Tag: data breach coverage

Cyber insurance policies will likely achieve a standard in the near future

Logan B.
Cyber Insurance policies commissioners industry

A CIFF speaker described the evolution of the market and the direction data breach coverage is taking. Despite the growing popularity of cyber insurance policies, there remains a lack of consistency from one company’s offerings to the next. That said, recent industry forecasts suggest this trend may soon change. The MSA Research Inc. CIFF panel discussion predicted a trend toward a more standard coverage. The Canadian Insurance Financial Forum (CIFF) from MSA Research Inc. panel discussion recently held in Toronto showed that cyber insurance policies are headed within a consistent…

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Cyber liability insurance interest spikes following major data breaches

Julie Campbell
Cyber Insurance industry popularity

Recent news headlines from large trusted companies such as Target and Kickstarter have caused serious worry. With a steady stream of data breaches at major corporations continually making recent news, the need for cyber liability insurance has become much clearer and companies are starting to take action by buying at a higher rate than they have done in the recent past. Businesses are starting to realize that nobody is really safe against a determined online criminal. Target recently revealed that hackers had broken into their files and had stolen the…

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OneBeacon teams with Equifax to provide data breach coverage

S.Vagus
usage based insurance data security

OneBeacon announces partnership with Equifax to protect against hackers OneBeacon Professional Insurance, a division of the OneBeacon Insurance Group, has announced that it is updating its Network Security and Privacy Liability Policy. The insurer has teamed with Equifax, a leading consumer credit reporting agency, to provide data breach services to its policy. Data breach is becoming a very serious issue for large companies that have a wealth of consumer information stored in servers. If this information were to be stolen by a hacker or otherwise compromised, it could mean serious…

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Demand for cyber insurance skyrockets following multiple high profile hacking attacks

Companies have been taking out hundreds of millions of dollars worth of cyber-insurance in order to help protect themselves after having witnessed the impact of a large number of high profile data attacks by hackers.  Regardless of the fact that many policies still leave organizations vulnerable to claims, they are trying to gain the added protection of the insurance on top of their efforts to boost their other security efforts such as improved training for employee and human resource functions, and information technology practices.  That said, some of the forms…

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