Are cyber insurance companies contributing to ransomware attack growth?

Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

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The impact of cyber insurance on cybercrime as a whole

computer cyber insurance site

While companies seek to protect themselves against losses from digital attacks, policies aren’t solving the problem. If there is anything that companies have had to come to accept, it is that cybercrime is real and one of the best ways that they are able to protect themselves against the losses associated with those digital attacks is through cyber insurance. However, the coverage is currently dealing only with the symptoms of the issue and not the problem, itself. At the same time that companies are using cyber insurance to protect themselves…

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Cyber insurance is making it onto more company shopping lists

cyber insurance theft id higher rates

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…

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Liability insurance against cyberattacks becoming more popular in the US

cyber insurance

More companies are purchasing liability insurance to protect against cyberattacks A growing number of companies throughout the U.S. are purchasing liability insurance to cover the potential threats they face from cyberattacks. Insurer Marsh Inc. notes that data breaches and other cyberattacks have caused a spike in its business over the past year, with sales of liability insurance coverage for these attacks rising by a third. Marsh claims that companies that already had liability insurance coverage for cyberattacks are purchasing even more protection in order to guard themselves against hackers and…

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Corporations may be hiding information on cyberattacks from investors and the SEC

Large corporations may be keeping cyberattacks a secret from investors and the public, according to the Securities and Exchange Commission (SEC). In October of last year, the agency released documentation that outlined the necessary measures corporations must take if they have been the target of an attack. The document outlined reporting procedures for such events, but the agency suspects that companies have not taken these requirements to heart for the sake of their businesses. Since October, a scant few corporations have followed the reporting procedures outlined by the SEC, despite…

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