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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US regulator task force to target cyber insurance

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Cyber insurance will be the focus of a new task force launched by the National Association of Insurance Commissioners The National Association of Insurance Commissioners has created a new task force that will be focused on cyber security. The task force is meant to increase consumer protection, introducing new regulations that target the insurance industry. Insurers collect valuable information from their customers, but new risks are emerging in the digital world that put this information in danger of theft and exploitation. The new task force could help foster further innovation…

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Cyber insurance helps Sony recover from major attack

cyber insurance industry

Sony Pictures was rocked by a major cyber attack last year Last year, Sony Pictures was the victim of a major cyber attack that has been called the most destructive event of its kind on a U.S. company. The attack saw a massive amount of personal information exposed to the public, including information concerning the company’s production schedule and the information of millions of consumers. The attack was blamed on hackers in North Korea, and the event was tentatively tied to the release of the movie “The Interview,” which Sony…

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New cyber security risk models may be needed for the insurance industry

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RMS and AIR Worldwide are working to build new risk models focused on the digital space Two risk modeling companies serving the insurance industry are beginning to focus more heavily on the digital world, hoping to form better cyber attack risk models. RMS and AIR Worldwide have seen the risks in the digital world escalate over the past several years. These risks are becoming more prominent and the majority of the insurance industry may not be able to tackle these risks appropriately with existing, outdated risk models. Recent cyber attacks…

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Insurance news story develops from Sony’s “The Interview”

The Interview - Sony - Insurance News

The entertainment giant could find itself struggling to cover the cost of the massive losses from its film. Although large corporations like Sony need to purchase coverage in order to be able to protect themselves against a tremendous range of different types of risks, an insurance news story is one of the many developing issues resulting from the cancellation of the release of the film called “The Interview.” It has been reported that Sony stands to lose about $100 million as a result of the movie’s cancellation. Sony decided not…

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Cyber insurance is lacking

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Cyber security is gaining more attention, but insurance coverage is failing to meet companies’ needs Cyber security is becoming a major issue and the growing prevalence of malicious attacks of businesses is leading to a higher demand for cyber insurance. There are now 50 carries of cyber coverage in the insurance industry, but these coverage is not easy to obtain and many businesses suggest that most coverage is inadequate. The problems with cyber protection are related to the complicated nature of cyber attacks. The actual damage these attacks cause, in…

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Liability insurance against cyberattacks becoming more popular in the US

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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…

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