Tag Archives: insurance

Blackpool insurance firm in cyber crime seminar

With 2017 being a significant year for cyber attacks world wide a Blackpool company has warned that firms might need to consider specialist cover.

Waterloo Road-based Chadwick Insurances, founded by John Chadwick in 1980, hosted an event to discuss cyber risks to businesses.

Attendees included business leaders from solicitors, accountants, management consultants, IT specialists, risk management specialists, property managers, estate agents, financial advisers and plumbing and heating engineering companies.

Gareth Chadwick said: “Any business that holds or processes sensitive data or is reliant on computer technology is at risk of uninsured losses.

“Dealing with cyber related incidents has not only a direct monetary impact but also ties up a business in dealing with potentially affected customers and regulators.

“Our discussion, led in conjunction with major insurers AIG, highlighted the fact that although cyber exposures are one of the top risk concerns for many companies, traditional insurance policies do not provide full

Read more at: https://www.blackpoolgazette.co.uk/news/business/blackpool-insurance-firm-in-cyber-crime-seminar-1-8937615

Cyber insurance soaring as risks rise

Insurance and financial services buy the most cyber insurance -- but as the cost goes up, will that dampen desires to ease risk? (Photo: Shutterstock)
Insurance and financial services buy the most cyber insurance — but as the cost goes up, will that dampen desires to ease risk? (Photo: Shutterstock)

In 2016, the size of the global cyber insurance market was valued at $3,416.4 million. But by 2023, it’s expected to balloon to $16,970 million, after see a compound annual growth rate of 20 percent in the interim.

That’s according to a report by PS Market Research that credits loss of brand reputation from cyber attacks as a primary reason cited by “most of the industry leaders” for adopting cyber insurance programs.


Read more at: http://www.benefitspro.com/2017/11/15/cyber-insurance-soaring-as-risks-rise

You a victim of cyber stalking? Bajaj Allianz General Insurance’s product covers it

Moneycontrol News

Bajaj Allianz General Insurance today announced the launch of ‘Bajaj Allianz Individual Cyber Safe’ policy, a cyber-protection product for individuals, which provides coverage to customers who fall victim to threats such as cyber-attacks, cyber extortion and cyber-bullying.

Here the sum insured ranges from Rs 1 lakh to Rs 1 crore and can be availed by individuals above 18 years.

This is the first cyber cover for individuals. It will provide comprehensive protection against various cyber risks such as identity theft, malware attack, IT theft loss, phishing, e-mail spoofing, cyber extortion and cyber stalking.

It will also cover financial loss resulting from being an innocent victim of e-mail spoofing and phishing, losses and expenses related to defense and prosecution costs related to identity theft, IT theft loss, restoration cost to retrieve or reinstall data or computer programme damaged by entry of the malware.

Further, it also provides

Read more at: http://www.moneycontrol.com/news/business/economy/you-a-victim-of-cyber-stalking-bajaj-allianz-general-insurances-product-covers-it-2427013.html

You a victim of cyber stalking? Bajaj Allianz General Insurance’s …

Moneycontrol News

Bajaj Allianz General Insurance today announced the launch of ‘Bajaj Allianz Individual Cyber Safe’ policy, a cyber-protection product for individuals, which provides coverage to customers who fall victim to threats such as cyber-attacks, cyber extortion and cyber-bullying.

Here the sum insured ranges from Rs 1 lakh to Rs 1 crore and can be availed by individuals above 18 years.

This is the first cyber cover for individuals. It will provide comprehensive protection against various cyber risks such as identity theft, malware attack, IT theft loss, phishing, e-mail spoofing, cyber extortion and cyber stalking.

It will also cover financial loss resulting from being an innocent victim of e-mail spoofing and phishing, losses and expenses related to defense and prosecution costs related to identity theft, IT theft loss, restoration cost to retrieve or reinstall data or computer programme damaged by entry of the malware.

Further, it also provides

Read more at: http://www.moneycontrol.com/news/business/economy/you-a-victim-of-cyber-stalking-bajaj-allianz-general-insurances-product-covers-it-2427013.html

Cyber Crime, Cyber Liability and Cyber Liability Insurance

The simple fact is that when it comes to cyber security, no one can claim to be 100%, ironclad safe insofar as protection of data. If it is not hackers then it could be an internal breach from, say, a disgruntled employee. As a general manager, it is your responsibility to your guests as well as to your owners to take both the appropriate precautionary steps in protecting data, but also to consider means of mitigating damages to the company in the event of a loss.

    I recently had an opportunity to discuss the issue of cyber liability insurance with Bobby Horn, an associate director at Crystal Company, a national insurance brokerage with significant experience in the hotel sector. While his responsibilities encompassed a much broader field, I wanted to drill down on the specifics of cyber insurance.

    “It used to be property liability that was the primary issue

    Read more at: https://www.hospitalitynet.org/opinion/4085267.html

Cybersecurity: Are Social Engineering Attacks Covered Under Insurance Policies?

Cybersecurity incidents are a popular topic of coverage in the press. These incidents range from hacking into organizations that hold a large quantity of data about clients, employees, vendors and other stakeholders to duping employees to transfer funds into fraudulent bank accounts. Cybersecurity is a top of mind issue for most organizations. From a risk management standpoint, organizations often purchase insurance coverage as a means of mitigating the impacts of a cybersecurity incident. That said, sometimes there is a disconnect between the type of coverage the insured thinks it is getting and what the policy actually covers.

This was a particularly important focus in the decision The Brick Warehouse LP v. Chubb Insurance Company of Canada[1], where the Alberta Court of Queen’s Bench found that a vendor impersonation did not fall within the terms of the plaintiff’s crime policy coverage. The case is

Read more at: https://www.lexology.com/library/detail.aspx?g=f99231d5-3998-4283-89e5-773f052ba8f3