In-brief: Insurance giant AIG announced Monday that it has started offering cyber insurance to protect individuals and families from ransomware attacks, data theft and cyber bullying. But don’t go looking to sign up at Wal-Mart: the service is only available to AIG’s high net worth customers.
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In-brief: cyber insurance premiums are jumping following a string of large and high-profile breaches, Reuters reports. But that doesn’t mean insurers are souring on covering online risk.
In-brief: Rapid advancement in the market for cyber insurance is poised to transform a cyber security market based on FUD (fear, uncertainty and doubt) to one based on hard numbers and risk. Consider yourself warned!
Cyber incidents these days tend to follow a familiar pattern: law enforcement is contacted and will begin criminal investigations. Cyber forensic investigators are hired to piece together what happened and security consultants will analyze and remove the malware from any affected systems. Finally: customers who were affected are notified and – typically -offered free credit monitoring services. All of these services come at a cost, of course, as does the business disruption that results. Current cyber insurance policies are structured to recover some or most of those costs. Now companies – from the Fortune 10 on down – are looking to hedge their online risks with various kinds of business insurance. That demand, in turn, is fueling a rapid expansion of the cyber insurance industry that was little more than a niche offering five years ago. But insurance industry experts and corporate security professionals offer words of advice for companies that think they […]
So bland is the insurance business perceived to be, that it’s the stuff of Hollywood comedy. In the 2004 film Along Came Polly, Ben Stiller played a skittish, risk averse insurance adjuster with actuarial data on bathroom hygiene at his fingertips (no pun). Woody Allen famously depicts his hapless criminal Virgil Starkwell locked in solitary confinement with an eager insurance salesman in the 1969 mocumentary Take the Money and Run. Cruel and unusual punishment, indeed. Boring though they may be, insurance markets are incredibly important in helping society manage risks of all sorts. Insurance markets also have a funny way of shaping behavior – both personal and commercial – in ways that serve the public interest. Take the response to Hurricane Sandy as just one example. Law makers in Washington D.C. may never agree on whether that storm was a product of a warming climate. In fact, they may debate the […]