Live Insurance News

Cyber security is becoming risky for the insurance industry

July 22, 2015July 21, 2015 S.Vagus

Survey shows that insurers are becoming more concerned about cyber risks The Cyber Security Forum Initiative, alongside the Pew Research Center, has released the results of a new survey that highlights the risks that the insurance industry is facing. According to the survey, cyber risk and interest rates are now among the top risks that insurers are experiencing in the global market. Regulatory risks continue to be a significant concern for the insurance industry, but the rise in cyber attacks and other digital issues are beginning to cause concern for…

Cyber insurance benefits become increasingly clear to businesses

June 16, 2015June 13, 2015 H. Cutner

A recent RIMS survey revealed that companies are purchasing this coverage at a growing rate. The RIMS Cyber Survey 2015 has been released and what it has revealed is that 51 percent of the members of that Risk Management Society have purchased stand-alone cyber insurance policies in order to protect them from the threats associated with data breaches and other digital invasions. It is clear that the steady stream of data breach news headlines is starting to impact the perceived risk. In order to better understand the risk management strategies…

Cyber insurance is becoming more common

May 11, 2015May 9, 2015 S.Vagus

Cyber Insurance policies commissioners industry

ABI predicts that the cyber insurance market will become more common in the coming decade Cyber insurance coverage may become the new normal in 10 years’ time. The Association of British Insurers (ABI) has claimed that cyber insurance products will become significantly more common in the United Kingdom and elsewhere by 2025. In early March, a report from Marsh and the UK government showed that only 2% of large businesses in the UK have cyber coverage. This may be a costly problem for these businesses as they face significant risks…

Cybersecurity insurance news buzzes with new NAIC industry guidance

April 27, 2015April 25, 2015 G. Turner

The National Association of Insurance Commissioners has now taken on twelve new regulatory guidance principles. The National Association of Insurance Commissioners (NAIC), has recently announced its adoption of twelve Principles for Effective Cybersecurity Insurance Regulatory Guidance. This is an important move from this standards setting organization which is made up of regulators from across the country. These twelve cybersecurity insurance principles have come at a time in which the threats to the industry have been receiving a tremendous amount of time in the spotlight, particularly following the Anthem data breach.…

The impact of cyber insurance on cybercrime as a whole

April 17, 2015April 16, 2015 Julie Campbell

While companies seek to protect themselves against losses from digital attacks, policies aren’t solving the problem. If there is anything that companies have had to come to accept, it is that cybercrime is real and one of the best ways that they are able to protect themselves against the losses associated with those digital attacks is through cyber insurance. However, the coverage is currently dealing only with the symptoms of the issue and not the problem, itself. At the same time that companies are using cyber insurance to protect themselves…