Allstate Insurance Company has unveiled its latest offering to residents of California, which consists of identity theft expenses coverage, that will help to minimize the cost and the time needed by victims who need to salvage their identities. Every year, approximately 9 million people in the United States fall victim to identity theft, resulting in millions of dollars and hours spent for the recovery of the stolen identities. According to Assistant Field Vice President Phil Telgenhoff from Allstate, the victims of some of the more challenging cases of identity theft…
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Personal identity theft protection tips following a breach of your account
The past few months have clearly demonstrated that no account – no matter the organization or security measures taken – is immune to access by a determine hacker, so it is important for everyone to know what they should do in order to protect themselves once an attack has occurred. Millions of Americans experience data breaches every year, increasing their risk of various types of fraud, such as identity theft and financial fraud, as their personally identifiable information (PII) may have been obtained by an unauthorized individual. Experts are recommending…
Read MoreCitigroup failed to adequately provide data breach victims with identity theft protection
Following a large data attack in May, 2011, Citigroup did not offer the victims of the breach the same level of protection against identity theft as similar companies, leading privacy advocates to issue heavy criticisms. The breach affected more than 360,000 credit card accounts and Citigroup’s primary action for the victims of the hack was to distribute letters to them with recommendations regarding ways in which they can protect themselves against ID theft. That said, no offers were made by Citigroup to provide those individuals with a year of free…
Read MoreDemand for cyber insurance skyrockets following multiple high profile hacking attacks
Companies have been taking out hundreds of millions of dollars worth of cyber-insurance in order to help protect themselves after having witnessed the impact of a large number of high profile data attacks by hackers. Regardless of the fact that many policies still leave organizations vulnerable to claims, they are trying to gain the added protection of the insurance on top of their efforts to boost their other security efforts such as improved training for employee and human resource functions, and information technology practices. That said, some of the forms…
Read MoreThe Beazley Group branches out into crime insurance market
The Beazley Group, a specialist risk insurance and reinsurance company, has announced that they will be expanding into the fidelity and crime insurance market. The insurer is striving to strengthen its presence in this particular market in the U.S. Aiming to broaden the scope of buyer choice within the market, Beazley has assembled a team they believe is capable of driving their aim. The group will establish limits of $25 million for coverage for both financial and non-profit organizations. Bill Jennings, among the most experienced underwriters available, has signed on…
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