Cyber insurance partnership forms between Allianz and Pentura

Cyber Insurance

The UK insurer has now joined up with a digital risk management company for this new product. Allianz is now offering cyber insurance among its products now that it has teamed up with Pentura, a cyber risk management firm, so that commercial customers will have the assistance that they need to improve their digital security and the guidance and coverage they require if a data breach occurs. As a component of the agreement, Allianz Commercial policyholders will receive free Pentura consultations. Part of the deal between the two companies means…

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Health insurance company hit by data breach

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CareFirst has fallen victim to a significant data breach CareFirst BlueCross BlueShield has taken note of the rise in cyber crimes that are targeting health insurance companies and had been taking steps to upgrade its security. The company had hoped to avoid falling victim to digital attacks by improving its cyber security, but while doing so found that it had already been the target of a major data breach, which began in June 2014. The data breach represents a significant problem that health insurance companies are having, as it shows…

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Cyber insurance is becoming more common

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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

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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

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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

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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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