to the average figures from the 2010 study, this was an increase of 56 percent. Cyber crime costs now range from $1.5 million to $36.5…

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A new insurance product to protect companies participating in cloud computing services

Cloud computing is becoming a major phenomenon in the world of technology. The concept is simple: A collaboration of computing resources, software and other technologies that are offered as a service rather than a product. This brand of service is becoming popular in a number of industries as it allows companies to make use of high-performance technologies without having to rely on their own computers or devices. Essentially, the computer servers that comprise the cloud provide all the power, through which computers at a home or office operate vicariously. As…

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2012 will begin a massive expansion in cyber attack insurance

This year, the world watched as many corporations – even those that are reputed to have the strongest security systems in place – experienced massive data breaches that were so extensive that their final damage total has yet to be calculated. For example, Sony experienced a tremendous breach to the personal account data stored within its network, and has yet to determine precisely how much the cyber attack has cost the company. The most recently published total was that 100 million customer accounts had been compromised, and that they predict…

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Cybersecurity a growing issue in the U.S.

According to U.S. cybersecurity analysts, 12 small groups of hackers from China are responsible for more than $1 billion worth of data from companies throughout the nation. These groups have been monitored by McAfee, a prestigious Internet security company, who drew upon information collected over time. Earlier this year, McAfee tracked intrusions into the U.S. energy grid back to China, where the hacker groups were finally identified after years of arduous investigation. Last month, U.S. intelligence officials formally rebuked China for its part in the intrusions, but no other action was…

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Statewide brings contractor insurance services into Washington state

Leading general liability insurance, commercial vehicle coverage, workers compensation and bonds provider for contractors, Statewide Insurance Brokers, has announced that it has broadened its contractor insurance offerings to include Washington State. The insurer has been providing these products to thousands of contractors of all forms from painters to electricians, since 1995. Today, Statewide Insurance is operating in seven states – Nevada, Oregon, Texas, Virginia, Washington, Minnesota, and California – but has plans for widening. According to one of the company’s senior underwriters, Lana Matar, demand is what is fueling their…

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Chubb launches interactive Risk Conversation social resource

The Chubb Group of Insurance Companies has announced the launch of its Risk Conversation resource, which provides consumers with an interactive community that addresses struggles to risk management for individuals and businesses. The Risk Conversation resource is available at riskconversation.com, and provides information for prevention, risk assessment tools, and blogs that can help its users to pinpoint, understand, and manage a number of different risks to which they can be exposed in their professional and personal lives. Chubb’s public relations manager, Mark Schussel, said that risk is something that affects everyone…

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The need for cyber insurance grows in light of recent attack on 48 chemical and defense companies in the U.S.

A new report from Symantec Corp., a leading security firm, highlights the dangers of cyber attacks and the value of cyber insurance. Late last month, approximately 48 chemical and defense companies in the U.S. were the targets of a large cyber attack that was traced back to one man in China. Symantec did not identify the companies in the report, but noted that few had any kind of insurance to protect against such an attack. The attack has been linked to industrial espionage, as the compromised information detailed chemicals, formulas…

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