Tag: us cyber insurance

Are cyber insurance companies contributing to ransomware attack growth?

Nordstrom
Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

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Cyber insurance growth has declined as the industry struck $2 billion last year

H. Cutner
Cyber insurnce growth - binary - cyber - tech

Fitch Ratings data showed that the market’s growth fell from 37 percent in 2017 to 8 percent in 2018. Cyber insurance growth has continued to rise at a healthy rate, but according to Fitch Ratings, it is not growing at a rate anywhere near what it was in 2017. In 2018, the insurance industry’s total direct written premiums for cyber coverage grew by 8 percent. According to Fitch Ratings, the total direct written premiums saw a cyber insurance growth rate was 37 percent in 2017. However, despite the fact that…

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Cyber insurance market continues to grow in the US

S.Vagus
cyber insurance theft id higher rates

More companies are beginning to embrace cyber insurance in order to guard against digital threats Cyber insurance is growing quickly in the United States, according to a new survey from the Council of Insurance Agents & Brokers. More companies are beginning to conduct business online, and this comes with significant risks that they may not be prepared to handle on their own. Consumer information is quite valuable, but many businesses have not had to protect digital information in any significant way in the past. As such, companies are beginning to…

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Hacks are causing cyber insurance rates to skyrocket

S.Vagus
cyber insurance theft biometrics

Insurers are raising premiums for the cyber insurance coverage that they provide Over the past two years, companies in the United States have been targeted by aggressive cyber attacks. This has prompted insurers to increase premiums on cyber insurance coverage by a massive margin. Some companies are perceived as being a high risk, which means that they are seeing higher costs when it comes to protecting themselves from digital attacks. Insurers are not just raising premiums on cyber insurance coverage, however, and many companies are looking for a solution to…

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Demand for cyber insurance is on the rise

S.Vagus
Cyber Insurance

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.…

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Cybersecurity a growing issue in the U.S.

H. Cutner

According to U.S. cybersecurity analysts, 12 small groups of hackers from China are responsible for more than $1 billion worth of data from companies throughout the nation. These groups have been monitored by McAfee, a prestigious Internet security company, who drew upon information collected over time. Earlier this year, McAfee tracked intrusions into the U.S. energy grid back to China, where the hacker groups were finally identified after years of arduous investigation. Last month, U.S. intelligence officials formally rebuked China for its part in the intrusions, but no other action was…

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U.S. pushes for international legal framework governing cyber crime, insurers to benefit from associated regulations

The issue of cyber security has become so prominent that the U.S. government is now pushing for international laws that will curb the spread of the so-called “anti-security” movement. This malefic movement has had an impact on the global insurance industry in more than just losses. With the threat of cyber crime growing, the industry has had to adapt, drafting new defenses and offering more comprehensive coverage. The federal government holds that insurance is simply not enough and is seeking support from other countries to establish laws that would stop…

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