Live Insurance News

Definitions may end up shaping the cyber insurance market

November 27, 2015November 25, 2015 S.Vagus

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…

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

November 24, 2015November 22, 2015 Julie Campbell

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,…

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

November 19, 2015November 18, 2015 Logan B.

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…

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

November 11, 2015November 10, 2015 S.Vagus

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…

Cyber insurance market continues to grow in the US

November 4, 2015November 3, 2015 S.Vagus

More companies are beginning to embrace cyber insurance in order to guard against digital threats Cyber insurance is growing quickly in the United States, according to a new survey from the Council of Insurance Agents & Brokers. More companies are beginning to conduct business online, and this comes with significant risks that they may not be prepared to handle on their own. Consumer information is quite valuable, but many businesses have not had to protect digital information in any significant way in the past. As such, companies are beginning to…