Legislators meet to determine a course of action for cybersecurity

A bipartisan cybersecurity bill may be heading for Congress this week. Federal lawmakers have been discussing the growing threat residing in the digital world and what it means for national security and that of citizens. Over the years, several companies have been the target of cybercrimes such as hacking and data theft. The recent security breaches at Sony Online Entertainment, which compromised the financial information of thousands of consumers, highlight the need for new legislations that encourage cyber insurance. Cyber insurance – that is, insurance that protects against cybercrime –…

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Cyber security a major issue for the U.S. according to inquisitive task force

Cyber security is a growing area of concern in the business world. A number of major attacks have shown the danger of having lackluster protection and has cost some companies millions of dollars. The damage wrought from these attacks in not only shouldered by the targeted companies, however, they have also produced grievous financial wounds on consumers who had their identities and financial information compromised in the attacks. A Congressional task force, which was tasked with the duty of investigating the importance of cyber security, has released recommendations to lawmakers…

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The safety of online storage remains unsure as thousands of insurance documents are left unprotected

As states continue to labor toward health insurance exchanges, there have been concerns raised regarding the safety of medical and insurance documents stored online. These concerns stem from a provision of the Affordable Care Act that has health care and insurance professionals store consumer information electronically to allow quick and easy access. Electronic storage will be a major part of the coming online insurance exchanges, as it will allow doctors to access important medical information when treating patients. The safety of these documents has been questioned as hackers continue to…

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Zurich American takes Sony to court over data breach claims

A new court case between the Zurich American insurance company and Sony – its client – may set a precedent for future decisions made regarding an organization’s liability and coverage at the time of a data breach. The insurer has stated that it will not cover Sony’s costs for the many class-action lawsuits that have occurred following the massive database breaches it experienced earlier in 2011, and is seeking the support of the courts for its decision. Sony has already reported that it anticipates that the direct financial cost of…

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P&C insurance agents must keep ahead of the latest threats to privacy

Agents and brokers for property and casualty insurance are being advised to keep abreast of the very latest information and statistics regarding the ever-growing risk of cyber attacks and the different kinds of coverage solutions that can allow their clients to decrease financial exposure. As hacking into private information of all types – financial, personal, and medical, for example – becomes increasingly common, insurance professionals must be able to keep up so that they can offer their clients the right forms of coverage, particularly in terms of miscellaneous professional liability.…

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