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Cyber insurance is gaining attention in the UK

March 27, 2015March 25, 2015 S.Vagus

UK cyber Insurance industry News united kingdom

UK government to launch initiatives to promote cyber insurance coverage Cyber insurance is kicking off in the United Kingdom. The government has announced several join initiatives that are designed to improve the stability and availability of cyber insurance in the country. The UK Cabinet Office and Marsh, a prominent insurance company, have partnered to launch these initiatives in order to protect companies from cyber attacks. Recently, the two organizations published a report that shows that the majority of British firms lack the appropriate level of cyber protection. Report shows that…

Cyber insurance is lacking in the UK

March 26, 2015March 24, 2015 Logan B.

Large UK firms may not see value in cyber insurance protection Cyber insurance may be lacking among large businesses in the United Kingdom. The British government has released a report that suggests only 2% of large British firms have insurance coverage that will protect against cyber attacks. The report was jointly released with Marsh, a prominent insurance company, and recommends that businesses begin taking the risks that exist in the digital world more seriously. Following several high-profile cyber attacks, businesses and consumers could be at risk of exploitation if they…

Cyber insurance could lead to growth in the reinsurance industry

March 24, 2015March 21, 2015 Logan B.

Cyber insurance continues to gain attention throughout the world Fitch Ratings has released a new report that highlights cyber insurance as a key growth opportunity for the reinsurance industry. Major cyber attacks have been making headlines recently and the insurance industry is becoming subject to a growing portion of these attacks. Recently, health insurers Anthem and Premera Blue Cross were victims of major data breaches that compromised the information of several million consumers. For the reinsurance industry, the digital world could hold some promise, but also significant risks. Report highlights…

Cyber insurance is becoming more important for businesses

February 12, 2015February 11, 2015 Logan B.

Fallout from major data breach at Anthem highlights the need for cyber insurance Following the major cyber attack against health insurance provider Anthem, numerous insurers are beginning to promote cyber insurance. Last week, Anthem confirmed that it was the victim of a major data breach, wherein hackers stole personal information concerning the company’s clients from its databases. Anthem noted that no financial information was compromised by the attack, but more insurers are beginning to stress the importance of adequate cyber insurance protection. Oklahoma Insurance Commissioner is promoting digital protection In…

US regulator task force to target cyber insurance

February 3, 2015January 31, 2015 Logan B.

Cyber insurance will be the focus of a new task force launched by the National Association of Insurance Commissioners The National Association of Insurance Commissioners has created a new task force that will be focused on cyber security. The task force is meant to increase consumer protection, introducing new regulations that target the insurance industry. Insurers collect valuable information from their customers, but new risks are emerging in the digital world that put this information in danger of theft and exploitation. The new task force could help foster further innovation…