The Source for Cyber Insurance News, Insights and Data
Mark Sauter “The rise of high-profile ransomware incidents in the public finance sector beginning in 2018 led entities to turn to cyber insurance as a means of risk transfer. With ransom demands generally in the five-digit range, affordable and easy-to-obtain cyber insurance helped reduce financial risk. However, with soaring ransom demands and recovery costs, insurers have adjusted premiums … Read more
“Generali , Accenture and Vodafone have created a package of cyber security services to help the insurer’s corporate clients to detect, react and recover from cyber threats and incidents.” Source: Generali launches corporate cyber insurance services | Reuters
“Meanwhile, cyber security firm Coveware likened the 90%-plus profit margin from ransomware attacks in 2021 to the gains Colombian cocaine cartels made in 1992.” Source: Insurers Cut Their Appetite for Cyber Cover as Ransomware Losses Mount
Be ready to detail how you handled well-known vulnerabilities in 2021. “Every application nowadays includes questions like: Have you had any exposure to SolarWinds, Microsoft Exchange Marauder vulnerability, or the Windows Print Spooler vulnerability? They go through basically a list of the top events that we heard about this year and ask clients if they’ve … Read more
We can think of some more. According to the report: “…the biggest misconception around cyber insurance is still summarized by the sentence, ‘It’ll never happen to me.’ Cyber attacks are continuously evolving, and companies that don’t stay educated about the space could be caught off guard, experts say.” Source: Biggest Myths Around Cyber Insurance