Premiums are beginning to decline due to the growing rarity of major cyber attacks Cyber insurance premiums are beginning to fall thanks to a decline in the number of major data breaches that have been reported. Major data breaches have made headlines in the past few years, but the frequency at which these digital attacks are occurring has fallen. As a result, cyber insurance rates have fallen during the first three months of this year for several high-risk industries, such as the retail and health care spaces. Large companies have…
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Cyber insurance is lacking
AIG CEO expresses concern that cyber insurance capacity is falling short Cyber insurance capacity may be seriously lacking, according to American International Group CEO Peter Hancock. Digital threats are becoming more prominent with every passing year. Hackers and malicious groups are beginning to target large companies that have access to valuable consumer information. This information can be stolen and exploited for various types of benefits, leaving consumers to deal with the financial fallout associated with data breach and identity theft. Cyber protection remains somewhat rare, but the market is growing…
Read MoreInsurance industry may need a better understanding of cyber insurance
Cyber insurance continues to be an issue for the insurance industry Cyber insurance has been around since the 1990’s, but the insurance industry has only recently begun to place more focus on digital threats. Following major attacks against companies like Home Depot, Target, and Sony Pictures, the insurance industry has been working to introduce better cyber insurance products. Better protection may be needed for businesses that could be targeted by malicious groups, as cyber attacks could cause major financial damage that can be very difficult to recover from. Adequately pricing…
Read MoreCyber insurance may be vital, but not widely available
Businesses are beginning to see the value of cyber liability insurance Retailers may need to begin taking cyber liability insurance more seriously. The world is becoming more digital and businesses are beginning to follow consumers into the digital space in order to better accommodate their needs. This means that a growing number of businesses are beginning to expose themselves to digital threats, and these businesses may not be equipped to handle these threats in their various forms. Businesses have yet to fully comprehend the risks that are inherent in digital…
Read MoreCyber insurance gains a boost after high profile attacks
High profile attacks in 2013 draw more attention to cyber protection The attack against Target during the 2013 holiday season had dealt a powerful blow to the retailer, but it served as an opportunity for insurance companies that offer protection against such attacks. The attack against Target highlighted the dangers that exist in the digital world and the fact that even large companies have blind spots when it comes to matters of security. Cyber insurance can provide a safety net in the event of such attacks, and the high profile…
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