Tag: cyber attacks

Cyber insurance helps Sony recover from major attack

Logan B.
cyber insurance industry

Sony Pictures was rocked by a major cyber attack last year Last year, Sony Pictures was the victim of a major cyber attack that has been called the most destructive event of its kind on a U.S. company. The attack saw a massive amount of personal information exposed to the public, including information concerning the company’s production schedule and the information of millions of consumers. The attack was blamed on hackers in North Korea, and the event was tentatively tied to the release of the movie “The Interview,” which Sony…

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New cyber security risk models may be needed for the insurance industry

Nordstrom
cyber insurance policies coverage fraud

RMS and AIR Worldwide are working to build new risk models focused on the digital space Two risk modeling companies serving the insurance industry are beginning to focus more heavily on the digital world, hoping to form better cyber attack risk models. RMS and AIR Worldwide have seen the risks in the digital world escalate over the past several years. These risks are becoming more prominent and the majority of the insurance industry may not be able to tackle these risks appropriately with existing, outdated risk models. Recent cyber attacks…

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The insurance industry is beginning to take cyber attacks seriously

S.Vagus
Cyber Insurance policies commissioners industry

Insurers are beginning to develop policies to protect energy grids The insurance industry is beginning to focus more heavily on the digital world. As cyber attacks become more common, their devastating impact is beginning to be better understood by insurers, and some companies have begun offering policies that aim to protect against attacks that could target the energy sector. A significant attack could lead to major, long lasting blackouts that would have serious implications for businesses and consumers alike. As such, insurance protection is becoming more important in order to…

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Businesses need more than cyber insurance

Note From The Editor
identity theft cyber insurance

The world is becoming more integrated with technology and this is beginning to change the way the insurance business works. With businesses beginning to enter into the digital space in order to more effectively engage consumers, the need to protect themselves from cyber attacks is beginning to increase. Many businesses to not take the steps necessary to protect themselves from digital threats, so insurers are beginning to serve as a safety net, but even the insurance industry cannot protect companies from every threat in the digital world. The digital risks…

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Cyber insurance protection availability is growing

Julie Campbell
data overload cyber insurance

A rising number of insurers, now including AIG, are offering this coverage as businesses boost their demand. At a time in which the headlines involving businesses that have undergone data breaches and other digital attacks are becoming a regular occurrence, American International Group (AIG) has now announced that it will be joining the growing number of insurers that are offering cyber insurance protection. This policy from AIG will be providing coverage to businesses against illegal hacking. The cyber insurance policy will not, in this case, provide any protection against physical…

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