Tag: cyber insurance market

Report highlights the complexity of the cyber insurance market

Logan B.
cyber insurance

Crawford releases report showing that the frequency and complexity of cyber insurance claims is on the rise A new report from Crawford & Co. shows that the cyber insurance market is becoming increasingly complex. The frequency and complexity of claims is one of the primary challenges facing this market currently. Insurers are typically well suited to address the potential risks that exist in any given market, but the advent of technology has changed many things in the world. The insurance industry has not yet had enough time to fully understand…

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Legislators meet to determine a course of action for cybersecurity

Marc

A bipartisan cybersecurity bill may be heading for Congress this week. Federal lawmakers have been discussing the growing threat residing in the digital world and what it means for national security and that of citizens. Over the years, several companies have been the target of cybercrimes such as hacking and data theft. The recent security breaches at Sony Online Entertainment, which compromised the financial information of thousands of consumers, highlight the need for new legislations that encourage cyber insurance. Cyber insurance – that is, insurance that protects against cybercrime –…

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U.S. pushes for international legal framework governing cyber crime, insurers to benefit from associated regulations

The issue of cyber security has become so prominent that the U.S. government is now pushing for international laws that will curb the spread of the so-called “anti-security” movement. This malefic movement has had an impact on the global insurance industry in more than just losses. With the threat of cyber crime growing, the industry has had to adapt, drafting new defenses and offering more comprehensive coverage. The federal government holds that insurance is simply not enough and is seeking support from other countries to establish laws that would stop…

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