Tag: cyber security

Cyber insurance partnership forms between Allianz and Pentura

H. Cutner
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

S.Vagus
emergency health insurance policies medical technology

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

S.Vagus
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

S.Vagus
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

Julie Campbell
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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