Tag: cyber security

Cyber insurance is lacking

S.Vagus
cyber insurance industry

Cyber security is gaining more attention, but insurance coverage is failing to meet companies’ needs Cyber security is becoming a major issue and the growing prevalence of malicious attacks of businesses is leading to a higher demand for cyber insurance. There are now 50 carries of cyber coverage in the insurance industry, but these coverage is not easy to obtain and many businesses suggest that most coverage is inadequate. The problems with cyber protection are related to the complicated nature of cyber attacks. The actual damage these attacks cause, in…

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Insurance Noodle launches new cyber insurance package

S.Vagus
Cyber Insurance

Cyber protection is becoming more important Insurance Noodle, a small but ambitious insurance company, has announced that it is offering a new package of commercial insurance coverage that is designed to protect the risks that are being seen in the technology sector. The new package provides coverage plans for technology professionals, such as programmers, web developers, software designers, and app developers. There are also plans associated with the package that provide coverage for IT consultants and those working with staffing firms. Cyber liability coverage is something many businesses need, but…

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SIM cards could be a problem for the insurance industry

Logan B.
Cell Phone Insurance technology

SIM card vulnerability has insurance industry worried Germany’s Security Research Labs, a leading security firm, has found a serious flaw with the SIM card that are used in most mobile devices, which could have serious implications for the insurance industry. The discovery has been enough to spur the United Nation’s International Telecommunications Union into action. The organization suggests that the discovery is very significant and represents a potential threat to the global insurance industry and millions of consumers with smartphones and tablets. Flaw could affect millions of mobile consumers Security…

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New York regulators question insurance industry over cyber security preparedness

S.Vagus
cyber insurance

Insurance industry facing challenges in digital world Cyber security is becoming a major issue throughout the U.S. and the insurance industry is beginning to feel the pressure to become more prepared to deal with the threats that exist in the digital world. The insurance industry is well attuned to risks, but hackers and other malicious groups represent a risk that is nearly impossible to quantify due to the rapidly changing nature of the Internet and how data is being used and stored. In New York, insurance regulators are beginning to…

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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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