Live Insurance News

Cyber insurance is lacking

August 8, 2014August 5, 2014 S.Vagus

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…

Insurance Noodle launches new cyber insurance package

July 21, 2014July 19, 2014 S.Vagus

Cyber protection is becoming more important Insurance Noodle, a small but ambitious insurance company, has announced that it is offering a new package of commercial insurance coverage that is designed to protect the risks that are being seen in the technology sector. The new package provides coverage plans for technology professionals, such as programmers, web developers, software designers, and app developers. There are also plans associated with the package that provide coverage for IT consultants and those working with staffing firms. Cyber liability coverage is something many businesses need, but…

Cyber insurance industry is hunting for expertise

July 17, 2014July 14, 2014 G. Turner

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.…

Report highlights the complexity of the cyber insurance market

July 11, 2014July 9, 2014 Logan B.

Crawford releases report showing that the frequency and complexity of cyber insurance claims is on the rise A new report from Crawford & Co. shows that the cyber insurance market is becoming increasingly complex. The frequency and complexity of claims is one of the primary challenges facing this market currently. Insurers are typically well suited to address the potential risks that exist in any given market, but the advent of technology has changed many things in the world. The insurance industry has not yet had enough time to fully understand…

Demand for cyber insurance is on the rise

July 9, 2014July 7, 2014 S.Vagus

Cyber attacks are becoming more common, leading to a rise in demand for insurance protection Cyber attacks of businesses are beginning to increase in frequency, according to Lloyd’s of London’s Barbican Group. The underwriting group believes that the market for cyber insurance will increase dramatically over the coming years, noting that premiums for this coverage have skyrocketed since 2009. Businesses are beginning to be targeted by cyber attacks because some of them lack appropriate security measures, while others simply cannot keep up with the rapidly evolving nature of digital threats.…