Importance of cyber insurance made clearer after Ashley Madison hack

Cyber Insurance Coverage

The exceptionally high profile data breach has served as a kind of wake-up call for business execs. Following the massive data breach at Ashley Madison and several other high profile data breaches, businesses in Canada are starting to realize that there is greater potential value to cyber insurance than they may have previously realized. These companies are now purchasing these insurance policies to protect themselves against cyber attacks. Back in July, Ashley Madison found itself making news headlines around the world when hackers were able to smash their way into…

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Cyber insurance coverage is very costly for health insurance

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Following the record breaking data breaches that were suffered by several insurers, premiums are soaring. The large number of high profile data breaches that have been suffered by health insurers over the last year or so have made the cost of cyber insurance coverage skyrocket for those companies. This rise in rates has affected not only insurance companies but also retailers and banks. The reason is that those sectors have also been victims of data breaches and cyber insurance companies are seeing that it is becoming increasingly costly to cover…

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Cyber insurance market is surging

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Cyber attacks estimated to cost businesses as much as $500 billion a year in damages The cyber insurance market is poised to see massive growth in the coming years. Cyber crime has become a very profitable business, with companies that have been hit by data breaches and other attacks reporting major financial losses. According to a recent report from Cybersecurity Ventures, cyber attacks cost businesses an estimated $400 billion every year, though other estimations suggest that the damage is closer to $500 billion a year. Cyber insurance market set to…

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PwC report shows cyber insurance becoming $7.5 billion market in 5 years

Cyber Insurance

These predictions for the Indian market were revealed this week at the Monte Carlo Reinsurance Rendezvous. According to the figures that were released at the Monte Carlo Reinsurance Rendezvous, the market for cyber insurance could blossom to a hefty $7.5 billion in India as early as the end of 2020, if things continue as they have been. This forecast, along with several other insurance predictions, was released by PricewaterhouseCoopers (PwC). PwC also stated that by the end of 2018, the cyber liability insurance market will have risen to $5 billion…

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Cyber insurance continues to grow in importance

Cyber Insurance Coverage

Start-ups are beginning to see the greater importance of cyber protection Cyber insurance is becoming a very important priority for entrepreneurs, especially those invested in the digital market. Data is a major asset of many companies that operate online and this data can be associated with a wide range of information concerning customers or a business’ operations. For start-ups, protecting this data is becoming more important and cyber insurance is becoming an ideal way to mitigate the impact of malicious attacks that would steal this information. Data is a very…

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Cyber insurance benefits become increasingly clear to businesses

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A recent RIMS survey revealed that companies are purchasing this coverage at a growing rate. The RIMS Cyber Survey 2015 has been released and what it has revealed is that 51 percent of the members of that Risk Management Society have purchased stand-alone cyber insurance policies in order to protect them from the threats associated with data breaches and other digital invasions. It is clear that the steady stream of data breach news headlines is starting to impact the perceived risk. In order to better understand the risk management strategies…

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Insurance companies scramble to find out if Chinese hack reached them

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The industry is attempting to determine if the hackers that breached government employee files also affected them. Cybersecurity experts are cautioning insurance companies that the same Chinese hackers that were behind the data breach of a minimum of four million government employee files may also have been responsible for similar data thefts at two health care giants: Premera and Anthem. The tremendous hack to the Office of Personnel Management was likely not the first large scale American hack for the group. There have been a series of different attacks that…

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