Live Insurance News

Businesses of all sizes can benefit from cyber liability insurance

June 22, 2021July 20, 2021 Nordstrom

Quality coverage includes both first-and third-party financial losses from cyberattacks in various forms. These days, it’s virtually impossible to fail to understand that a cyber liability insurance policy could benefit any company that does business online to any degree and in any way. Also known as cyber risk insurance or just cyber insurance, it protects against security breaches. Headlines announcing various types of hacks, data breaches, ransomware and other cyberattacks have become commonplace. No company, organization or even government is entirely safe from a particularly determined and skilled cybercriminal. That…

Cyber insurance coverage boosted by half of all risk managers

May 20, 2016May 18, 2016 Julie Campbell

A new HSB report has indicated that 50 percent of businesses have either bought or increased their policies. A report by the Hartford Steam Boiler Inspection and Insurance Company (HSB) based on a recent survey of risk managers has suggested that 50 percent of businesses either purchased cyber insurance coverage for the first time or increased the amount of protection they carried in 2015. Equally, the survey revealed that about 30 percent of companies have no cyber insurance policies at all. Among the companies that didn’t purchase cyber insurance coverage,…

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.…

Cyber insurance is making it onto more company shopping lists

June 24, 2014June 21, 2014 H. Cutner

As a growing number of hackers make recent news headlines, businesses are no longer comfortable without coverage. At the same time that it has become clear that even the most sophisticated data systems among the leading high profile companies can still be broken into by skilled hackers, the cost of those attacks is becoming increasingly clear to businesses of all sizes and they are beginning to purchase cyber insurance at an increasing rate in order to cover themselves against potentially devastating damage. This special form of risk and liability insurance…

Cyber risk insurance becoming a concern for businesses

September 15, 2012 Nordstrom

Cyber risk insurance may help companies protect themselves Cyber security is beginning to be a major concern in the U.S., according to a new study published by Corporate Board Member and FTI Consulting. As the world of business becomes more accommodating of emerging technologies, the possibility of cyber attacks is becoming more pronounced. Data breach can cause serious damage to a company both in terms of finance and reputation, leading many businesses to seek out cyber risk insurance coverage. This coverage is designed to protect companies from malicious cyber attacks.…