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.

AIG Cyber Insurance on Hook for Hack of Norsk Hydro

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The global aluminum and energy company, known as “Hydro,” estimated damages at up to app. USD $74 million. “The company has a robust cyber insurance in place with recognized insurers,” it said in a statement. “The (March) attack affected our entire global organization, with the business area Extruded Solutions having suffered the most significant operational … Read more

The $26 million Video Call from Hell: Munich RE

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Munich RE is out with a useful new report, “Cyber Insurance Risks and Trends 2024,” that ranges from commentary on the growth of various cyber risks (ransomware is back) to a bullish projection that the cyber insurance market will reach USD $29 billion by 2027 (see below). The report’s analysis of threats includes the growing … Read more

Coalition Goes National with its Coalition Insurance Company (CIC)

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Coalition is among the pure play-leaders in the cyber insurance sector, touting its “Active Insurance,” which fuses insurance with cybersecurity tools to reduce client (and underwriting) risk. Earlier this year the company launched its full-stack carrier, the Coalition Insurance Company (CIC). From its new release: “(CIC) is now open for quoting Coalition’s admitted cyber product … Read more

Hacking of “Load Boards” Drives Huge Increase in Freight Fraud & Cyber Insurance Exposure

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“’It’s probably the worst that I’ve seen it in the 27 years that I’ve been doing this,’ said Scott Cornell, a cargo theft specialist at Travelers…As load boards (online platforms that match carriers with freight shipments) evolved to make brokering transactions online easier and faster, criminals—looking to steal large quantities of high-value goods—spotted opportunities, Cornell said.” The … Read more

Does NIST CSF Adoption Reduce Cyber Insurance Premiums? New Survey Indicates It Does

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It’s been a decade since the National Institute of Standards and Technology (NIST) started developing its Cybersecurity Framework (CSF), which became a “best practices” standard for cyber security. Now the 2024 Healthcare Cybersecurity Benchmarking Study indicates that healthcare enterprises which have implemented the CSF see benefits in their cyber security insurance costs (which increased by … Read more

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