nformation assets. They rarely can define cyber risk coverage and even if they do, the breach in security is excluded. Intellectual property infringement, content and advertising offences over the Internet, employee dishonesty and computer fraud are all ‘Greek’ terms for Computer crimes or computer security breaches cost American companies a whopping $150 millions in lost revenues every year. This includes theft of information, sabotage of data or networks, system penetration by outsiders, abuse of internet access, spoofing, viruses, financial fraud, active wiretapping, unauthorized insider access and theft of laptops, etc. These hackers could be amateurs simply motivated by challenge to crack a system, professional outsiders hacking to gain company information illicitly or an employee hacker. Despite firewalls, computer security is inadequate against hackers.

Why Hacking Insurance is Necessary:

Due to increased hacking activity and flawed security, companies incur high financial and network damages. It becomes very important to take insurance policy specifically covering damages against hackers or protecting e-commerce business.

Drawbacks of Existing Insurance Plans:

Traditional insurance policies are inadequate against most aspects of crime damages due to computers. Their coverage is based on physical assets, not information assets. They rarely can define cyber risk coverage and even if they do, the breach in security is excluded. Intellectual property infringement, content and advertising offences over the Internet, employee dishonesty and computer fraud are all ‘Greek’ terms for t

ncial fraud, active wiretapping, unauthorized insider access and theft of laptops, etc. These hackers could be amateurs simply motivated by challenge to crack a system, professional outsiders hacking to gain company information illicitly or an employee hacker. Despite firewalls, computer security is inadequate against hackers.

Why Hacking Insurance is Necessary:

Due to increased hacking activity and flawed security, companies incur high financial and network damages. It becomes very important to take insurance policy specifically covering damages against hackers or protecting e-commerce business.

Drawbacks of Existing Insurance Plans:

Traditional insurance policies are inadequate against most aspects of crime damages due to computers. Their coverage is based on physical assets, not information assets. They rarely can define cyber risk coverage and even if they do, the breach in security is excluded. Intellectual property infringement, content and advertising offences over the Internet, employee dishonesty and computer fraud are all ‘Greek’ terms for

walls, computer security is inadequate against hackers.

Why Hacking Insurance is Necessary:

Due to increased hacking activity and flawed security, companies incur high financial and network damages. It becomes very important to take insurance policy specifically covering damages against hackers or protecting e-commerce business.

Drawbacks of Existing Insurance Plans:

Traditional insurance policies are inadequate against most aspects of crime damages due to computers. Their coverage is based on physical assets, not information assets. They rarely can define cyber risk coverage and even if they do, the breach in security is excluded. Intellectual property infringement, content and advertising offences over the Internet, employee dishonesty and computer fraud are all ‘Greek’ terms for

ly covering damages against hackers or protecting e-commerce business.

Drawbacks of Existing Insurance Plans:

Traditional insurance policies are inadequate against most aspects of crime damages due to computers. Their coverage is based on physical assets, not information assets. They rarely can define cyber risk coverage and even if they do, the breach in security is excluded. Intellectual property infringement, content and advertising offences over the Internet, employee dishonesty and computer fraud are all ‘Greek’ terms for

nformation assets. They rarely can define cyber risk coverage and even if they do, the breach in security is excluded. Intellectual property infringement, content and advertising offences over the Internet, employee dishonesty and computer fraud are all ‘Greek’ terms for traditional insurance companies. They do not recognize business monetary loss, reduction or shut down due to computer crimes by hackers.

Advantages of Hacking Insurance:

Most insurance companies have come to terms to recognize the impact of technology on business in present circumstances. They have become more sensitive to online or e-commerce businesses risks and cover them adequately.

Since 2000, a few companies like Lloyd’s of London, Zurich Insurance Group and Chubb Insurance Group are beginning to cover the computer security breaches. American International Group’s NetAdvantage Program addresses a host of e-commerce crimes like cyber extortion, content defamation, copyright and trademark infringement, viruses, theft, destruction or alteration of data. They offer rewards for apprehending hackers and reimburse for post hacking crisis management. Many specialty insurers have come to the forefront to offer e-commerce protection packages. INSUREtrust.com, Hamilton, Ace Ltd’s information technology products, Okemos, Website Insurance& Security Program are so