A bipartisan cybersecurity bill may be heading for Congress this week. Federal lawmakers have been discussing the growing threat residing in the digital world and what it means for national security and that of citizens. Over the years, several companies have been the target of cybercrimes such as hacking and data theft. The recent security breaches at Sony Online Entertainment, which compromised the financial information of thousands of consumers, highlight the need for new legislations that encourage cyber insurance. Cyber insurance – that is, insurance that protects against cybercrime –…
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Cyber security a major issue for the U.S. according to inquisitive task force
Cyber security is a growing area of concern in the business world. A number of major attacks have shown the danger of having lackluster protection and has cost some companies millions of dollars. The damage wrought from these attacks in not only shouldered by the targeted companies, however, they have also produced grievous financial wounds on consumers who had their identities and financial information compromised in the attacks. A Congressional task force, which was tasked with the duty of investigating the importance of cyber security, has released recommendations to lawmakers…
Read MoreP&C insurance agents must keep ahead of the latest threats to privacy
Agents and brokers for property and casualty insurance are being advised to keep abreast of the very latest information and statistics regarding the ever-growing risk of cyber attacks and the different kinds of coverage solutions that can allow their clients to decrease financial exposure. As hacking into private information of all types – financial, personal, and medical, for example – becomes increasingly common, insurance professionals must be able to keep up so that they can offer their clients the right forms of coverage, particularly in terms of miscellaneous professional liability.…
Read MoreHackers target more than just big business, FBI lauds the value of cyber insurance
As big corporations begin to scramble for protection against cyber attacks, one organization rarely associated with the insurance industry is lauding the benefits of cyber insurance. The FBI has raised warnings that big businesses are not the only entities at risk of falling prey to hackers. Last year, the FBI, which has a special Internet fraud center, received 25,000 complaints of hacking or fraud every month. The Bureau’s Internet fraud report release last year claimed that victims of identity theft alone suffered losses in the millions. Gone are the days…
Read MoreSony gets hacked in latest ring of cyber crimes
Sony Corporation’s computer system is the recent prey of the latest attack launched by unscrupulous hackers. The group LulzSec claimed responsibility of the recent attacked. The incident proved that even Giant electronic companies like Sony are also vulnerable to different types of security infringements like hacking. LulzSec is the same group that also claimed to have made the attacks on world renowned television networks like Fox.com and U.S. PBS television. The server of electronic giant, Sony is its latest prey. LulzSec claimed it successfully hacked the server running the websites…
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