{"id":49906,"date":"2016-12-19T10:11:00","date_gmt":"2016-12-15T16:10:00","guid":{"rendered":"http:\/\/demo2016.hispanicprwire.com\/english-u-s-cyber-insurance-market-grows-amid-data-breach-concerns\/"},"modified":"2017-01-02T11:23:45","modified_gmt":"2017-01-02T15:23:45","slug":"el-mercado-de-seguros-ciberneticos-de-ee-uu-crece-en-medio-de-preocupaciones-sobre-las-filtraciones-de-datos","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/el-mercado-de-seguros-ciberneticos-de-ee-uu-crece-en-medio-de-preocupaciones-sobre-las-filtraciones-de-datos\/","title":{"rendered":"U.S. Cyber Insurance Market Grows Amid Data Breach Concerns"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Dec. 15, 2016<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; U.S. insurers are becoming more skilled at underwriting and pricing stand-alone cyber insurance policies as businesses show a greater interest in protecting themselves from data breaches and attacks, according to the <a href=\"http:\/\/www.iii.org\/\" target=\"_blank\" rel=\"nofollow\">Insurance Information Institute<\/a> (I.I.I.).\u00a0<\/p>\n<div id=\"prni_dvprnejpg9834left\" style=\"TEXT-ALIGN: left; WIDTH: 100%\"><img decoding=\"async\" id=\"prnejpg9834left\" title=\"Insurance Information Institute logo\" border=\"0\" alt=\"Insurance Information Institute logo\" align=\"middle\" src=\"http:\/\/photos.prnewswire.com\/prnvar\/20150428\/212128LOGO \"\/><\/div>\n<p>&#8220;More than 60 carriers offer stand-alone cyber insurance policies, and it is estimated the U.S. market is worth over <span class=\"xn-money\">$3.25 billion<\/span> in gross written premiums in 2016, with some estimates saying it has the potential to grow to <span class=\"xn-money\">$7.5 billion<\/span>,&#8221; write Dr. <span class=\"xn-person\">Robert Hartwig<\/span>, special consultant to the I.I.I., and <span class=\"xn-person\">Claire Wilkinson<\/span>, author of the I.I.I.&#8217;s award-winning <a href=\"http:\/\/www.iii.org\/insuranceindustryblog\/\" target=\"_blank\" rel=\"nofollow\"><i>Terms + Conditions<\/i><\/a> blog. They are the co-authors of the I.I.I.&#8217;s newly released white paper, <a href=\"http:\/\/www.iii.org\/white-paper\/cyberrisk-threat-and-opportunity-102716\" target=\"_blank\" rel=\"nofollow\"><i>Cyber Risk: Threat and Opportunity<\/i><\/a>.<\/p>\n<p>Cyber incidents were ranked as the third-highest global business risk in 2016, <i>Allianz&#8217;s Risk Barometer<\/i> determined. The average cost of a breach in <span class=\"xn-location\">the United States<\/span> reached <span class=\"xn-money\">$7 million<\/span> in 2016, a Ponemon Institute survey cited in the I.I.I.&#8217;s report found. Most traditional commercial general liability policies do <i>not<\/i> cover cyberrisks.<\/p>\n<p>Tailored to a business&#8217; specific needs, a stand-alone cyber insurance policy typically offers the following coverages, the I.I.I.&#8217;s white paper explains:<\/p>\n<p><b>Liability<\/b>\u2014Covers the costs (e.g., legal fees, court judgements) incurred after a cyberattack, such as data theft, or the unintentional transmission of a computer virus to another party, causing them financial harm.<\/p>\n<p><b>Crisis Management<\/b>\u2014Covers the cost of notifying consumers about a data breach that resulted in the release of private information, and providing them with credit monitoring services, as well as the cost of retaining a public relations firm or launching an advertising campaign to rebuild a company&#8217;s reputation.<\/p>\n<p><b>Directors &amp; Officers (D&amp;O)\/Management Liability<\/b>\u2014Covers the cyber liability risks faced individually by a company&#8217;s key decision makers while acting on behalf of the company.<\/p>\n<p><b>Business Interruption<\/b>&#8211;Covers loss of income due to an attack on a company&#8217;s network that limits its ability to conduct business.<\/p>\n<p><b>Cyber Extortion<\/b>\u2014Covers the &#8220;settlement&#8221; of an extortion threat against a company&#8217;s network, as well as the cost of hiring a security firm to track down the blackmailers.<\/p>\n<p><b>Loss\/Corruption Of Data<\/b>\u2014Covers damage to, or destruction of, valuable information assets as a result of &#8220;viruses, malicious code and Trojan horses,&#8221; the white paper states.