Cyber insurance is becoming more common

Cyber Insurance policies commissioners industry

ABI predicts that the cyber insurance market will become more common in the coming decade Cyber insurance coverage may become the new normal in 10 years’ time. The Association of British Insurers (ABI) has claimed that cyber insurance products will become significantly more common in the United Kingdom and elsewhere by 2025. In early March, a report from Marsh and the UK government showed that only 2% of large businesses in the UK have cyber coverage. This may be a costly problem for these businesses as they face significant risks…

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Cyber insurance is gaining attention in the UK

UK cyber Insurance industry News united kingdom

UK government to launch initiatives to promote cyber insurance coverage Cyber insurance is kicking off in the United Kingdom. The government has announced several join initiatives that are designed to improve the stability and availability of cyber insurance in the country. The UK Cabinet Office and Marsh, a prominent insurance company, have partnered to launch these initiatives in order to protect companies from cyber attacks. Recently, the two organizations published a report that shows that the majority of British firms lack the appropriate level of cyber protection. Report shows that…

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Cyber insurance covers only 2 percent of large U.K. businesses

cyber insurance market

A recent report issued by the British government showed that big firms rarely purchase this coverage. The British government released a report, this week, that revealed that among large companies, only 2 percent have separate cyber insurance coverage against digital security and data breaches. That number drops nearly to zero percent when it comes to the same coverage for smaller businesses. The report was a response to the concerns that have been voiced with regards to the lack of cyber insurance protection for the majority of companies, in an environment…

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Cyber insurance could lead to growth in the reinsurance industry

Cyber Insurance

Cyber insurance continues to gain attention throughout the world Fitch Ratings has released a new report that highlights cyber insurance as a key growth opportunity for the reinsurance industry. Major cyber attacks have been making headlines recently and the insurance industry is becoming subject to a growing portion of these attacks. Recently, health insurers Anthem and Premera Blue Cross were victims of major data breaches that compromised the information of several million consumers. For the reinsurance industry, the digital world could hold some promise, but also significant risks. Report highlights…

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Anthem insurance company suffers massive security breach

Anthem insurance company cyber attack letter screen cap

The second largest health insurer in the U.S. is scrambling to deal with the exposure of data for 80 million customers. Up to 80 million customers – including the CEO – of the Anthem insurance company have had their private data stolen as the insurer has said in a statement that it was the victim of a tremendous security breach. The president and CEO announced that “Anthem was the target of a very sophisticated external cyber attack.” Joseph Swedish, the CEO and President of the insurance company, posted a statement…

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Home Depot serves as a reminder of the importance of cyber insurance

Home Depot Cyber Insurance

Retailer falls victim to a major data breach that could have compromised consumer financial information Home Depot recently announced that it had fallen victim to a data breach that may have compromised the financial information of customers visiting 2,200 of its stores located in the U.S. and Canada. The company suggests that there has not yet been any evidence that this financial information has been compromised. The attack on Home Depot again highlights the growing importance of cyber insurance. This form of insurance coverage may not be able to stop…

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Cyber insurance could be lacking for banks when it comes to protection

cyber insurance theft id higher rates

Banks may not benefit from cyber liability insurance as much as they may believe Recent cyber attacks have highlighted the dangers that exist in the digital world. These dangers are still not fully understood, due to the fact that many businesses have only very recently begun the process of “digitizing” themselves. Banks are among those that have only recently begun to grow more digital, and this means that cyber insurance is beginning to attract more attention from these financial service organizations. The problem is, however, that insurance may not be…

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