The Source for Cyber Insurance News, Insights and Data
Mark Sauter Article notes that some Aussie businesses are slacking off on cyber security after they get coverage. Plus, local regulators are prodding cyber insurers to ensure their own cybersecurity houses are in order. There is an understanding among Aussie companies that cybersecurity is a growing risk, and that cyber insurance is something that might help. … Read more
2.3 million dark net accounts are operating in Russia and many offer stolen data, says expert from Russia’s largest bank. Cyber attacks have cost Russian companies and citizens up to $49 billion this year, according to the report. Source: Cyber Attacks Cost Russian Companies and Citizens $49B in 2020: Sberbank
Must be a lawyer. Duties include: “Advise clients of their claim related obligations under the policies and establish client-specific claims management procedures Provide claims advocacy on behalf of clients by providing written responses to carrier coverage positions and by negotiating favorable claim resolutions” Source: Senior Cyber Claims Advocate at Willis Towers Watson / Insurance Journal … Read more
“The new central cyber underwriting team will assume global responsibility for Swiss Re’s underwriting and product development activities in the cyber sector.” The company has hired John Coletti to manage the effort. Source: Swiss Re to create central cyber underwriting team | Insurance Business
The answer in most cases appears to be “no.” “A cyber liability policy could respond to an SEC investigation, depending on the policy’s wording, ‘but there’s a big caveat to that, and that is that cyber policies typically exclude non-privacy-related fines,’” (a brokerage executive) said. Then there are the implications for D&O insurance and the … Read more