A recent survey revealed that almost half of participating companies had experienced some form of breach within a year. The importance of business cyber insurance is becoming increasingly clear to companies suffering from digital attacks firsthand on a rising basis. A recent study into cyberattacks aimed at companies revealed that almost half had experienced some form of attack within the year prior to the study. There were over 4,000 businesses participating in the survey, almost half of which had been attacked. The research results were included in a report by…
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Cyber insurance more affordable as headline hacks dwindle
As the hype over high profile data breaches subsides for a while, the premiums for coverage have fallen. Cyber insurance companies have responded to a lull in the occurrence of high profile hacks by slashing the rates they are charging to businesses such as health care companies and retailers to cover them against data breaches. This trend has been continuing throughout the first quarter of the year and has prompted insurers to cut rates. Over the last handful of years, particularly over the last couple, there have been some extremely…
Read MoreInsurance industry in the US continues drawing attention to cyber insurance
Insurance industry well attuned to digital risks The Internet has become an all-encompassing resource for information and community for most of the world. Today, the Internet supports a multitude of businesses, many of which rely on the digital world to reach out to consumers and sell products around the world. While the Internet is often considered one of the greatest accomplishments in human history to date, it is not a utopia. Within the Internet are many threats that businesses, consumers, and governments have yet to become acclimated to. The cyber…
Read MoreChubb commercial insurance for cyber liability endorsed by American Bar Association
Company also adds new cargo theft protection products. The nonprofit American Bar Association (ABA) affiliate, the American Bar Endowment, has chosen the Chubb Group of Insurance Companies as their primary cyber liability commercial insurance provider for the association’s members. The coverage for law firms extends beyond standard professional liability protection for lawyers. This product includes many other forms of coverage, such as those for cyber breach notification costs, as well as “billable lost hours” through business interruption protection. It also helps to decrease coverage overlaps by third parties by allowing…
Read MoreMarkel launches new DataBreach plan to help health care providers defend themselves against cybercrime
Markel Insurance Co. has launched a new line of insurance coverage for health care providers. The new coverage provides protections against cybercrime and hacking. The Affordable Care Act requires that an individual’s medical and insurance information be stored electronically as part of a state-run insurance exchange. The exchange system is designed to give consumers access to affordable insurance coverage, but their information may be the target of hackers eager to test the defenses of the new system. U.S. companies became acutely aware of the dangers inherent in the digital world…
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