We are proud to announce that we are short-listed for not one, but two awards at this years’ Insurance Day awards on the 3rd December.
Safeonline broker Jack Elliott-Frey features in an article from Insurance Age today on how cyber insurance is seeing an up-tick in the UK market, due to a number of high profile breaches in the consumer sector recently, including telecoms giants Talk Talk and Vodafone.
The cyber attack on UK mobile phone retailer Carphone Warehouse, which saw hackers steal the personal details of up to 2.4 million customers, is unlikely to impact the insurance market, The Insurance Insider understands.
“We are still seeing businesses unaware of the costs they could incur should they suffer a breach ”
At the moment, we would agree with AIG CEO Peter Hancock’s recent statement that cyber capacity is still lacking, due to the fact that there is a serious lack of concern across the majority of businesses when it comes to the threat posed by cyber.
President Obama recently delivered a high-profile speech in Silicon Valley to tech industry executives, calling for closer cooperation between organisations to help defend each other against the threat of cyber-attack.
‘Another week, another breach’; this seems to be the established axiom as yet another organisation faces up to the reality of life post cyber attack.
The EU Data Protection Directive, officially Directive 95/46/EC, is the European directive designed for the protection of personal data during processing and movement within companies.
“Globally, cyber crime costs businesses somewhere in the region of $300 – $600 billion ”
In 2014 alone, an estimated 110 million American citizens had their personal information exposed via some form of cyber breach. Globally, cyber crime costs businesses somewhere in the region of $300 – $600 billion, and that is just an estimate.
The aviation industry is fast becoming one of the hottest areas of interest amongst the cyber community, particularly insurers, as the risk profile to both aeroplanes and carriers increases.
Insurance Age investigates how brokers can make inroads into the static, soft, and difficult to break into professional liability market.
Insurers are under pressure to remain relevant in the professional liability market where there has been little wholesale change for the past decade and rates in most professions remain stubbornly soft.