Hacks are causing cyber insurance rates to skyrocket

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Insurers are raising premiums for the cyber insurance coverage that they provide Over the past two years, companies in the United States have been targeted by aggressive cyber attacks. This has prompted insurers to increase premiums on cyber insurance coverage by a massive margin. Some companies are perceived as being a high risk, which means that they are seeing higher costs when it comes to protecting themselves from digital attacks. Insurers are not just raising premiums on cyber insurance coverage, however, and many companies are looking for a solution to…

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Importance of cyber insurance made clearer after Ashley Madison hack

Cyber Insurance Coverage

The exceptionally high profile data breach has served as a kind of wake-up call for business execs. Following the massive data breach at Ashley Madison and several other high profile data breaches, businesses in Canada are starting to realize that there is greater potential value to cyber insurance than they may have previously realized. These companies are now purchasing these insurance policies to protect themselves against cyber attacks. Back in July, Ashley Madison found itself making news headlines around the world when hackers were able to smash their way into…

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Cyber insurance coverage is very costly for health insurance

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Following the record breaking data breaches that were suffered by several insurers, premiums are soaring. The large number of high profile data breaches that have been suffered by health insurers over the last year or so have made the cost of cyber insurance coverage skyrocket for those companies. This rise in rates has affected not only insurance companies but also retailers and banks. The reason is that those sectors have also been victims of data breaches and cyber insurance companies are seeing that it is becoming increasingly costly to cover…

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Demand for cyber insurance is on the rise

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Cyber insurance is becoming more popular among the world’s various organizations Demand for cyber insurance is on the rise throughout the world, according to a new report from Timetric. This is largely due to the growing frequency of digital attacks against businesses and governments. These attacks are having a major financial impact on several organizations and consumers. With more businesses beginning to rely on technology and the digital space, cyber attacks are becoming a significant concern and organizations want protection against these attacks. Some $2.5 billion cyber insurance premiums collected…

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Cyber insurance market is surging

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Cyber attacks estimated to cost businesses as much as $500 billion a year in damages The cyber insurance market is poised to see massive growth in the coming years. Cyber crime has become a very profitable business, with companies that have been hit by data breaches and other attacks reporting major financial losses. According to a recent report from Cybersecurity Ventures, cyber attacks cost businesses an estimated $400 billion every year, though other estimations suggest that the damage is closer to $500 billion a year. Cyber insurance market set to…

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PwC report shows cyber insurance becoming $7.5 billion market in 5 years

Cyber Insurance

These predictions for the Indian market were revealed this week at the Monte Carlo Reinsurance Rendezvous. According to the figures that were released at the Monte Carlo Reinsurance Rendezvous, the market for cyber insurance could blossom to a hefty $7.5 billion in India as early as the end of 2020, if things continue as they have been. This forecast, along with several other insurance predictions, was released by PricewaterhouseCoopers (PwC). PwC also stated that by the end of 2018, the cyber liability insurance market will have risen to $5 billion…

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Insurance industry could help improve company security

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Insurance industry may be able to improve the cyber security of companies The insurance industry may have a major role to play to help companies in the U.S. improve their cyber security, according to the U.S. Treasury Department. Federal lawmakers in Congress are struggling to pass new legislation that concerns cyber security. The legislation would force companies to improve their defense against digital threats during a time when cyber attacks are becoming much more frequent. Sarah Bloom Raskin, deputy secretary of the Treasury Department, believes that insurers can be a…

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