Tutoring business insurance isn’t required but may be necessary

Tutoring business insurance - Teacher and student

Though private tutors aren’t legally required to buy coverage, the right policy may be essential. Tutoring business insurance may not have been the first thing that popped into your mind when you decided on this job, but it can make all the difference if things take an unexpected turn. When you decide to begin as a tutor, it’s a good idea to consider your risk exposure. Before you start working, think about the many types of risk that you may face along the way. As much as we may not…

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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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Baltimore will purchase $20 million in cyber liability insurance coverage

Cyber Liability Insurance Coverage - Baltimore

The city is taking preventative action after having already suffered a massive ransomware attack. Baltimore has just committed to purchasing $20 million in cyber liability insurance coverage. That city experienced a massive ransomware attack last spring. The city is still paying off the bills for the contractors who participated in the city’s digital recovery. The costs from the ransomware attack on Baltimore are increasingly coming due. As those expenses loom, city officials are preparing to purchase $20 million in cyber liability insurance coverage to pay for any potential disruptions that…

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Nearly Two Out of Three Cyber Attacks Targeting SMEs; 60% of Uninsured Affected Companies Are Out of Business Within Six Months

New York, NY, September 14, 2019 –(PR.com)– “Although many SMEs believe that they are not interesting enough to be hacked, criminals think differently. Of all cyber attacks on companies, 64% are SMEs, resulting in, among other things, a business interruption, loss of reputation, economic costs and/or a fine or legal action. Moreover, 60% of the affected companies that did not take out cyber insurance are out of business within six months of a cyber incident,” Israeli cyber security specialist Avi Bartov, director of the specialized cyber security company GamaSec, said…

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Are cyber insurance companies contributing to ransomware attack growth?

Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

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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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