Live Insurance News

Insurance commissioners across the U.S. seek to combat the cyber attack threat

November 24, 2015November 22, 2015 Julie Campbell

Cyber Insurance policies commissioners industry

They are now working with American federal legislators to help to combat the evolving nature of data breaches. State insurance commissioners have announced that they will be working in partnership with federal legislators in order to try to improve defenses against the damage being caused by the rapid evolution of cyber threats. At the same time, these industry regulators aren’t seeking to adopt new national regulations or legislation over their own authority. The insurance commissioners do want to try to combat the increasing threat from cyber attacks and data breaches,…

Cyber insurance market is surging

September 18, 2015September 16, 2015 S.Vagus

Cyber attacks estimated to cost businesses as much as $500 billion a year in damages The cyber insurance market is poised to see massive growth in the coming years. Cyber crime has become a very profitable business, with companies that have been hit by data breaches and other attacks reporting major financial losses. According to a recent report from Cybersecurity Ventures, cyber attacks cost businesses an estimated $400 billion every year, though other estimations suggest that the damage is closer to $500 billion a year. Cyber insurance market set to…

Insurance industry could help improve company security

September 15, 2015September 13, 2015 S.Vagus

Insurance industry may be able to improve the cyber security of companies The insurance industry may have a major role to play to help companies in the U.S. improve their cyber security, according to the U.S. Treasury Department. Federal lawmakers in Congress are struggling to pass new legislation that concerns cyber security. The legislation would force companies to improve their defense against digital threats during a time when cyber attacks are becoming much more frequent. Sarah Bloom Raskin, deputy secretary of the Treasury Department, believes that insurers can be a…

New hack could mean trouble for the auto insurance industry

August 17, 2015August 15, 2015 S.Vagus

Hackers have managed to take remote control of a vehicle Hackers may be presenting the auto industry with a serious new challenge. Recently, hackers were able to take control of a Jeep Cherokee through the vehicle’s entertainment system. The hackers in question are Charlie Miller and Chris Valasek, two security specialists that have begun to focus on the hackability of vehicles. The Jeep was hacked in order to showcase the risks that the auto industry, and by extent insurers, now face as digital threats become more prevalent. Hack allows Miller…

Cyber insurance partnership forms between Allianz and Pentura

August 4, 2015July 31, 2015 H. Cutner

The UK insurer has now joined up with a digital risk management company for this new product. Allianz is now offering cyber insurance among its products now that it has teamed up with Pentura, a cyber risk management firm, so that commercial customers will have the assistance that they need to improve their digital security and the guidance and coverage they require if a data breach occurs. As a component of the agreement, Allianz Commercial policyholders will receive free Pentura consultations. Part of the deal between the two companies means…

Health insurance company hit by data breach

May 25, 2015May 23, 2015 S.Vagus

emergency health insurance policies medical technology

CareFirst has fallen victim to a significant data breach CareFirst BlueCross BlueShield has taken note of the rise in cyber crimes that are targeting health insurance companies and had been taking steps to upgrade its security. The company had hoped to avoid falling victim to digital attacks by improving its cyber security, but while doing so found that it had already been the target of a major data breach, which began in June 2014. The data breach represents a significant problem that health insurance companies are having, as it shows…

Cyber insurance is becoming more common

May 11, 2015May 9, 2015 S.Vagus

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…