Tag: cyber attack insurance

Cyber insurance policies will likely achieve a standard in the near future

Logan B.
Cyber Insurance policies commissioners industry

A CIFF speaker described the evolution of the market and the direction data breach coverage is taking. Despite the growing popularity of cyber insurance policies, there remains a lack of consistency from one company’s offerings to the next. That said, recent industry forecasts suggest this trend may soon change. The MSA Research Inc. CIFF panel discussion predicted a trend toward a more standard coverage. The Canadian Insurance Financial Forum (CIFF) from MSA Research Inc. panel discussion recently held in Toronto showed that cyber insurance policies are headed within a consistent…

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Kidnap insurance protects companies in the case of ransomware

Logan B.
business cyber insurance

Businesses that have not purchased cyber insurance policies are looking to alternative coverage for WannaCry losses. Companies without cyber insurance are reportedly making claims through their ransom, extortion and kidnap insurance policies in the hopes of recouping losses from WannaCry and other ransomware. The issue is that cyber insurance can be costly and businesses operating outside the U.S. rarely buy it. Aside from the expense associated with cyber insurance, many companies don’t think to buy it as they don’t feel that they would be the target of this type of…

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Cyber insurance market growth is fast and healthy, says Swiss Re

Marc
cyber insurance market

As worries over the impact of a hack, data breach or other similar risks, firms are insuring themselves. Swiss Re released a statement describing considerable growth trends in the cyber insurance market. The reinsurance firm pointed out that businesses are starting to see the importance of coverage in an environment where risks are skyrocketing. The Zurich-based giant it pointed out that the cyber risks are rapidly rising in their complexity and frequency. The Swiss Re Sigma report titled “Cyber: Getting to grips with a complex risk,” provided considerable insight on…

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Cyber insurance policies carried by a falling number of companies

Marc
cyber insurance policies coverage fraud

PricewaterhouseCoopers has recorded a sharp drop in the number of firms with coverage in the last year. According to a recent PricewaterhouseCoopers survey, the number of companies in Great Britain with cyber insurance policies has plummeted. Firms have rapidly dropped the expensive coverage even as they boost their security budgets by as much as twice over. This has occurred at the same time that an array of high profile businesses experienced cyber attacks and data breaches. PwC explained that firms hesitate to invest in cyber insurance because the coverage appears…

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Cyber insurance confusion causes gaps in coverage

Logan B.
cyber insurance confusion computer

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…

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