Live Insurance News

Cyber insurance covers only 2 percent of large U.K. businesses

March 25, 2015March 23, 2015 Julie Campbell

A recent report issued by the British government showed that big firms rarely purchase this coverage. The British government released a report, this week, that revealed that among large companies, only 2 percent have separate cyber insurance coverage against digital security and data breaches. That number drops nearly to zero percent when it comes to the same coverage for smaller businesses. The report was a response to the concerns that have been voiced with regards to the lack of cyber insurance protection for the majority of companies, in an environment…

Senate places a focus on cyber insurance coverage against data breach

March 23, 2015March 21, 2015 G. Turner

cyber insurance companies security mobile

A subcommittee is currently looking into the protection that is required for consumers through those policies. U.S. Senator Jerry Moran (R-Kansas), the chair of the Subcommittee on Consumer Protection, Product Safety, Insurance, and Data Security recently held an “Examining the Evolving Cyber Insurance Marketplace” hearing to place the focus on the issue of data breaches. This hearing looked into the market selling policies that are meant to provide consumers with protection against cyber attacks. It examined the rapidly growing cyber insurance market and heard experts speaking about the various challenges,…

Health insurance data breach exposes data of 11 million consumers

March 19, 2015March 18, 2015 Logan B.

Premera Blue Cross has revealed that it was the victim of a major data breach Another health insurance company has revealed that it has been the victim of a major data breach from hackers. Premera Blue Cross has confirmed that hackers have breached its consumer database, with malicious attacks going as far back as May 2014. The insurer believes that the financial and medical information of 11 million people may have been exposed in the attack. If true, this would make the attack the largest of its kind against a…

300,000 Minnesotans affected by data breach targeted health insurance provider

February 27, 2015February 26, 2015 S.Vagus

Vital information has been stolen from Anthem, which could affect consumers in a major way Approximately 300,000 residents of Minnesota have been affected by a massive data breach that struck major health insurance company Anthem, according to the state’s Commerce Department. Anthem has reported that the Social Security numbers of more than 200,000 consumers have been compromised, which could lead to identity theft and other issues. The health insurance company reported the data breach earlier this year, which compromised the information of many of its clients. The insurer has been…

Spending on cyber insurance skyrockets as high profile cases rise

February 18, 2015February 16, 2015 Julie Campbell

The size of the problem associated with cyber attacks is becoming clearer as data breaches make more frequent headlines. The number of large companies and corporations that have experienced highly publicized data breaches is rapidly rising, and other businesses have not failed to notice; having responded with the purchasing of cyber insurance policies to help to protect themselves from the extensive damages that this type of digital attack can bring. Insurers that offer this type of data breach liability coverage are seeing notable growth in that business. At the same…

Identity theft insurance recommended for some Anthem customers

February 11, 2015February 10, 2015 Julie Campbell

After the huge cyber attack that caused a data breach at the insurer, agents are recommending protection. At the end of last week, Anthem revealed that it had experienced a massive cyber attack in which up to 80 million customers may have had their sensitive information compromised, and now agents are recommending that identity theft insurance be purchased in order to protect against the type of damage that those cyber criminals could potentially inflict. The customers whose data was exposed in the hack could have their ID stolen, which could…

Health insurance company Anthem has been hacked

February 11, 2015February 10, 2015 Nordstrom

hacked phone federal health insurance exchange

Anthem reports a major data breach at one of its databases storing consumer information Health insurance giant Anthem has announced that it has fallen victim to a major data breach. Last week, hackers managed to break into a database that stored a wealth of consumer information. Among this information were names, birthdays, addresses, and Social Security numbers of Anthem clients. According to the health insurance company, “tens of millions” of private records were taken from the database. Anthem claims that no medical or credit card information was stolen in the…