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Insurance industry may need a better understanding of cyber insurance

January 20, 2015January 17, 2015 Logan B.

Cyber insurance continues to be an issue for the insurance industry Cyber insurance has been around since the 1990’s, but the insurance industry has only recently begun to place more focus on digital threats. Following major attacks against companies like Home Depot, Target, and Sony Pictures, the insurance industry has been working to introduce better cyber insurance products. Better protection may be needed for businesses that could be targeted by malicious groups, as cyber attacks could cause major financial damage that can be very difficult to recover from. Adequately pricing…

Cyber insurance helps Sony recover from major attack

January 15, 2015January 14, 2015 Logan B.

Sony Pictures was rocked by a major cyber attack last year Last year, Sony Pictures was the victim of a major cyber attack that has been called the most destructive event of its kind on a U.S. company. The attack saw a massive amount of personal information exposed to the public, including information concerning the company’s production schedule and the information of millions of consumers. The attack was blamed on hackers in North Korea, and the event was tentatively tied to the release of the movie “The Interview,” which Sony…

Cyber insurance gets a shot in the arm from the U.K. government

November 11, 2014November 8, 2014 Julie Campbell

The government is encouraging businesses to better mitigate their risks through this type of policy. The government of the United Kingdom is seeking to increase the adoption of cyber insurance as a method of bettering the way that organizations within the country are able to manage the risks associated with issues such as data breaches. Companies of all size and security protection are experiencing data breaches and cyber attacks at a growing rate. At a summit that was hosted with a number of CEOs from the cyber insurance industry, the…

Cyber insurance is becoming increasingly necessary

October 23, 2014October 21, 2014 S.Vagus

Cyber Insurance policies commissioners industry

Data breaches are becoming more common As data breaches become more common, cyber insurance is attracting more attention. Recent high-profile attacks against companies like Home Depot and JPMorgan Chase have highlighted the damage that a data breach can cause. Companies that do business online often store a wealth of information provided by their customers. This information can be anything from names and addresses to bank and other financial data. While cyber insurance cannot guarantee that a company is safe from an attack, it can help mitigate the damage caused by…

Cyber insurance is spiking in popularity among SMBs

October 15, 2014October 13, 2014 Julie Campbell

Smaller and medium sized businesses are discovering that data breach liability protection is vital. According to recent data that has been released by the Center for Strategic and International Studies, last year, alone, there were more than 3,000 businesses in the United States that experienced a data breach, and the increase in cyber insurance policies shows that companies have not all failed to learn the lesson from this threat. Among those businesses, many of them are small and medium sized firms with minimal protection. The rapid rise in cyber attacks…