Live Insurance News

Cyber insurance confusion causes gaps in coverage

July 12, 2016July 9, 2016 Logan B.

This sector of the insurance industry is doing great business but policyholders may not know what they need. Businesses are very aware that they need protection against data breaches, but cyber insurance confusion is causing notable problems. Companies know they need coverage but don’t necessarily know precisely what that coverage should include. This is a very complex market, which makes it difficult to determine what coverage is needed. After all, the cyber insurance confusion doesn’t just start at buying a policy. Even assessing the damage following a major data breach…

Cyber insurance coverage boosted by half of all risk managers

May 20, 2016May 18, 2016 Julie Campbell

A new HSB report has indicated that 50 percent of businesses have either bought or increased their policies. A report by the Hartford Steam Boiler Inspection and Insurance Company (HSB) based on a recent survey of risk managers has suggested that 50 percent of businesses either purchased cyber insurance coverage for the first time or increased the amount of protection they carried in 2015. Equally, the survey revealed that about 30 percent of companies have no cyber insurance policies at all. Among the companies that didn’t purchase cyber insurance coverage,…

Cyber insurance claims are made by 4 out of 10 companies

November 10, 2015November 8, 2015 Julie Campbell

cyber insurance companies security mobile

A new survey has revealed that a very large percentage of businesses have filed against their policies. When it comes to business coverage, cyber insurance has been increasing quite rapidly in popularity as a results of the many high profile data breaches that have occurred over the last few years. Unfortunately, while coverage is more common, it’s also being used quite a bit by the companies that have it. While the idea behind buying a policy is usually to get it just in case, while hoping that it will never…

Cyber insurance benefits become increasingly clear to businesses

June 16, 2015June 13, 2015 H. Cutner

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…

Cyber insurance covers only 2 percent of large U.K. businesses

March 25, 2015March 23, 2015 Julie Campbell

A recent report issued by the British government showed that big firms rarely purchase this coverage. The British government released a report, this week, that revealed that among large companies, only 2 percent have separate cyber insurance coverage against digital security and data breaches. That number drops nearly to zero percent when it comes to the same coverage for smaller businesses. The report was a response to the concerns that have been voiced with regards to the lack of cyber insurance protection for the majority of companies, in an environment…