Tag: cyber insurance

US insurance industry may benefit from new Internet monitoring system

Logan B.
Cyber Insurance policies commissioners industry

Insurance industry continues to see threats in digital world Cyber security has become a very big deal for the U.S. government. Federal officials often highlight the risks that exist in the digital world, expressing their concerns that hackers and malicious parties could do irreparable damage to the country in a variety of ways. While these threats can often be over-politicized, the insurance industry is well aware of the risks they represent and has also been working to draw more attention to these risks in recent years. Federal government to develop…

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Bank heist may have lasting impact on insurance industry

Logan B.
Insurance Industry - Bank Heist

Insurance industry may feel the impact on recent heist The insurance industry may be set for a shock in the wake of one of the world’s largest bank heists. Late last week, a global cyber crime syndicate successfully stole $45 million from two banks in the Middle East. This was accomplished by hacking into the credit card processing firms that were used by the banks. The funds were withdrawn from numerous ATMs in 27 countries, including the U.S. While this money is typically insured by the governments associated with banks…

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Liability insurance against cyberattacks becoming more popular in the US

Logan B.
cyber insurance

More companies are purchasing liability insurance to protect against cyberattacks A growing number of companies throughout the U.S. are purchasing liability insurance to cover the potential threats they face from cyberattacks. Insurer Marsh Inc. notes that data breaches and other cyberattacks have caused a spike in its business over the past year, with sales of liability insurance coverage for these attacks rising by a third. Marsh claims that companies that already had liability insurance coverage for cyberattacks are purchasing even more protection in order to guard themselves against hackers and…

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Cyber insurance became increasingly popular last year

cyber insurance

A Marsh study showed that the demand for this protection increased considerably in 2012. According to a report issued by Marsh Inc., the broker and risk adviser, the demand for coverage with cyber liability insurance increased as a growing number of businesses purchased the protection. The average policy limits that were taken out also increased during last year, said the report. The number of clients of FINPRO at Marsh that took out cyber insurance last year increased by 33.3 percent over the number from the year before. This, according to…

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Cyber insurance increasingly important in Australia

Insurance Industry - Bank Heist

Businesses are experiencing a growing number of targeted attacks within that country. A newly released government report in Australia has shown that there is a rapid rise in the number of data breaches among organizations in the country, which suggests that there may be a growing need for cyber insurance. Over one fifth of companies that the government surveyed stated that they had been targeted last year. There were 255 companies that participated in the government survey, and one in every five said that within the last year, they had…

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