Cyber insurance premiums are falling as major digital attacks drop in frequency

Premiums are beginning to decline due to the growing rarity of major cyber attacks Cyber insurance premiums are beginning to fall thanks to a decline in the number of major data breaches that have been reported. Major data breaches have made headlines in the past few years, but the frequency at which these digital attacks are occurring has fallen. As a result, cyber insurance rates have fallen during the first three months of this year for several high-risk industries, such as the retail and health care spaces. Large companies have…

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Cyber insurance is catching the attention of the federal government

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Subcommittee aims to address issues facing the cyber protection space Cyber security is beginning to gain the attention of the U.S. federal government. The House Homeland Security’s cyber security subcommittee has held a hearing concerning the challenges facing the cyber insurance space. A recent report predicted that this market would reach $7.5 billion in annual premiums by 2020, making it one of the fastest growing insurance segments in the world. The need for cyber protection, on the insurance level, is becoming more apparent, especially as digital attacks become more common.…

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Cyber insurance is becoming more important throughout the world

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Report highlights the growing demand for cyber protection IDC Financial Insights has released a new report highlighting cyber insurance as an excellent opportunity for insurers due to the growing demand for this form of coverage. Cyber insurance is becoming more important as companies become more reliant on digital technology. These companies face serious risks that could result in severe financial losses if they do not adequately protect the sensitive information of consumers. Demand for cyber protection is on the rise and insurers may find promising opportunities in this emerging market.…

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Utilities are showing more interest in cyber insurance protection

Cyber Insurance Coverage

Utilities in the United States may need insurance coverage to protect against digital threats Utilities in the United States are beginning to express concern over digital risks following cyber attacks that were seen in Ukraine in December 2015. As such, these companies are beginning to look into new cyber insurance policies, which may be able to offer them a degree of protection against digital threats. Malicious groups could do significant damage to a country’s energy infrastructure through a cyber attack and utilities are looking for ways to ensure that this…

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Morris purchases new cyber insurance policy

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City of Morris has acquired cyber insurance protection to guard against digital risks Morris, Illinois, residents will now be protected by cyber insurance coverage. The Morris City Council voted earlier this week to purchase $2 million in cyber insurance protection from the HCC Insurance Group. According to the city council, this coverage will cost approximately $7,183 a year. The policy that the city has purchased will ensure that residents will have access to services that can aid them if the city’s information system where every compromised by a cyber attack.…

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Definitions may end up shaping the cyber insurance market

Cyber Insurance Coverage

The way insurers define words could affect the way cyber insurance works for businesses How insurers define certain words may end up shaping cyber insurance as a whole. Winn Schwartau, CEO of The Security Awareness Company, recently spoke at, SC Congress Chicago where he suggested that definitions could play a major role in how cyber insurance works for businesses both large and small. Cyber attacks are classified through various terms, such as attacks, controls, and in extreme circumstances, wars. The way insurers define these terms could be a problem for…

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Cyber insurance is become more important for the world’s businesses

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Businesses are facing major threats in the digital world The global insurance industry is becoming more involved in cyber protection, especially as digital attacks become more common. Last year, Sony was hit by a data breach from hackers suspected of hailing from North Korea. The data breach would have caused Sony more than $100 million in losses, but the company had purchased cyber insurance protection, which meant that Sony was only liable for one-third of that amount. Now, more companies are acquiring cyber insurance and insurers are beginning to view…

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