Tag: cyber insurance

Georgia purchase largest US cyber insurance policy

Logan B.
Cyber insurance policy - Hacker - malware - online attack

The state is adding to its protection against hackers following a massive March ransomware attack. Georgia has added a new layer of protection against hackers by purchasing the largest cyber insurance policy in the United States. The coverage is a component of the state’s new strategy against cyberattacks. Last March it fell victim to a ransomware attack. The Georgia Department of Agriculture’s website was taken down unless the state would pay. Hackers demanded $50,000 in the ransomware attack. Despite the hackers’ demands, the state would not pay the ransom. Instead,…

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New commercial cyberattack study underscores importance of business cyber insurance

G. Turner
business cyber insurance

A recent survey revealed that almost half of participating companies had experienced some form of breach within a year. The importance of business cyber insurance is becoming increasingly clear to companies suffering from digital attacks firsthand on a rising basis. A recent study into cyberattacks aimed at companies revealed that almost half had experienced some form of attack within the year prior to the study. There were over 4,000 businesses participating in the survey, almost half of which had been attacked. The research results were included in a report by…

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Cyber insurance market grows by over a third last year

H. Cutner
computer keyboard cyber insurance market

A recently released Fitch Ratings report suggests that this digital coverage grew by 35 percent. A new Fitch Ratings report suggested that the cyber insurance market’s premium exposure, estimated to be $1.35 billion, is greater than predicted. Fitch pointed to natural obstacles to differentiating the cyber related premium from other forms of multi-line coverage products. High profile hacking cases making headlines are driving interest in the cyber insurance market. “Take-up rates for cyber insurance are increasing with frequent reports of computer hacking incidents, including: network intrusions and data theft, as…

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Cyber insurance policies will likely achieve a standard in the near future

Logan B.
Cyber Insurance policies commissioners industry

A CIFF speaker described the evolution of the market and the direction data breach coverage is taking. Despite the growing popularity of cyber insurance policies, there remains a lack of consistency from one company’s offerings to the next. That said, recent industry forecasts suggest this trend may soon change. The MSA Research Inc. CIFF panel discussion predicted a trend toward a more standard coverage. The Canadian Insurance Financial Forum (CIFF) from MSA Research Inc. panel discussion recently held in Toronto showed that cyber insurance policies are headed within a consistent…

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Kidnap insurance protects companies in the case of ransomware

Logan B.
business cyber insurance

Businesses that have not purchased cyber insurance policies are looking to alternative coverage for WannaCry losses. Companies without cyber insurance are reportedly making claims through their ransom, extortion and kidnap insurance policies in the hopes of recouping losses from WannaCry and other ransomware. The issue is that cyber insurance can be costly and businesses operating outside the U.S. rarely buy it. Aside from the expense associated with cyber insurance, many companies don’t think to buy it as they don’t feel that they would be the target of this type of…

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