cyber insurance News

Fitch: U.S. Insurers Writing Cyber Coverage Totaling $1B in Premiums

About 120 U.S. insurance groups reported writing cyber coverage in 2015 totaling approximately $1 billion in direct written premiums volume, according to Fitch. Fitch aggregated the cybersecurity statutory supplement data for the U.S. property/casualty (P/C) insurance industry and analyzes the …

Federal Court Rules CGL Insurance Covers Data Breach

A federal appeals court in Virginia has upheld a lower federal court in ruling that a commercial general liability policy (CGL) may cover a data breach. In a case involving the publication of private medical records on the internet, the …

P/C Insurers Expect Stable Profits in 2016

Leaders of the property/casualty insurance industry expect no increase in profitability in 2016 for most lines of insurance, according to a survey conducted by the Insurance Information Institute (I.I.I.) at its 20th annual Property/Casualty Insurance Joint Industry Forum, held here. …

Continued Attacks to Drive Cyber Insurance Market by 2020

Risks to drive U.S. $10 billion cyber insurance market by 2020, according to ABI Research. Continued and sustained cyberattacks are having a ruinous effect on enterprises and driving up the cost of incident response. With over 900 million reported records …

RIMS Cyber Survey Outlines Top 3 First Party Exposures

Due to the tremendous publicity and new information regarding the impact of a cyber attack, organizations have placed greater emphasis on developing risk management strategies to proactively address these exposures. The Risk Management Society (RIMS), conducted its first Cyber Survey …

XL Group Creates Cyber & Technology Risk Business Unit

To meet the rapidly growing demand for cyber insurance in the US and Canada, XL Group’s Global Professional unit has established a North America Cyber & Technology Risk business unit. The company previously provided cyber and technology errors and omissions …

CAS Forms Cyber Risk Task Force

The Casualty Actuarial Society is announcing the formation of the Task Force on Cyber Risk. This initiative reflects the rapid growth of cyber risk and the pressing need to find effective means of analyzing it. The task force will engage …

IDentity Theft 911 Announces New Tools to Assess Small Business Data Breaches

IDentity Theft 911, an identity management and data risk management services, announced two new tools to assess the risks and costs associated with small business data breaches: the Data RiskCompass and the Breach Expense RiskCompass. The tools were announced during …

Number of Companies Buying Cyber Insurance up by One-Third in 2012: Marsh

More companies are turning to cyber insurance to protect their organizations from the financial consequences of a data breach or cyber attack, according to a report issued by Marsh. The number of Marsh US clients purchasing cyber insurance increased 33 …

Utica National Responds to Businesses’ Needs with Cybersurance

Between 2005 and 2010, more than 350 million personal records were exposed in reported data breaches alone. Those numbers include data, privacy and security breaches by cyber-criminals accessing sensitive company and customer information, as well as exposure from lost or …