<\/p>\n<p><b>Criminal Rewards<\/b>\u2014Covers the cost of posting a criminal reward fund for information leading to the arrest and conviction of a criminal who has attacked a company&#8217;s computer systems. <\/p>\n<p><b>Data Breach<\/b>\u2014Covers the expenses and legal liability resulting from a data breach. <\/p>\n<p><b>Identity Theft<\/b>\u2014Provides access to an identity theft call center in the event of stolen customer or employee personal information. <\/p>\n<p>Cyberrisks, however, remain challenging for insurers to underwrite, Dr. Hartwig and Ms. Wilkinson acknowledge. The three reasons the paper cites include the constantly changing range of perpetrators, targets and exposure values; a lack of historical actuarial data; and the interconnected nature of cyberspace, which makes it difficult for insurers to assess the likely severity of cyberattacks.<\/p>\n<p><b><i>The I.I.I. has a full library of educational videos on its <\/i><\/b><a href=\"http:\/\/www.youtube.com\/user\/iiivideo\" target=\"_blank\" rel=\"nofollow\"><b><i>You Tube Channel<\/i><\/b><\/a><b>.<\/b><b><i> Information about I.I.I. mobile apps can be found <\/i><\/b><a href=\"http:\/\/www.iii.org\/software\/\" target=\"_blank\" rel=\"nofollow\"><b><i>here<\/i><\/b><\/a><b><i>.<\/i><\/b><\/p>\n<p><b>THE I.I.I. IS A NONPROFIT, COMMUNICATIONS ORGANIZATION SUPPORTED BY THE INSURANCE INDUSTRY.<\/b><\/p>\n<p>Insurance Information Institute, 110 William Street, <span class=\"xn-location\">New York, NY<\/span> 10038; (212) 346-5500; <a href=\"http:\/\/www.iii.org\/\" target=\"_blank\" rel=\"nofollow\">www.iii.org<\/a><\/p>\n<p><a href=\"http:\/\/www.facebook.com\/InsuranceInformationInstitute\" target=\"_blank\" rel=\"nofollow\">http:\/\/www.facebook.com\/InsuranceInformationInstitute<\/a> \u00a0<br \/><a href=\"http:\/\/twitter.com\/iiiorg\" target=\"_blank\" rel=\"nofollow\">http:\/\/twitter.com\/iiiorg<\/a> \u00a0<br \/><a href=\"http:\/\/www.linkedin.com\/company\/insurance-information-institute\" target=\"_blank\" rel=\"nofollow\">http:\/\/www.linkedin.com\/company\/insurance-information-institute<\/a> \u00a0<br \/><a href=\"http:\/\/www.youtube.com\/iiivideo\" target=\"_blank\" rel=\"nofollow\">http:\/\/www.youtube.com\/iiivideo<\/a> \u00a0<br \/><a href=\"https:\/\/plus.google.com\/113369356227754162778\" target=\"_blank\" rel=\"nofollow\">https:\/\/plus.google.com\/113369356227754162778<\/a> <\/p>\n<p>Logo &#8211; <a href=\"http:\/\/photos.prnewswire.com\/prnh\/20150428\/212128LOGO\" target=\"_blank\" rel=\"nofollow\">http:\/\/photos.prnewswire.com\/prnh\/20150428\/212128LOGO<\/a> <\/p>\n<p id=\"PURL\">To view the original version on PR Newswire, visit:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/us-cyber-insurance-market-grows-amid-data-breach-concerns-300381050.html\">http:\/\/www.prnewswire.com\/news-releases\/us-cyber-insurance-market-grows-amid-data-breach-concerns-300381050.html<\/a><\/p>\n<\/div>\n<p> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Dec. 15, 2016<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; U.S. insurers are becoming more skilled at underwriting and pricing stand-alone cyber insurance policies as businesses show a greater interest in protecting themselves from data breaches and attacks, according to the <a href=\"http:\/\/www.iii.org\/\" target=\"_blank\" rel=\"nofollow\">Insurance Information Institute<\/a> (I.I.I.).\u00a0<\/p>\n<div id=\"prni_dvprnejpg9834left\">&lt;img id=&quot;prnejpg9834left&quot; title=&quot;Insurance&#8230; <\/p>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Dec. 15, 2016<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212; U.S. insurers are becoming more skilled at underwriting and pricing stand-alone cyber insurance policies as businesses show a greater interest in protecting themselves from data breaches and attacks, according to the <a href=\"http:\/\/www.iii.org\/\" target=\"_blank\" rel=\"nofollow\">Insurance Information Institute<\/a> (I.I.I.).\u00a0<\/p>\n<div id=\"prni_dvprnejpg9834left\">&lt;img id=&quot;prnejpg9834left&quot; title=&quot;Insurance&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-49906","post","type-post","status-publish","format-standard","hentry","category-internet-y-tecnologia"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/49906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=49906"}],"version-history":[{"count":0,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/49906\/revisions"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=49906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=49906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=49906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}