Premiums are beginning to decline due to the growing rarity of major cyber attacks Cyber insurance premiums are beginning to fall thanks to a decline in the number of major data breaches that have been reported. Major data breaches have made headlines in the past few years, but the frequency at which these digital attacks are occurring has fallen. As a result, cyber insurance rates have fallen during the first three months of this year for several high-risk industries, such as the retail and health care spaces. Large companies have…
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Insurance industry may need a better understanding of cyber insurance
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…
Read MoreCyber insurance is becoming increasingly necessary
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…
Read MoreHome Depot serves as a reminder of the importance of cyber insurance
Retailer falls victim to a major data breach that could have compromised consumer financial information Home Depot recently announced that it had fallen victim to a data breach that may have compromised the financial information of customers visiting 2,200 of its stores located in the U.S. and Canada. The company suggests that there has not yet been any evidence that this financial information has been compromised. The attack on Home Depot again highlights the growing importance of cyber insurance. This form of insurance coverage may not be able to stop…
Read MoreRetail stores in California hit by slew of lawsuits
In California, almost every national chain is experiencing some form of lawsuit addressing a failure to offer employees and customers “suitable seating” when the workers perform the majority of their daily tasks standing up. A California labor law has been dug out of the bowels of the legal archives and has creative trial attorneys across the state using it for legal attacks. The law requires retailers such as Target, Home Depot, and Wal-Mart to have enough seats available for all of their workers. Outwardly, it would seem that there isn’t…
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