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Cyber insurance market spurred by data breach impact, UK government backing and EU privacy reforms, says expert

22/04/2015 14:18

Rising boardroom interest in cyber insurance cover has been sparked by a number of major data breaches; the prospect of bigger data breach penalties under new EU data protection laws, and a UK government awareness-raising campaign, an expert has said. Earlier this month Lloyds of London said that...

Five Steps To Data Breach Coverage For Card Issuer Liability by Roberta Anderson

21/04/2015 20:39

Target’s $19 million settlement with MasterCard[1] underscores very significant sources of potential exposure that often follow a data breach incident. In the wake of any significant breach involving payment cards, such as the Target breach, retailors and other organizations that accept...

Will Cyberinsurance Cover Target’s $19 Million MasterCard Settlement? by Scott Godes

21/04/2015 07:48

Another credit card in the mail? If you’re reading this post, you’ve probably received a new credit or debit card in the mail, attached by rubber cement to a cover letter explaining that your card number could have been compromised – so you ended up with replacement cards. You might even have...

Cyber compliance does not always equal risk management, Deloitte report finds

18/04/2015 21:14

Cyber risk is a business issue. That was one of four key themes that characterized the state of cyber risk programs and issues facing the retail and distribution sector, according to a Deloitte report released this week. The report, titled Cyber risk in retail: Protecting the...

Cyber crimes rise 23%: The must-know sectors for new business by Caitlin Bronson

18/04/2015 21:04

The frequency, sophistication and severity of data breaches is set to explode, according to a new industry report. For the savvy insurance producer, that means an increased opportunity to pitch cyber security insurance to clients—provided you know which ones to target. Data breaches are a...

5 Reasons You Should Have Cyber Liability Insurance by Minda Zetlin

18/04/2015 07:10

It's not just for big companies. Cyber insurance can make the difference between staying in business or shutting your doors after an attack. Imagine for a moment that your company has come under attack by a skilled hacker. The hacker has accessed your customers' names and contact information--and...

4 Tips to Sell Cyber to Small and Midsized Businesses by Lisa Doherty, Todd Cusano

17/04/2015 20:36

Cyber liability insurance is growing by leaps and bounds—as fast as EPLI by some comparisons but in a fraction of the time. According to online information security provider Symantec, businesses of all size were a potential target for attackers in 2012. The largest growth area for targeted...

Cyber coverage – how do you sell it? by Donald Horne

17/04/2015 19:42

With the decline in revenues from auto insurance, brokers are looking for new revenue streams. Cyber has been hailed as the hot product for 2015, but brokers are asking one simple question: how do you sell it? “There’s not a whole lot of training out there or anyone who is willing to come in...

Hackers aren’t “geniuses:” The real reasons behind most cyber attacks by Caitlin Bronson

17/04/2015 19:29

Recent data breaches like those involving Target, Sony and Anthem have received attention for the size, scale and sophistication behind the attacks. Hackers were portrayed as well-moneyed operatives with a great degree of skill and stealth – yet in the majority of cases, hackers succeed due to...

Target settles with MasterCard for $19M in breach

17/04/2015 19:19

April 16--Target Corp. has reached a $19 million settlement with MasterCard that is a big step toward resolving pending claims from banks and credit unions over losses from the retailer's massive 2013 data breach. Card-issuing institutions spent millions to replace cards and cover fraudulent...

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