Utilities are showing more interest in cyber insurance protection

Cyber Insurance Coverage

Utilities in the United States may need insurance coverage to protect against digital threats Utilities in the United States are beginning to express concern over digital risks following cyber attacks that were seen in Ukraine in December 2015. As such, these companies are beginning to look into new cyber insurance policies, which may be able to offer them a degree of protection against digital threats. Malicious groups could do significant damage to a country’s energy infrastructure through a cyber attack and utilities are looking for ways to ensure that this…

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Insurance industry would prefer data security to tech innovation

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Cybersecurity is already among the top trends in many markets but especially among insurers. As the year is launched with the announcement of all new forms of technology, such as those being demoed at the Consumer Electronics Show (CES), the insurance industry is hoping that a larger focus will be placed on cybersecurity and data security. A number of high profile data breaches occurred throughout 2015, including among large insurance companies. Following the data breaches of health insurers Anthem and Premera, the insurance industry was given the evidence it needed…

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Demand for cyber insurance rises throughout Europe

cyber insurance theft biometrics

As digital attacks and data breaches spread like wildfire, European companies are aiming to protect themselves. New legislation in the European Union with regards to data privacy is giving a considerable shot in the arm to the cyber insurance industry, say specialists in that market, particularly following some very high profile attacks on companies such as Experian and TalkTalk earlier in 2015. Last week, the E.U. agreed that its data protection laws needed to be changed from their previously fragmented state. The new laws will require companies to report data…

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Definitions may end up shaping the cyber insurance market

Cyber Insurance Coverage

The way insurers define words could affect the way cyber insurance works for businesses How insurers define certain words may end up shaping cyber insurance as a whole. Winn Schwartau, CEO of The Security Awareness Company, recently spoke at, SC Congress Chicago where he suggested that definitions could play a major role in how cyber insurance works for businesses both large and small. Cyber attacks are classified through various terms, such as attacks, controls, and in extreme circumstances, wars. The way insurers define these terms could be a problem for…

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Insurance commissioners across the U.S. seek to combat the cyber attack threat

Cyber Insurance policies commissioners industry

They are now working with American federal legislators to help to combat the evolving nature of data breaches. State insurance commissioners have announced that they will be working in partnership with federal legislators in order to try to improve defenses against the damage being caused by the rapid evolution of cyber threats. At the same time, these industry regulators aren’t seeking to adopt new national regulations or legislation over their own authority. The insurance commissioners do want to try to combat the increasing threat from cyber attacks and data breaches,…

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Privacy breach may have some impact on the insurance industry in Illinois

Illinois Insurance industry

State agency announces privacy breach, revealing Social Security Numbers of health care providers The Illinois Department of Insurance has announced that it has mistakenly allowed the Social Security Numbers of health care providers to be publicly posted. The number of health care providers affected by this privacy breach has not yet been disclosed, but the event may have some impact on the insurance industry. State officials recently learned of the privacy breach after receiving complaints. It is unclear how long the Social Security Numbers of health care professionals were visible…

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Cyber insurance is become more important for the world’s businesses

cyber insurance theft biometrics

Businesses are facing major threats in the digital world The global insurance industry is becoming more involved in cyber protection, especially as digital attacks become more common. Last year, Sony was hit by a data breach from hackers suspected of hailing from North Korea. The data breach would have caused Sony more than $100 million in losses, but the company had purchased cyber insurance protection, which meant that Sony was only liable for one-third of that amount. Now, more companies are acquiring cyber insurance and insurers are beginning to view…

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