Category: Cyber Insurance

Cybersecurity and the Next Generation of Risk and Liability

The need for companies and consumers to protect data and information is rapidly evolving with increasingly high stakes. One of the most concerning announcements an organization can make today is that a data breach has occurred. Such revelations can strike fear in investors and consumers alike and erode a company’s hard-earned reputation. To help our clients better view the importance of cybersecurity and how it...

How insurance can provide a solution to cybercrime

CNA Hardy and Innovation Broking have teamed up to develop a range of specialist solutions offering comprehensive cover and pre- and post- breach services that they hope will increase take-up of cyberinsurance Cyberinsurance has existed since the 1990s, yet far too many companies still choose to ignore it, putting themselves at a potentially enormous risk. According to the latest figures from the Association of British...

What is commercial business insurance?

What is commercial insurance? As the name suggests, commercial insurance protects businesses, including business owners and their employees. Because every business is different, there is no one-size-fits-all insurance policy for small business owners. For instance, an ice cream shop has very different insurance needs than an auto repair shop or a golf course. That’s why many small businesses opt for a business owners policy (BOP),...

4 in 10 Businesses Have Filed a Cyber Insurance Claim: Survey

Many businesses purchase insurance policies hoping they never have to use them. Unfortunately, that hasn't been the case with cybersecurity insurance. A recent Wells Fargo survey of 100 U.S. middle-market and large companies found that 85 percent say they have purchased cyber and data privacy insurance, while 44 percent have already filed a claim as a result of a breach. The report didn’t look into...

How cyber insurance actually works

A couple of weeks ago El Reg carried an article by Mark Pesce about the likely evolution of Cyber Insurance. Reg reader and insurance industry veteran Tom Whipp agreed with most of his sentiments, but wasn’t so keen on his conclusions and demanded his stint on the Reg soapbox. So, take it away Tom. I’ve worked in security and risk for the last 15 years...