Tag: cyber insurance coverage

Cyber insurance coverage is very costly for health insurance

Julie Campbell
computer cyber insurance site

Following the record breaking data breaches that were suffered by several insurers, premiums are soaring. The large number of high profile data breaches that have been suffered by health insurers over the last year or so have made the cost of cyber insurance coverage skyrocket for those companies. This rise in rates has affected not only insurance companies but also retailers and banks. The reason is that those sectors have also been victims of data breaches and cyber insurance companies are seeing that it is becoming increasingly costly to cover…

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Cyber insurance market is showing signs of healthy growth

Marc
Cyber Insurance Coverage

Lloyd’s of London notes that more activity is being seen in the cyber insurance market Several high-profile cyber attacks on large companies have spurred more activity in the cyber insurance market, according to reports from Lloyd’s of London. The insurance company notes that claims in the cyber market have rose by 50% for the first three months of this year. More companies are becoming concerned with the digital risks that they face. These risks could result in serious financial damage, which insurance coverage may be able to mitigate, if policies…

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AIG CEO says that cyber insurance has a “very small” capacity

Julie Campbell
cyber insurance agent

Peter D. Hancock recently spoke, saying that this coverage is lagging behind what other forms of protection offer. The chief executive officer of American International Group, Peter D. Hancock, has stated that when it comes to cyber insurance, the coverage has fallen behind the type of protection that is available through other types of policy. Hancock expressed his opinions about this coverage against cyberattacks while speaking at a recent event. While talking at New York University, Hancock expressed that “The largest coverage I’m aware of is for a bank that…

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Cyber insurance is badly needed by energy companies

Julie Campbell
Cyber Insurance Coverage

Many believe that these utility companies are a “time bomb” for a digital attack. According to a recent publication by Willis, a reinsurance broker, energy companies do not have cyber insurance against any type of digital attack, but that the threat level has currently reached that of a “time bomb” that could end up costing the industry billions of dollars if the right cybercriminal does come along. The reinsurer used its annual review of the insurance market of the energy sector to underscore this vulnerability. Within the annual review, Willis…

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