Tag: cyber attacks

Hacks are causing cyber insurance rates to skyrocket

S.Vagus
cyber insurance theft biometrics

Insurers are raising premiums for the cyber insurance coverage that they provide Over the past two years, companies in the United States have been targeted by aggressive cyber attacks. This has prompted insurers to increase premiums on cyber insurance coverage by a massive margin. Some companies are perceived as being a high risk, which means that they are seeing higher costs when it comes to protecting themselves from digital attacks. Insurers are not just raising premiums on cyber insurance coverage, however, and many companies are looking for a solution to…

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Cyber insurance market is surging

S.Vagus
cyber insurance confusion computer

Cyber attacks estimated to cost businesses as much as $500 billion a year in damages The cyber insurance market is poised to see massive growth in the coming years. Cyber crime has become a very profitable business, with companies that have been hit by data breaches and other attacks reporting major financial losses. According to a recent report from Cybersecurity Ventures, cyber attacks cost businesses an estimated $400 billion every year, though other estimations suggest that the damage is closer to $500 billion a year. Cyber insurance market set to…

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Another health insurance company in the US has been hacked

Marc
hacking alert cyber attack health insurance company

Excellus announces that it has been hit by a major data breach Excellus BlueCross BlueShield, a prominent health insurance company operating in the United States, has announced that it has fallen victim to a data breach. The cyber attack affected Excellus as well as several of its affiliates, which may have lead to the information of some 10.5 million people being compromised. According to Excellus CEO Christopher Booth, the company was targeted by a “very sophisticated” cyber attack, making Excellus one of the most recent insurers to fall victim to…

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Cyber insurance continues to grow in importance

Nordstrom
Cyber Insurance Coverage

Start-ups are beginning to see the greater importance of cyber protection Cyber insurance is becoming a very important priority for entrepreneurs, especially those invested in the digital market. Data is a major asset of many companies that operate online and this data can be associated with a wide range of information concerning customers or a business’ operations. For start-ups, protecting this data is becoming more important and cyber insurance is becoming an ideal way to mitigate the impact of malicious attacks that would steal this information. Data is a very…

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New hack could mean trouble for the auto insurance industry

S.Vagus
auto insurance ride share program

Hackers have managed to take remote control of a vehicle Hackers may be presenting the auto industry with a serious new challenge. Recently, hackers were able to take control of a Jeep Cherokee through the vehicle’s entertainment system. The hackers in question are Charlie Miller and Chris Valasek, two security specialists that have begun to focus on the hackability of vehicles. The Jeep was hacked in order to showcase the risks that the auto industry, and by extent insurers, now face as digital threats become more prevalent. Hack allows Miller…

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