Cyber insurance is becoming increasingly necessary

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…

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OneBeacon teams with Equifax to provide data breach coverage

usage based insurance data security

OneBeacon announces partnership with Equifax to protect against hackers OneBeacon Professional Insurance, a division of the OneBeacon Insurance Group, has announced that it is updating its Network Security and Privacy Liability Policy. The insurer has teamed with Equifax, a leading consumer credit reporting agency, to provide data breach services to its policy. Data breach is becoming a very serious issue for large companies that have a wealth of consumer information stored in servers. If this information were to be stolen by a hacker or otherwise compromised, it could mean serious…

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Nationwide Insurance falls victim to hacking

Health Insurance Data Breach

Nationwide Insurance customers targeted by data breach Nationwide Insurance has announced that it has fallen victim to a security breach from an intrepid hacker. According to the South Carolina Department of Insurance, the breached compromised the information of thousands of consumers and a significant amount of personal information was stolen from the Nationwide Insurance system. The agency suspects that the hacker stole social security numbers, drivers license numbers, and even dates of birth from consumers in South Carolina and Georgia. Information of thousands of consumers stolen The South Carolina Department…

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Cyber security not a serious matter for small businesses, according to The Hartford

Cyber Insurance industry popularity

Survey shows that cyber security receives little attention from small businesses in the U.S. Cyber security is an issue that many small businesses do not take seriously, according to a new survey from The Hartford, one of the largest insurance and financial services companies in the U.S. Hacking and data breaches are becoming more commonplace as the years go by. Hackers are beginning to push the boundaries of cyber security, keen to exploit any weaknesses they can find. According to The Hartford, many of these hackers are finding little resistance…

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MasterCard and Visa warn of massive security breach, insurers highlighting the need for cyber security

Financial giant MasterCard has announced that there may have been a breach in its security systems this week. The potential breach is linked to a third-party vendor based in the United States. MasterCard has contacted banks and law enforcement to mitigate the problems caused by the security breach and has also elicited the aid of an independent security organization to assess the extent of the damage the breach may have caused. This particular breach could have an impact on more than 10 million customers around the world. MasterCard has been…

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