PCIT PLUSNews and Updates in the Property & Casualty Insurance Industry – A KMG Initiative

Cyber breach

As costs of cyber breaches spiral, what can brokers do next? – Insurance Business

Research by Lloyd’s of London has revealed a catastrophic cyber attack against a cloud server could cost as much as a devastating hurricane.

Cybercrime-analog

IN THE AGE OF CYBERCRIME, THE BEST INSURANCE MAY BE ANALOG – Bloomberg

Old fashioned mechanical systems, plus humans, may help avert catastrophic cybercrime and data breaches. Right before Christmas, two power companies in Ukraine were simultaneously targeted in what’s now regarded as the world’s first successful cyber-attack on public utility.

Organizations-Concerned-About-Consequences-of-a-Large-Public-Data-Breach

80 % Organizations Concerned About Consequences of a Large Public Data Breach

  In a report by ID experts on how to manage data breach, it was noted that more than 80 % of organizations are concerned about a large data breach.

Cybersecurity-Insurance-Types-of-Coverage

Cybersecurity Insurance: Types of Coverage – Thomson Reuters

At this point, virtually all of the major insurers offer cybersecurity insurance including, among others, Marsh McLennan, Allianze, AIG, Apogee Insurance Group, AXA, Howden Broking Group, and Chubb.

Cyber-Security-Big-Concern-for-Insurance-Data

Cyber Security : Big Concern for Insurance Data

  With the use of technology in Insurance and the industry growing at such a rapid rate, there is an urgent need to look into the security of data. Insurance more than any other industry is dependent on its client database; as the consumer information is now being stored in electronic form, the requirement to keep the data secure has grown.