Cyber insurance providers will now incentivize clients to buy cybersecurity services and products under the new Marsh Cyber Catalyst program with first group of 17 services added this September.
AIG is disputing a breach of contract lawsuit for not covering nearly $6 million in losses at SS&C Technologies. The insurer claims its cyber insurance policy do not cover brazen criminal attacks.
Cyber insurance companies are choosing to settle things quickly with a ransom payment during ransomware attacks for fear of covering all the business interruption costs and delays of re-booting a company from scratch.
Boom in cyber insurance market is no surprise with high-profile data breaches happening one after another. Do companies really understand what they are covered for?
Only 18% of businesses recently surveyed said they have comprehensive cyber insurance coverage, however the gap is not closing with only 27% of insurers having the technological capability to provide a plan to cover cyber risks.
Insurance giant Marsh & McLennan is leading a “Cyber Catalyst” program involving top cyber insurance companies to provide seal of approval for top-rated cybersecurity products. How will this impact consumers and the cyber insurance industry?
Insurers have a vital role to play in inoculating organizations against potentially crippling attacks. With cyber insurance premiums forecast to reach $7.5 billion by 2020, how can insurers do their part to leverage this opportunity for the benefit of customers in today’s digital world?
A recent study conducted by Chubb in major Asia-Pacific markets reveals that SMEs tend to be both overconfident and underprepared when it comes to cyber awareness.
Every week, there seems to be a major new data breach that impacts millions. So it’s no surprise that personal cyber insurance are being offered by insurance companies, and the global market could be worth as much as $3.1 billion by the year 2025.
Given the growing prevalence of data breaches, evidence is building that many cyber insurance policies might be close to worthless, as insurance companies look for any excuse possible to avoid paying out the full amount of a claim.
