Businesses of all sizes can benefit from cyber liability insurance

Cyber Liability Insurance - security

Quality coverage includes both first-and third-party financial losses from cyberattacks in various forms. These days, it’s virtually impossible to fail to understand that a cyber liability insurance policy could benefit any company that does business online to any degree and in any way. Also known as cyber risk insurance or just cyber insurance, it protects against security breaches. Headlines announcing various types of hacks, data breaches, ransomware and other cyberattacks have become commonplace. No company, organization or even government is entirely safe from a particularly determined and skilled cybercriminal. That…

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Impact of Technology on The Financial Sector

Fintech Financial technology in today's Market

Technology is revolutionizing the way businesses operate across every industry. Today, the traditional business model is no longer the most effective way for a business to compete in the market. Moreover, we now have machines and robots that can carry out the same tasks as humans, and that too with greater accuracy and faster speed. Like every other industry, such technological advancements continue to transform the world of accounting and finance. Below in this article, we discuss a few of the significant ways in which technology has transformed the financial…

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Cyber insurance policies are rapidly producing more claims in the EU

Cyber insurance policies - cyber attacks

The number of filings insurers are receiving across Europe has seen a sharp increase. European insurers are receiving a much higher number of claims on cyber insurance policies, reflecting an increase in malicious digital attacks. Organizations are increasingly digitized and are facing growing vulnerability to attacks. This new cyber insurance policies data was a part of the findings from Marsh, Wavestone, and CMS law firm research. It involved an analysis on claims data managed by Marsh across the EU. The data showed that the claims growth rate over the last…

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Are cyber insurance companies contributing to ransomware attack growth?

Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

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The impact of cyber insurance on cybercrime as a whole

computer cyber insurance site

While companies seek to protect themselves against losses from digital attacks, policies aren’t solving the problem. If there is anything that companies have had to come to accept, it is that cybercrime is real and one of the best ways that they are able to protect themselves against the losses associated with those digital attacks is through cyber insurance. However, the coverage is currently dealing only with the symptoms of the issue and not the problem, itself. At the same time that companies are using cyber insurance to protect themselves…

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Cyber insurance is making it onto more company shopping lists

cyber insurance theft id higher rates

As a growing number of hackers make recent news headlines, businesses are no longer comfortable without coverage. At the same time that it has become clear that even the most sophisticated data systems among the leading high profile companies can still be broken into by skilled hackers, the cost of those attacks is becoming increasingly clear to businesses of all sizes and they are beginning to purchase cyber insurance at an increasing rate in order to cover themselves against potentially devastating damage. This special form of risk and liability insurance…

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Liability insurance against cyberattacks becoming more popular in the US

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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