Cyber insurance companies have faced substantial losses cutting into profitability

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Cyber insurance premiums rise while...
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Though this type of policy has become more popular, the risks and payouts have also risen. An increasing number of businesses have been contacting their local cyber insurance company to protect themselves against risks such as data breaches and hacks. That said, this market remains quite new and models are ever evolving. The risks have been rising in this area, placing a considerable amount of stress on this marketplace. According to one expert quoted by InsuranceBusinessMag, the cyber insurance company market is “under the most stress it’s been in recent…

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Demand for cyber insurance rises throughout Europe

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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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Insurance leader unveils new CyberRisk product

Travelers Bond & Financial Products has released their latest product, CyberRisk, which has been designed to minimize the cyber exposure and connected risks to their business clients.  According to the product manager of the leading insurance company, Jason Glasgow, “Cyber risks leave businesses exposed regardless of size, industry or track record.”  He explained that though organizations may put many powerful strategies into place in order to limit their exposure opportunities, there remain a large range of additional risks beyond obtaining data within a single hacker attack.  Cyber liability for a…

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