Cyber crime insurance launched by former US homeland security chief

identity theft cyber insurance

The coverage is the result of a collaboration among syndicates operating through the Lloyd’s of London market. A new cyber crime insurance product has now been launched by Tom Ridge, a former U.S. Secretary of Homeland Security, by his firm, which created it in collaboration with a number of syndicates that operate through the Lloyd’s of London. This insurance coverage is meant for businesses with under $500 million in market capitalization. This means that approximately 80 percent of all American publicly quoted companies fit into the target market for this…

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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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