7/7/2011 - Businesses scramble to increase cyber protection
In the wake of several major companies having their servers hacked, exposing several thousand consumers' personal information, many businesses are contacting insurers seeking cyber security policies.
"When you have a catastrophic type of data breach then yes … the phones ring off the hook," said Kevin Lalinich, co-national managing director for the risk assessment broker Aon Corporation, in an interview with Reuters.
According to Reuters, several organizations have been victims of cyber attacks in May and June, including the International Monetary Fund, defense contractor Lockheed Martin, Citigroup, Google and Sony.
In a March study from the Ponemon Insitute, the annual losses for businesses relating to cyber attacks number in the millions, but companies are taking out even more insurance coverage because the incidence level appears to be increasing daily.
Selective can help protect businesses with its CyCuritySM
coverage, which can help protect against financial loss resulting from errors in use of computers, the internet, and other electronic networks to communicate and transact business.
To find out more about CyCuritySM
coverage from Selective, talk to your Selective agent today, or click here
to learn more about our products.