Insurance losses could be as high as $70 billion in the US from one peril

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According to a report from Lloyds, if the power grid in the United States were to be attacked the cost would be massive. Lloyds of London has now released a new report that has shown that if the Northeast U.S. power grid were to fall victim to a cyber attack, the insurance losses would be tremendous and far-reaching. The economic losses that would occur from such an event could actually reach a trillion dollars. Beyond financial disruptions, there would also be issues with water supply and transportation. The insurance losses…

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Insurance companies scramble to find out if Chinese hack reached them

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The industry is attempting to determine if the hackers that breached government employee files also affected them. Cybersecurity experts are cautioning insurance companies that the same Chinese hackers that were behind the data breach of a minimum of four million government employee files may also have been responsible for similar data thefts at two health care giants: Premera and Anthem. The tremendous hack to the Office of Personnel Management was likely not the first large scale American hack for the group. There have been a series of different attacks that…

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AIG CEO says that cyber insurance has a “very small” capacity

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Peter D. Hancock recently spoke, saying that this coverage is lagging behind what other forms of protection offer. The chief executive officer of American International Group, Peter D. Hancock, has stated that when it comes to cyber insurance, the coverage has fallen behind the type of protection that is available through other types of policy. Hancock expressed his opinions about this coverage against cyberattacks while speaking at a recent event. While talking at New York University, Hancock expressed that “The largest coverage I’m aware of is for a bank that…

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Cyber insurance covers only 2 percent of large U.K. businesses

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A recent report issued by the British government showed that big firms rarely purchase this coverage. The British government released a report, this week, that revealed that among large companies, only 2 percent have separate cyber insurance coverage against digital security and data breaches. That number drops nearly to zero percent when it comes to the same coverage for smaller businesses. The report was a response to the concerns that have been voiced with regards to the lack of cyber insurance protection for the majority of companies, in an environment…

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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 gets a shot in the arm from the U.K. government

Cyber Insurance industry popularity

The government is encouraging businesses to better mitigate their risks through this type of policy. The government of the United Kingdom is seeking to increase the adoption of cyber insurance as a method of bettering the way that organizations within the country are able to manage the risks associated with issues such as data breaches. Companies of all size and security protection are experiencing data breaches and cyber attacks at a growing rate. At a summit that was hosted with a number of CEOs from the cyber insurance industry, the…

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Cyber liability insurance is experiencing a rapid evolution

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As high profile data breaches become headlines on a regular basis, awareness of this coverage is expanding. The risk of a data breach is rapidly on the rise and as it is coming to the point that no one feels safe from this potential problem, awareness of cyber liability insurance is climbing as well, and the result has been a rapidly evolving coverage sector. The latest estimates are that the data breach at JPMorgan Chase could impact 76 million households. As the risk rises and as it is continually in…

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