Hackers target more than just big business, FBI lauds the value of cyber insurance

As big corporations begin to scramble for protection against cyber attacks, one organization rarely associated with the insurance industry is lauding the benefits of cyber insurance. The FBI has raised warnings that big businesses are not the only entities at risk of falling prey to hackers. Last year, the FBI, which has a special Internet fraud center, received 25,000 complaints of hacking or fraud every month. The Bureau’s Internet fraud report release last year claimed that victims of identity theft alone suffered losses in the millions. Gone are the days…

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The Beazley Group branches out into crime insurance market

The Beazley Group, a specialist risk insurance and reinsurance company, has announced that they will be expanding into the fidelity and crime insurance market. The insurer is striving to strengthen its presence in this particular market in the U.S. Aiming to broaden the scope of buyer choice within the market, Beazley has assembled a team they believe is capable of driving their aim. The group will establish limits of $25 million for coverage for both financial and non-profit organizations. Bill Jennings, among the most experienced underwriters available, has signed on…

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