Live Insurance News

Cyber insurance more affordable as headline hacks dwindle

April 5, 2016April 3, 2016 G. Turner

As the hype over high profile data breaches subsides for a while, the premiums for coverage have fallen. Cyber insurance companies have responded to a lull in the occurrence of high profile hacks by slashing the rates they are charging to businesses such as health care companies and retailers to cover them against data breaches. This trend has been continuing throughout the first quarter of the year and has prompted insurers to cut rates. Over the last handful of years, particularly over the last couple, there have been some extremely…

Cyber insurance is catching the attention of the federal government

March 30, 2016March 29, 2016 Marc

Subcommittee aims to address issues facing the cyber protection space Cyber security is beginning to gain the attention of the U.S. federal government. The House Homeland Security’s cyber security subcommittee has held a hearing concerning the challenges facing the cyber insurance space. A recent report predicted that this market would reach $7.5 billion in annual premiums by 2020, making it one of the fastest growing insurance segments in the world. The need for cyber protection, on the insurance level, is becoming more apparent, especially as digital attacks become more common.…

Cyber insurance is becoming more important throughout the world

March 23, 2016March 22, 2016 S.Vagus

Report highlights the growing demand for cyber protection IDC Financial Insights has released a new report highlighting cyber insurance as an excellent opportunity for insurers due to the growing demand for this form of coverage. Cyber insurance is becoming more important as companies become more reliant on digital technology. These companies face serious risks that could result in severe financial losses if they do not adequately protect the sensitive information of consumers. Demand for cyber protection is on the rise and insurers may find promising opportunities in this emerging market.…

Utilities are showing more interest in cyber insurance protection

February 5, 2016February 3, 2016 S.Vagus

Utilities in the United States may need insurance coverage to protect against digital threats Utilities in the United States are beginning to express concern over digital risks following cyber attacks that were seen in Ukraine in December 2015. As such, these companies are beginning to look into new cyber insurance policies, which may be able to offer them a degree of protection against digital threats. Malicious groups could do significant damage to a country’s energy infrastructure through a cyber attack and utilities are looking for ways to ensure that this…

Morris purchases new cyber insurance policy

January 28, 2016January 27, 2016 Nordstrom

Cyber Insurance policies commissioners industry

City of Morris has acquired cyber insurance protection to guard against digital risks Morris, Illinois, residents will now be protected by cyber insurance coverage. The Morris City Council voted earlier this week to purchase $2 million in cyber insurance protection from the HCC Insurance Group. According to the city council, this coverage will cost approximately $7,183 a year. The policy that the city has purchased will ensure that residents will have access to services that can aid them if the city’s information system where every compromised by a cyber attack.…

Demand for cyber insurance rises throughout Europe

December 22, 2015December 20, 2015 Julie Campbell

As digital attacks and data breaches spread like wildfire, European companies are aiming to protect themselves. New legislation in the European Union with regards to data privacy is giving a considerable shot in the arm to the cyber insurance industry, say specialists in that market, particularly following some very high profile attacks on companies such as Experian and TalkTalk earlier in 2015. Last week, the E.U. agreed that its data protection laws needed to be changed from their previously fragmented state. The new laws will require companies to report data…

Cyber insurance gets a boost in Canada as CROs recognize its importance

December 21, 2015December 20, 2015 Julie Campbell

cyber insurance Canada pension plan employment insurance industry

As data breaches become more commonplace and receive more media attention, companies are protecting themselves. While companies in Canada had been following the cyber insurance trends seen in many other countries, the insurance news headlines involving some massive data breaches including ransomware, threats and demands for payment. With these events becoming more visible and more common, companies are turning to insurance companies. The trend skyrocketed after the Canadian site Ashley Madison experienced a tremendous data breach that saw worldwide media coverage. To many businesses in the country, this made it…