Cyber insurance is become more important for the world’s businesses

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Businesses are facing major threats in the digital world The global insurance industry is becoming more involved in cyber protection, especially as digital attacks become more common. Last year, Sony was hit by a data breach from hackers suspected of hailing from North Korea. The data breach would have caused Sony more than $100 million in losses, but the company had purchased cyber insurance protection, which meant that Sony was only liable for one-third of that amount. Now, more companies are acquiring cyber insurance and insurers are beginning to view…

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Chief of the Florida hurricane fund voices concerns regarding cash shortage

The chief operating officer of the hurricane fund in Florida, Jack Nicholson, has expressed serious concerns about the fund’s ability to assist insurance companies in paying for claims that have been made following major storms. Florida has been using the hurricane fund for almost two decades, since the time when the southern part of the state was devastated by Hurricane Andrew. Money from the fund is provided to insurance companies in order to assist them in paying off claims made by homeowners in the event of a hurricane – or…

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