Cyber crime rates soar as 43 percent of Americans have already been victims

Cyber Crime Rates - Cyber Security

Nearly half of all people in the United States have been affected by cybercriminal activities so far. A new report based on a survey by ValuePenguin revealed that almost half – 43 percent – of Americans have been a victim of some kind of digital invasion, as cyber crime rates skyrocket. Though financial loss is a risk, consumers are also afraid of the misuse of their personal information. Almost half of all victims of cyber crimes are impacted by financial losses in some way. That said, the cyber crime rates…

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Despite huge cyber insurance market growth, it remains a tiny industry fragment

Cyber Insurance Market - Cyber Security

Businesses are catching on to the critical nature of this coverage, but there is a long way to go. The cyber insurance market represents a relatively new environment which comes with a high risk level. This requires insurance companies to use a cautious and meticulous strategy supported by reinsurance, according to a Moody’s Investors Service report. While the market growth is taking off, it still represents only a small fraction of the industry’s revenue. The cyber insurance market experienced a 26 percent cumulative annual growth rate in direct premiums since…

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Cyber insurance growth has declined as the industry struck $2 billion last year

Cyber insurnce growth - binary - cyber - tech

Fitch Ratings data showed that the market’s growth fell from 37 percent in 2017 to 8 percent in 2018. Cyber insurance growth has continued to rise at a healthy rate, but according to Fitch Ratings, it is not growing at a rate anywhere near what it was in 2017. In 2018, the insurance industry’s total direct written premiums for cyber coverage grew by 8 percent. According to Fitch Ratings, the total direct written premiums saw a cyber insurance growth rate was 37 percent in 2017. However, despite the fact that…

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Georgia purchase largest US cyber insurance policy

Cyber insurance policy - Hacker - malware - online attack

The state is adding to its protection against hackers following a massive March ransomware attack. Georgia has added a new layer of protection against hackers by purchasing the largest cyber insurance policy in the United States. The coverage is a component of the state’s new strategy against cyberattacks. Last March it fell victim to a ransomware attack. The Georgia Department of Agriculture’s website was taken down unless the state would pay. Hackers demanded $50,000 in the ransomware attack. Despite the hackers’ demands, the state would not pay the ransom. Instead,…

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Cyber insurance coverage boosted by half of all risk managers

cyber insurance policies coverage fraud

A new HSB report has indicated that 50 percent of businesses have either bought or increased their policies. A report by the Hartford Steam Boiler Inspection and Insurance Company (HSB) based on a recent survey of risk managers has suggested that 50 percent of businesses either purchased cyber insurance coverage for the first time or increased the amount of protection they carried in 2015. Equally, the survey revealed that about 30 percent of companies have no cyber insurance policies at all. Among the companies that didn’t purchase cyber insurance coverage,…

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Cyber insurance coverage is very costly for health insurance

computer cyber insurance site

Following the record breaking data breaches that were suffered by several insurers, premiums are soaring. The large number of high profile data breaches that have been suffered by health insurers over the last year or so have made the cost of cyber insurance coverage skyrocket for those companies. This rise in rates has affected not only insurance companies but also retailers and banks. The reason is that those sectors have also been victims of data breaches and cyber insurance companies are seeing that it is becoming increasingly costly to cover…

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Cyber insurance market is showing signs of healthy growth

Cyber Insurance Coverage

Lloyd’s of London notes that more activity is being seen in the cyber insurance market Several high-profile cyber attacks on large companies have spurred more activity in the cyber insurance market, according to reports from Lloyd’s of London. The insurance company notes that claims in the cyber market have rose by 50% for the first three months of this year. More companies are becoming concerned with the digital risks that they face. These risks could result in serious financial damage, which insurance coverage may be able to mitigate, if policies…

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