Cyber crime is an issue of immense concern according to Lloyd’s of London, one of the world’s leading insurance and reinsurance providers. Risk modeling firms are becoming more concerned over what they are calling “the huge potential cost of data loss.” In the wake of the attack against Sony Online Entertainment, in which hackers made away with the financial data of more than 100 million user accounts, those concerns seem to be warranted. A study from the Ponemon Institute found that in 2010, the cost of data breach rose for…
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The 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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