Cyber insurance became increasingly popular last year

cyber insurance

A Marsh study showed that the demand for this protection increased considerably in 2012. According to a report issued by Marsh Inc., the broker and risk adviser, the demand for coverage with cyber liability insurance increased as a growing number of businesses purchased the protection. The average policy limits that were taken out also increased during last year, said the report. The number of clients of FINPRO at Marsh that took out cyber insurance last year increased by 33.3 percent over the number from the year before. This, according to…

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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…

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Argo Group unveils cyber liability insurance

Internet Privacy

Argo Pro has introduced this new product to address business exposures to digital attacks. Argo Group International Holdings, Ltd.’s Argo Pro has announced the availability of a new cyber liability insurance product, which has been created to help businesses to mitigate the risk associated with exposures from their dependency on information technology. The product is called information and Professional Risk Playbooksm (iPRP). Argo Pro has also announced that it has entered into a partnership with leading assessment of cyber risk and data breach services firm, NetDiligence, for its ability to…

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North American companies avoiding cyber insurance according to Towers Watson

Insurance Industry - Bank Heist

Are companies leaving themselves vulnerable to a cyber attack? Towers Watson, a leading consulting firm with expertise in risk assessment, has released its annual review of corporate risk this week. The firm surveyed several corporations throughout North America and found that most do not take cyber security seriously, especially in terms of insurance coverage. The firm has also found that the corporations purchasing cyber security insurance are doing so in limited capacity and seem unwilling to purchase comprehensive coverage. This may be a problem in a world where the Internet and…

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Utah residents consider cyber liability insurance following massive Social Security numbers breach

cyber insurance

Cyber liability insurance, a new neccessity for business and personal According to the Department of Health of the Western United States, a Utah Department of Technology Services (DTS) server data breach may have compromised 25,096 Social Security numbers, causing many people to wonder whether they might be wise to consider cyber liability insurance. It is believed that the breach is the work of illegal hackers based in Eastern Europe. The outcome of the attack was the retrieval of the personal information of approximately 181,604 CHIP (Children’s Health Insurance Plan) and…

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