New cyber security risk models may be needed for the insurance industry

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RMS and AIR Worldwide are working to build new risk models focused on the digital space Two risk modeling companies serving the insurance industry are beginning to focus more heavily on the digital world, hoping to form better cyber attack risk models. RMS and AIR Worldwide have seen the risks in the digital world escalate over the past several years. These risks are becoming more prominent and the majority of the insurance industry may not be able to tackle these risks appropriately with existing, outdated risk models. Recent cyber attacks…

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Cyber liability insurance is experiencing a rapid evolution

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As high profile data breaches become headlines on a regular basis, awareness of this coverage is expanding. The risk of a data breach is rapidly on the rise and as it is coming to the point that no one feels safe from this potential problem, awareness of cyber liability insurance is climbing as well, and the result has been a rapidly evolving coverage sector. The latest estimates are that the data breach at JPMorgan Chase could impact 76 million households. As the risk rises and as it is continually in…

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Lloyd’s of London specifies cyber crime as a major insurance issue

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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