Mark Sauter

Mark Sauter's insights on the financial, policy and security elements of cyber insurance are based on years of experience in the investment banking, media and business worlds. Co-author of the McGraw Hill university textbook "Homeland Security: a Complete Guide," Sauter was also a consultant to one of the world's largest software companies and served as a US Army Special Forces and infantry officer.

SEC Cracks Down on Cyber Disclosures: Does Cyber Insurance Cover Costs & Fines? 

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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

Cyber Prices Soar 25.5% in Q2 as Ransomware Payouts Increase

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Most survey respondents said clients had been reimbursed for ransomware payments. One broker reported 30+ payouts in the first half of 2021. “Commercial insurance prices moderated across all account sizes with an average increase of 8.3%, but cyber saw a premium hike of 25.5%, according to The Council of Insurance Agents & Brokers’ second-quarter Commercial … Read more

Cyber Insurers Join NIST to Create New Framework for Cybersecurity Products and Audits; From White House Cyber Summit w/ President Biden and Industry

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“The National Institute of Standards and Technology will work with Microsoft, Google and the insurance industry companies Travelers and Coalition to create a new framework designed to help guide the creation of more secure technology products and to audit the security of technology products, the administration said in the fact sheet.” Coalition and Resilience also … Read more

Cyber Losses Trigger “Domino Effect” For Cybersecurity Insurers & Brokers 

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Broker urges patience as industry develops sustainable approach to ransomware and other cyber issues…unfortunately, the cyber crooks are anything but patient. “Obviously, you can see just how difficult it is to be a broker right now, regardless of how up-front you are with renewing cyber insurance programs, because we’re reacting to the insurance carriers who … Read more

Weeks After Going Public, Ryan Specialty Group Suffered Cyber Breach 

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The breach involve employee emails. “The company then conducted a manual review of the emails to determine whether they contained sensitive information. This process, completed on June 30, 2021, showed that certain personal information for a limited number of individuals was accessible although not necessarily actually accessed or viewed by unauthorized individuals.” Source: Ryan Specialty … Read more

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