Tag: cyber attack

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

Julie Campbell
cyber insurance market

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

Julie Campbell
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

Julie Campbell
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

Julie Campbell
digital integration hubs insurance

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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Is Cyber Insurance Really Necessary?

Note From The Editor
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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