Cyber insurance market is showing signs of healthy growth

April 10, 2015April 9, 2015 Marc

Lloyd’s of London notes that more activity is being seen in the cyber insurance market Several high-profile cyber attacks on large companies have spurred more activity in the cyber insurance market, according to reports from Lloyd’s of London. The insurance company notes that claims in the cyber market have rose by 50% for the first three months of this year. More companies are becoming concerned with the digital risks that they face. These risks could result in serious financial damage, which insurance coverage may be able to mitigate, if policies…

AIG CEO says that cyber insurance has a “very small” capacity

April 7, 2015April 5, 2015 Julie Campbell

Peter D. Hancock recently spoke, saying that this coverage is lagging behind what other forms of protection offer. The chief executive officer of American International Group, Peter D. Hancock, has stated that when it comes to cyber insurance, the coverage has fallen behind the type of protection that is available through other types of policy. Hancock expressed his opinions about this coverage against cyberattacks while speaking at a recent event. While talking at New York University, Hancock expressed that “The largest coverage I’m aware of is for a bank that…

Cyber insurance is badly needed by energy companies

April 16, 2014April 14, 2014 Julie Campbell

Many believe that these utility companies are a “time bomb” for a digital attack. According to a recent publication by Willis, a reinsurance broker, energy companies do not have cyber insurance against any type of digital attack, but that the threat level has currently reached that of a “time bomb” that could end up costing the industry billions of dollars if the right cybercriminal does come along. The reinsurer used its annual review of the insurance market of the energy sector to underscore this vulnerability. Within the annual review, Willis…