Companies are experiencing exponential increases in the number of lawsuits and need protection. In India, businesses are experiencing an increase in the number of lawsuits that are filed against them, at a rate of 30 to 40 percent per year, which has caused companies to flock to their insurers to purchase liability insurance. This has boosted demand in that sector at a staggering rate, with an estimated growth of 10 to 20 percent annually. Among the more popular forms of liability insurance that businesses are purchasing include credit, director and…
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Hackers access account info in Citibank network breach
Citigroup Inc. has announced that the information to connected to 200,000 North American cardholder accounts has been accessed by hackers when they breached the bank’s network in May. According to Citigroup, the breach was detected in early May and allowed the hackers to view the names, contact information, and account numbers of customers. However, it assures customers that other forms of personal information, such as social security numbers, birthdates, as well as the card security codes (CVV) and expiration dates of the cards were not revealed. This cyber attack is…
Read MoreCongress wants to take a bite out of cyber crime
It is possible that the U.S. could see the first strategic, cybersecurity law proposed, being up for a vote in Congress. No administration has ever suggested a major law, outlining specific plans for increasing computer security for citizens, businesses and government entities. An investigative report shows that data breaches reached an all time high last year, with more than 760 breaches. This may not sound too bad, but the number of affected records from that 760, equaled over 4 million. Cyber criminals have adapted to most types of security applications…
Read MoreSony’s cyber liability claim may not be covered
In the wake of a massive data breach, entertainment giant Sony is turning to its insurers for help with the cost. A group of anonymous hackers overwhelmed Sony’s security late last month, stealing valuable customer information. Only two weeks after the initial attack, they struck again, getting their hands on even more data. To date, more than 100 million users of Sony’s online gaming and market platform have been affected, causing an estimated $2 billion worth of damages. The corporation has a multitude of insurance companies at their disposal and…
Read MoreCompanies that don’t carry cyber liability better think again…
As the world continues to become increasingly reliant on technology, a new breed of threat has emerged. The Internet is rife with scams and a vast array of dubious activities. It is also home to some of the most skilled and tenacious hackers. This fact has led many insurance companies around the U.S. to start offering insurance protection against what they are calling “cybercrime.” The majority of these policies are tailored for big companies, but they have not received the interest insurers thought they would. Cybercrime is a real issue,…
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