Technology is revolutionizing the way businesses operate across every industry. Today, the traditional business model is no longer the most effective way for a business to compete in the market. Moreover, we now have machines and robots that can carry out the same tasks as humans, and that too with greater accuracy and faster speed. Like every other industry, such technological advancements continue to transform the world of accounting and finance. Below in this article, we discuss a few of the significant ways in which technology has transformed the financial…
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Cyber insurance policies are rapidly producing more claims in the EU
The number of filings insurers are receiving across Europe has seen a sharp increase. European insurers are receiving a much higher number of claims on cyber insurance policies, reflecting an increase in malicious digital attacks. Organizations are increasingly digitized and are facing growing vulnerability to attacks. This new cyber insurance policies data was a part of the findings from Marsh, Wavestone, and CMS law firm research. It involved an analysis on claims data managed by Marsh across the EU. The data showed that the claims growth rate over the last…
Read MoreAre cyber insurance companies contributing to ransomware attack growth?
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…
Read MoreThe impact of cyber insurance on cybercrime as a whole
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…
Read MoreCyber insurance is making it onto more company shopping lists
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…
Read MoreLiability insurance against cyberattacks becoming more popular in the US
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…
Read MoreCorporations 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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