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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American utilities are looking into cyber insurance following Ukraine grid attacks

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Following the December 23 attack on the Ukrainian grid, the U.S. is taking a closer look at protection. American utilities are currently looking into the types of cyber insurance that might be available to them, in order to protect themselves against what could potentially result in multi-billion dollar losses if an attack similar to the one that struck Ukraine on December 23 were to happen in the U.S. Last year, hackers caused power outages that left over 80,000 people in the country in the dark. The incident in Ukraine was…

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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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Demand for cyber insurance rises throughout Europe

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As digital attacks and data breaches spread like wildfire, European companies are aiming to protect themselves. New legislation in the European Union with regards to data privacy is giving a considerable shot in the arm to the cyber insurance industry, say specialists in that market, particularly following some very high profile attacks on companies such as Experian and TalkTalk earlier in 2015. Last week, the E.U. agreed that its data protection laws needed to be changed from their previously fragmented state. The new laws will require companies to report data…

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Cyber insurance gets a boost in Canada as CROs recognize its importance

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As data breaches become more commonplace and receive more media attention, companies are protecting themselves. While companies in Canada had been following the cyber insurance trends seen in many other countries, the insurance news headlines involving some massive data breaches including ransomware, threats and demands for payment. With these events becoming more visible and more common, companies are turning to insurance companies. The trend skyrocketed after the Canadian site Ashley Madison experienced a tremendous data breach that saw worldwide media coverage. To many businesses in the country, this made it…

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Cyberbullying insurance is now being sold in the UK

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One company in the United Kingdom has now started selling policies that offset the costs of trolling. Although cyber policies are nothing new, as companies need to protect themselves against the risk of data breaches, an insurer in the United Kingdom is now offering cyberbullying insurance as many companies and individuals have also come to find that online trolling can also be very disruptive and expensive. The practices of online trolls and cyberbullies can sometimes just be a nuisance but can also become very extreme. Some actions from trolls are…

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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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Insurance commissioners across the U.S. seek to combat the cyber attack threat

Cyber Insurance policies commissioners industry

They are now working with American federal legislators to help to combat the evolving nature of data breaches. State insurance commissioners have announced that they will be working in partnership with federal legislators in order to try to improve defenses against the damage being caused by the rapid evolution of cyber threats. At the same time, these industry regulators aren’t seeking to adopt new national regulations or legislation over their own authority. The insurance commissioners do want to try to combat the increasing threat from cyber attacks and data breaches,…

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