Tag: cyber crime insurance

Cyber crime insurance launched by former US homeland security chief

Julie Campbell
identity theft cyber insurance

The coverage is the result of a collaboration among syndicates operating through the Lloyd’s of London market. A new cyber crime insurance product has now been launched by Tom Ridge, a former U.S. Secretary of Homeland Security, by his firm, which created it in collaboration with a number of syndicates that operate through the Lloyd’s of London. This insurance coverage is meant for businesses with under $500 million in market capitalization. This means that approximately 80 percent of all American publicly quoted companies fit into the target market for this…

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Cybersecurity a growing issue in the U.S.

H. Cutner

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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Markel launches new DataBreach plan to help health care providers defend themselves against cybercrime

S.Vagus

Markel Insurance Co. has launched a new line of insurance coverage for health care providers. The new coverage provides protections against cybercrime and hacking. The Affordable Care Act requires that an individual’s medical and insurance information be stored electronically as part of a state-run insurance exchange. The exchange system is designed to give consumers access to affordable insurance coverage, but their information may be the target of hackers eager to test the defenses of the new system. U.S. companies became acutely aware of the dangers inherent in the digital world…

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Zurich American takes Sony to court over data breach claims

H. Cutner

A new court case between the Zurich American insurance company and Sony – its client – may set a precedent for future decisions made regarding an organization’s liability and coverage at the time of a data breach. The insurer has stated that it will not cover Sony’s costs for the many class-action lawsuits that have occurred following the massive database breaches it experienced earlier in 2011, and is seeking the support of the courts for its decision. Sony has already reported that it anticipates that the direct financial cost of…

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Business owners may want to rethink cyber liability coverage

H. Cutner

The age of technology brings with it risks that have never been faced before. As more businesses adopt technology and become ever integrated with it, they must protect themselves from malicious attacks. The concept of “cyber crime” has, in previous years, been of little concern. Companies both large and small have fallen prey to hackers but they often recover and improve their security methods. However, the recent and continuous attacks against tech giant Sony have spawned a new wave of concern amongst the world’s businesses. Now, protection from the very…

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