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Cyber insurance is becoming more common

May 11, 2015May 9, 2015 S.Vagus

Cyber Insurance policies commissioners industry

ABI predicts that the cyber insurance market will become more common in the coming decade Cyber insurance coverage may become the new normal in 10 years’ time. The Association of British Insurers (ABI) has claimed that cyber insurance products will become significantly more common in the United Kingdom and elsewhere by 2025. In early March, a report from Marsh and the UK government showed that only 2% of large businesses in the UK have cyber coverage. This may be a costly problem for these businesses as they face significant risks…

Cyber insurance is gaining attention in the UK

March 27, 2015March 25, 2015 S.Vagus

UK cyber Insurance industry News united kingdom

UK government to launch initiatives to promote cyber insurance coverage Cyber insurance is kicking off in the United Kingdom. The government has announced several join initiatives that are designed to improve the stability and availability of cyber insurance in the country. The UK Cabinet Office and Marsh, a prominent insurance company, have partnered to launch these initiatives in order to protect companies from cyber attacks. Recently, the two organizations published a report that shows that the majority of British firms lack the appropriate level of cyber protection. Report shows that…

Cyber insurance is lacking in the UK

March 26, 2015March 24, 2015 Logan B.

Large UK firms may not see value in cyber insurance protection Cyber insurance may be lacking among large businesses in the United Kingdom. The British government has released a report that suggests only 2% of large British firms have insurance coverage that will protect against cyber attacks. The report was jointly released with Marsh, a prominent insurance company, and recommends that businesses begin taking the risks that exist in the digital world more seriously. Following several high-profile cyber attacks, businesses and consumers could be at risk of exploitation if they…

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…

Cyber insurance gets a shot in the arm from the U.K. government

November 11, 2014November 8, 2014 Julie Campbell

The government is encouraging businesses to better mitigate their risks through this type of policy. The government of the United Kingdom is seeking to increase the adoption of cyber insurance as a method of bettering the way that organizations within the country are able to manage the risks associated with issues such as data breaches. Companies of all size and security protection are experiencing data breaches and cyber attacks at a growing rate. At a summit that was hosted with a number of CEOs from the cyber insurance industry, the…

Report highlights the complexity of the cyber insurance market

July 11, 2014July 9, 2014 Logan B.

Crawford releases report showing that the frequency and complexity of cyber insurance claims is on the rise A new report from Crawford & Co. shows that the cyber insurance market is becoming increasingly complex. The frequency and complexity of claims is one of the primary challenges facing this market currently. Insurers are typically well suited to address the potential risks that exist in any given market, but the advent of technology has changed many things in the world. The insurance industry has not yet had enough time to fully understand…

Demand for cyber insurance is on the rise

July 9, 2014July 7, 2014 S.Vagus

Cyber attacks are becoming more common, leading to a rise in demand for insurance protection Cyber attacks of businesses are beginning to increase in frequency, according to Lloyd’s of London’s Barbican Group. The underwriting group believes that the market for cyber insurance will increase dramatically over the coming years, noting that premiums for this coverage have skyrocketed since 2009. Businesses are beginning to be targeted by cyber attacks because some of them lack appropriate security measures, while others simply cannot keep up with the rapidly evolving nature of digital threats.…