Cyber insurance is lacking

cyber insurance industry

Cyber security is gaining more attention, but insurance coverage is failing to meet companies’ needs Cyber security is becoming a major issue and the growing prevalence of malicious attacks of businesses is leading to a higher demand for cyber insurance. There are now 50 carries of cyber coverage in the insurance industry, but these coverage is not easy to obtain and many businesses suggest that most coverage is inadequate. The problems with cyber protection are related to the complicated nature of cyber attacks. The actual damage these attacks cause, in…

Read More

Cyber insurance industry is hunting for expertise

risk industry cyber insurance

As the demand for this risk coverage skyrockets, insurers are looking for experience and skills in handling the problem. While insurers are watching the tiny cyber insurance coverage market spike and grow at an exponential rate, they frequently don’t have the type of skills and experience that are necessary to actually handle data breaches and hackers to be able to provide the type of service that would be required to offer this type of product. It is becoming almost commonplace to hear about high profile data breaches among massive corporations.…

Read More

Cyber insurance could be lacking for banks when it comes to protection

risk industry cyber insurance

Banks may not benefit from cyber liability insurance as much as they may believe Recent cyber attacks have highlighted the dangers that exist in the digital world. These dangers are still not fully understood, due to the fact that many businesses have only very recently begun the process of “digitizing” themselves. Banks are among those that have only recently begun to grow more digital, and this means that cyber insurance is beginning to attract more attention from these financial service organizations. The problem is, however, that insurance may not be…

Read More

Cyber insurance protection availability is growing

data overload cyber insurance

A rising number of insurers, now including AIG, are offering this coverage as businesses boost their demand. At a time in which the headlines involving businesses that have undergone data breaches and other digital attacks are becoming a regular occurrence, American International Group (AIG) has now announced that it will be joining the growing number of insurers that are offering cyber insurance protection. This policy from AIG will be providing coverage to businesses against illegal hacking. The cyber insurance policy will not, in this case, provide any protection against physical…

Read More

Cyber insurance demand is going to rise

Cyber Insurance

A new report has revealed that while there is large potential for this market, price is still a barrier. According to a report released by A.M. Best, the rating agency, there is tremendous growth potential in the cyber insurance market, but the evolving nature of the risk of digital attacks and the pricing strategies currently used are posing a sizeable underwriting challenge. Over the past handful of years, there has already been a massive increase in this market. The size of the cyber insurance market has grown by approximately 80…

Read More

Cyber insurance still not being used by most North American companies

cyber insurance

Businesses still don’t seem to be protecting themselves against the risk of attack. The results of a new risk survey conducted by Chubb Insurance have been released, and they are showing that over 70 percent of North American businesses have created an incident response plan in order to deal with a security breach, and yet among them, 57 percent have not made cyber insurance an element. Liability coverage against online attacks is considered to be a vital part of this form of response plan. At the same time, the respondents…

Read More

U.S. pushes for international legal framework governing cyber crime, insurers to benefit from associated regulations

The issue of cyber security has become so prominent that the U.S. government is now pushing for international laws that will curb the spread of the so-called “anti-security” movement. This malefic movement has had an impact on the global insurance industry in more than just losses. With the threat of cyber crime growing, the industry has had to adapt, drafting new defenses and offering more comprehensive coverage. The federal government holds that insurance is simply not enough and is seeking support from other countries to establish laws that would stop…

Read More