Live Insurance News

Cyber insurance coverage is very costly for health insurance

October 14, 2015October 13, 2015 Julie Campbell

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…

The cyber insurance market will explode to $10 billion in 5 years

September 8, 2015September 6, 2015 G. Turner

Still, the market remains primarily untapped, despite the tremendous potential it holds. It may not come as a shock to anybody that the cyber insurance marketplace is taking off and that it was recently estimated that by the year 2020, it will be worth about $10 billion, but what is shocking is the speed that it will reach in order to get there. The growth rate that it has been achieving has made it the top product in the commercial insurance sector. The forecast of the worth of the cyber…

Cyber insurance is growing in Australia

July 23, 2015July 22, 2015 Logan B.

Australian Cyber Security Center highlights the rise of cyber attacks in the country A growing number of companies in Australia are beginning to find solace in cyber insurance protection. According to the Australian Cyber Security Center, the country’s digital networks are experiencing an increase in sophisticated attacks in both the public and private sectors. As such, cyber insurance has become a more important priority for companies that have a significant presence in the digital space. While insurance protection is becoming more coveted, it may not be able to address all…

Cyber insurance is lacking

August 8, 2014August 5, 2014 S.Vagus

Cyber security is gaining more attention, but insurance coverage is failing to meet companies’ needs Cyber security is becoming a major issue and the growing prevalence of malicious attacks of businesses is leading to a higher demand for cyber insurance. There are now 50 carries of cyber coverage in the insurance industry, but these coverage is not easy to obtain and many businesses suggest that most coverage is inadequate. The problems with cyber protection are related to the complicated nature of cyber attacks. The actual damage these attacks cause, in…

Cyber insurance industry is hunting for expertise

July 17, 2014July 14, 2014 G. Turner

As the demand for this risk coverage skyrockets, insurers are looking for experience and skills in handling the problem. While insurers are watching the tiny cyber insurance coverage market spike and grow at an exponential rate, they frequently don’t have the type of skills and experience that are necessary to actually handle data breaches and hackers to be able to provide the type of service that would be required to offer this type of product. It is becoming almost commonplace to hear about high profile data breaches among massive corporations.…

Cyber insurance could be lacking for banks when it comes to protection

June 11, 2014June 9, 2014 S.Vagus

Banks may not benefit from cyber liability insurance as much as they may believe Recent cyber attacks have highlighted the dangers that exist in the digital world. These dangers are still not fully understood, due to the fact that many businesses have only very recently begun the process of “digitizing” themselves. Banks are among those that have only recently begun to grow more digital, and this means that cyber insurance is beginning to attract more attention from these financial service organizations. The problem is, however, that insurance may not be…

Cyber insurance protection availability is growing

May 1, 2014April 28, 2014 Julie Campbell

A rising number of insurers, now including AIG, are offering this coverage as businesses boost their demand. At a time in which the headlines involving businesses that have undergone data breaches and other digital attacks are becoming a regular occurrence, American International Group (AIG) has now announced that it will be joining the growing number of insurers that are offering cyber insurance protection. This policy from AIG will be providing coverage to businesses against illegal hacking. The cyber insurance policy will not, in this case, provide any protection against physical…