New commercial cyberattack study underscores importance of business cyber insurance

business cyber insurance

A recent survey revealed that almost half of participating companies had experienced some form of breach within a year. The importance of business cyber insurance is becoming increasingly clear to companies suffering from digital attacks firsthand on a rising basis. A recent study into cyberattacks aimed at companies revealed that almost half had experienced some form of attack within the year prior to the study. There were over 4,000 businesses participating in the survey, almost half of which had been attacked. The research results were included in a report by…

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Cyber insurance policies will likely achieve a standard in the near future

Cyber Insurance policies commissioners industry

A CIFF speaker described the evolution of the market and the direction data breach coverage is taking. Despite the growing popularity of cyber insurance policies, there remains a lack of consistency from one company’s offerings to the next. That said, recent industry forecasts suggest this trend may soon change. The MSA Research Inc. CIFF panel discussion predicted a trend toward a more standard coverage. The Canadian Insurance Financial Forum (CIFF) from MSA Research Inc. panel discussion recently held in Toronto showed that cyber insurance policies are headed within a consistent…

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Cyber insurance confusion causes gaps in coverage

cyber insurance confusion computer

This sector of the insurance industry is doing great business but policyholders may not know what they need. Businesses are very aware that they need protection against data breaches, but cyber insurance confusion is causing notable problems. Companies know they need coverage but don’t necessarily know precisely what that coverage should include. This is a very complex market, which makes it difficult to determine what coverage is needed. After all, the cyber insurance confusion doesn’t just start at buying a policy. Even assessing the damage following a major data breach…

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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 more affordable as headline hacks dwindle

Cyber Insurance

As the hype over high profile data breaches subsides for a while, the premiums for coverage have fallen. Cyber insurance companies have responded to a lull in the occurrence of high profile hacks by slashing the rates they are charging to businesses such as health care companies and retailers to cover them against data breaches. This trend has been continuing throughout the first quarter of the year and has prompted insurers to cut rates. Over the last handful of years, particularly over the last couple, there have been some extremely…

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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

Cyber Insurance policies commissioners industry

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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