Cyber insurance now available from Chubb

Cyber Insurance
Cyber insurance premiums rise while...
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The company has acknowledged the growing need for coverage and is now selling to business customers. If there is anything that can be agreed upon by virtually every business that uses a computer (are there any out there that don’t have at least one?), it is that the threat of a data breach or of being hacked and having information is high, and that cyber insurance could provide some protection. With this knowledge, and the increasing popularity of the coverage, Chubb has jumped on the bandwagon and is selling. Data…

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What should you think about when you consider buying cyber insurance

Data breaches are a form of attack that can come on with absolutely no warning or provocation, and can cause either very little or no damage, or can cripple a business’s ability to function. Because they are so unpredictable, making them extremely challenging to budget for, cyber insurance is considered by many to be a very practical way to offset any of the unanticipated costs that can be associated with them. That said, it remains very important to take additional preventive efforts and security practices to ensure that your data…

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MasterCard and Visa warn of massive security breach, insurers highlighting the need for cyber security

Financial giant MasterCard has announced that there may have been a breach in its security systems this week. The potential breach is linked to a third-party vendor based in the United States. MasterCard has contacted banks and law enforcement to mitigate the problems caused by the security breach and has also elicited the aid of an independent security organization to assess the extent of the damage the breach may have caused. This particular breach could have an impact on more than 10 million customers around the world. MasterCard has been…

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Insurance groups warns companies to take cyber attacks seriously and protect themselves accordingly

As “hacktivism” becomes a major concern for companies all over the world who manage electronic data, the need for insurance protection against cyber attacks is becoming more apparent. Sihle Insurange Group, a Florida-based insurance organization, has begun a campaign to promote this type of protection. The insurer is warning companies in the U.S. that they need to be more proactive about their security lest they fall prey to hackers looking to cause a bit of mischief. Even a hacker looking for a laugh at the expense of others can cause…

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Liberty International Underwriters launches three new cyber liability insurance products to protect consumers and companies from attack

Liberty International Underwriters, a specialty lines division of Liberty Mutual Insurance, has announced that it will be providing three new cyber liability products. Insurers are beginning to take the risk of cybercrime seriously, especially as more hackers become more brazen in their attacks on companies and government institutions. While companies face the potential for major losses as the result of cybercrime, consumers are the ones that are affected most by attacks. Identity theft is rampant in the world of technology, and many have found their sensitive financial information compromised due…

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Corporations may be hiding information on cyberattacks from investors and the SEC

Large corporations may be keeping cyberattacks a secret from investors and the public, according to the Securities and Exchange Commission (SEC). In October of last year, the agency released documentation that outlined the necessary measures corporations must take if they have been the target of an attack. The document outlined reporting procedures for such events, but the agency suspects that companies have not taken these requirements to heart for the sake of their businesses. Since October, a scant few corporations have followed the reporting procedures outlined by the SEC, despite…

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Hackers steal source code from Symantec – cyber security again highlighted by insurers

Acclaimed Internet security company Symantec has announced that the source code for its popular pcAnywhere program has been stolen by hackers. The company has issued a warning encouraging consumers to discontinue use of all Norton Antivirus, Internet Security and SystemWorks programs including pcAnywhere while they are fixing the bugs. Earlier this month, fabled hacker group Anonymous claimed that the company’s source code for these security programs had been compromised. After investigating the matter, Symantec has acknowledged that this is, in fact, the case. The issue can quickly turn into an…

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