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Can You Insure Against Fake News?

One of the downsides of social media didn’t become apparent until recently. There have been news stories about fake news going viral on Facebook and Google, and the problems that can cause...
November 29, 2016

One of the downsides of social media didn’t become apparent until recently. There have been news stories about fake news going viral on Facebook and Google, and the problems that can cause. It seems that anyone with an account can distribute what they bill as “news”—and it doesn’t have to be true. In fact, often fake news is just that: lies. The 2016 US election opened a window for opportunistic writers to invent news that some people wanted to hear, but did not necessarily have any basis in truth.

Can you insure against fake news? Experts say the answer is yes, through reputation insurance.

“Fake news is merely one more stressor on a company’s reputational value,” Nir Kossovsky, CEO of Steel City RE said. His firm specializes in providing reputation insurance for publicly traded companies. It’s a segment of the industry Kossovsky says is booming, largely because of social media.

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