New insurance regulations are slated to go into effect in New York City next week, leading many insurance agents to warn contractors in the City that it may be too late to obtain increased coverage. The City’s Department of Buildings has made changes to the requirements associated with general liability coverage. Effective June 13, insurance policies that do not cover liability for completed work, explosions, collapses and other catastrophic events will be prohibited. Several of the new regulations will make it nearly impossible for the majority of contactors in the…
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Congress 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 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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