Data increasingly shows that the cost of a massive cyberattack can be more costly than a hurricane. It took a number of years for cyber insurance providers to be taken seriously. However, with the rising frequency and cost associated with high-profile and widespread attacks, that situation is changing. Insurance policies against hacking and data breaches are becoming the standard among large businesses. A recent PYMNTS report outlined the rising trend toward this type of coverage. Moreover, it pointed out that, moving forward, cyber insurance providers will face major risks. They…
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Cyber insurance market growth is fast and healthy, says Swiss Re
As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…
Read MoreCyber insurance gets a boost in Canada as CROs recognize its importance
As data breaches become more commonplace and receive more media attention, companies are protecting themselves. While companies in Canada had been following the cyber insurance trends seen in many other countries, the insurance news headlines involving some massive data breaches including ransomware, threats and demands for payment. With these events becoming more visible and more common, companies are turning to insurance companies. The trend skyrocketed after the Canadian site Ashley Madison experienced a tremendous data breach that saw worldwide media coverage. To many businesses in the country, this made it…
Read MoreCyber insurance claims are made by 4 out of 10 companies
A new survey has revealed that a very large percentage of businesses have filed against their policies. When it comes to business coverage, cyber insurance has been increasing quite rapidly in popularity as a results of the many high profile data breaches that have occurred over the last few years. Unfortunately, while coverage is more common, it’s also being used quite a bit by the companies that have it. While the idea behind buying a policy is usually to get it just in case, while hoping that it will never…
Read MoreImportance of cyber insurance made clearer after Ashley Madison hack
The exceptionally high profile data breach has served as a kind of wake-up call for business execs. Following the massive data breach at Ashley Madison and several other high profile data breaches, businesses in Canada are starting to realize that there is greater potential value to cyber insurance than they may have previously realized. These companies are now purchasing these insurance policies to protect themselves against cyber attacks. Back in July, Ashley Madison found itself making news headlines around the world when hackers were able to smash their way into…
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