Tag: cyber attack insurance

Insurance industry in the US continues drawing attention to cyber insurance

Nordstrom
Cyber Insurance industry popularity

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…

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Cyber insurance increasingly important in Australia

Insurance Industry - Bank Heist

Businesses are experiencing a growing number of targeted attacks within that country. A newly released government report in Australia has shown that there is a rapid rise in the number of data breaches among organizations in the country, which suggests that there may be a growing need for cyber insurance. Over one fifth of companies that the government surveyed stated that they had been targeted last year. There were 255 companies that participated in the government survey, and one in every five said that within the last year, they had…

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Cyber insurance now offered for protection against social media hackers

Social Media cyber insurance

Facebook and Twitter account attacks are causing notable damage, but coverage is now available. A company in the United Kingdom has just released a first of its kind form of cyber insurance in order to help protect against hackers that break into Facebook and Twitter accounts. This social media coverage is the first of this nature in the U.K. The policy provides services that are geared specifically toward protecting against damage to a reputation, identity theft, and hijacked accounts. This has made insurance news across the country and around the…

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Cyber insurance still not being used by most North American companies

H. Cutner
cyber insurance

Businesses still don’t seem to be protecting themselves against the risk of attack. The results of a new risk survey conducted by Chubb Insurance have been released, and they are showing that over 70 percent of North American businesses have created an incident response plan in order to deal with a security breach, and yet among them, 57 percent have not made cyber insurance an element. Liability coverage against online attacks is considered to be a vital part of this form of response plan. At the same time, the respondents…

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Argo Group unveils cyber liability insurance

Internet Privacy

Argo Pro has introduced this new product to address business exposures to digital attacks. Argo Group International Holdings, Ltd.’s Argo Pro has announced the availability of a new cyber liability insurance product, which has been created to help businesses to mitigate the risk associated with exposures from their dependency on information technology. The product is called information and Professional Risk Playbooksm (iPRP). Argo Pro has also announced that it has entered into a partnership with leading assessment of cyber risk and data breach services firm, NetDiligence, for its ability to…

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2012 will begin a massive expansion in cyber attack insurance

Julie Campbell

This year, the world watched as many corporations – even those that are reputed to have the strongest security systems in place – experienced massive data breaches that were so extensive that their final damage total has yet to be calculated. For example, Sony experienced a tremendous breach to the personal account data stored within its network, and has yet to determine precisely how much the cyber attack has cost the company. The most recently published total was that 100 million customer accounts had been compromised, and that they predict…

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Cybersecurity a growing issue in the U.S.

H. Cutner

According to U.S. cybersecurity analysts, 12 small groups of hackers from China are responsible for more than $1 billion worth of data from companies throughout the nation. These groups have been monitored by McAfee, a prestigious Internet security company, who drew upon information collected over time. Earlier this year, McAfee tracked intrusions into the U.S. energy grid back to China, where the hacker groups were finally identified after years of arduous investigation. Last month, U.S. intelligence officials formally rebuked China for its part in the intrusions, but no other action was…

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