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Businesses of all sizes can benefit from cyber liability insurance

June 22, 2021July 20, 2021 Nordstrom

Quality coverage includes both first-and third-party financial losses from cyberattacks in various forms. These days, it’s virtually impossible to fail to understand that a cyber liability insurance policy could benefit any company that does business online to any degree and in any way. Also known as cyber risk insurance or just cyber insurance, it protects against security breaches. Headlines announcing various types of hacks, data breaches, ransomware and other cyberattacks have become commonplace. No company, organization or even government is entirely safe from a particularly determined and skilled cybercriminal. That…

Cyber insurance coverage boosted by half of all risk managers

May 20, 2016May 18, 2016 Julie Campbell

A new HSB report has indicated that 50 percent of businesses have either bought or increased their policies. A report by the Hartford Steam Boiler Inspection and Insurance Company (HSB) based on a recent survey of risk managers has suggested that 50 percent of businesses either purchased cyber insurance coverage for the first time or increased the amount of protection they carried in 2015. Equally, the survey revealed that about 30 percent of companies have no cyber insurance policies at all. Among the companies that didn’t purchase cyber insurance coverage,…

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 is making it onto more company shopping lists

June 24, 2014June 21, 2014 H. Cutner

As a growing number of hackers make recent news headlines, businesses are no longer comfortable without coverage. At the same time that it has become clear that even the most sophisticated data systems among the leading high profile companies can still be broken into by skilled hackers, the cost of those attacks is becoming increasingly clear to businesses of all sizes and they are beginning to purchase cyber insurance at an increasing rate in order to cover themselves against potentially devastating damage. This special form of risk and liability insurance…

Cyber risk insurance becoming a concern for businesses

September 15, 2012 Nordstrom

Cyber risk insurance may help companies protect themselves Cyber security is beginning to be a major concern in the U.S., according to a new study published by Corporate Board Member and FTI Consulting. As the world of business becomes more accommodating of emerging technologies, the possibility of cyber attacks is becoming more pronounced. Data breach can cause serious damage to a company both in terms of finance and reputation, leading many businesses to seek out cyber risk insurance coverage. This coverage is designed to protect companies from malicious cyber attacks.…

North American companies avoiding cyber insurance according to Towers Watson

April 19, 2012May 28, 2012 Marc

Are companies leaving themselves vulnerable to a cyber attack? Towers Watson, a leading consulting firm with expertise in risk assessment, has released its annual review of corporate risk this week. The firm surveyed several corporations throughout North America and found that most do not take cyber security seriously, especially in terms of insurance coverage. The firm has also found that the corporations purchasing cyber security insurance are doing so in limited capacity and seem unwilling to purchase comprehensive coverage. This may be a problem in a world where the Internet and…

Utah residents consider cyber liability insurance following massive Social Security numbers breach

April 10, 2012March 23, 2014 Julie Campbell

Cyber liability insurance, a new neccessity for business and personal According to the Department of Health of the Western United States, a Utah Department of Technology Services (DTS) server data breach may have compromised 25,096 Social Security numbers, causing many people to wonder whether they might be wise to consider cyber liability insurance. It is believed that the breach is the work of illegal hackers based in Eastern Europe. The outcome of the attack was the retrieval of the personal information of approximately 181,604 CHIP (Children’s Health Insurance Plan) and…