With cyber risks on every boardroom agenda, the moment has come for the cyber insurance sector to respond
Insurers are stepping up to deal with the changing face of digital risk, says Safeonline COO Geoff Kinsella
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.
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.
“I’m not saying he’s a whore, but he’s a whore. I never cease to be amazed at the chutzpah of actors,” read the unfortunate email written by a Sony executive about actor Kevin Hart.
This embarrassing correspondence is one of many revealed to the public by the 2014 cyber attack on Sony Pictures entertainment, which will be forever memorialized after being published on the whistleblowing website WikiLeaks.
“There is a wider point to be made here in that [cyber] is a global issue, not just a local one ”
The passage of a US bill that extends liability protection for companies prepared to share information about cyber attacks should be replicated globally, according to cyber insurance experts.
Cyber liability is poised to be the fastest growing insurance product in the next few years, and that demand has meant the success of specialty brokerages like Safeonline LLP.
There were more than 900 data breaches of protected health information affecting at least 500 individuals between 2010 and 2013, a study from the April issue of the Journal of the American Medical Association says.