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.

Cyber Insurers Grapple with AI Deepfakes

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Bad actors are sure to harness AI for a range of attacks, including some we cannot even envision today. Meantime, fraudulent instruction scams appear to be increasing. “In early June, two instances of voicemail impersonation were reported to Rob Ferrini, cyber insurance program manager at McGowanPRO, headquartered in Framingham, Massachusetts, with 5,000 cyber-insured clients covered … Read more

Ransomware Increasingly Being Excluded from Cyber Insurance Policies?

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Yes, says Veeam’s survey of 1,2000 IT pros from companies hit by ransomware last year. In 2022, “77% of ransoms were paid by insurance, but that is becoming harder and more expensive…In fact, 21% of organizations stated that ransomware was now specifically excluded from their policies. While those with cyber insurance saw changes in their … Read more

It’s Tough to Make Predictions Concerning the Cyber Insurance Market — Especially About the Future 

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We’re sorry to paraphrase Yogi Berra about predictions, but he’s right. According to the report, the first cyber policy was offered by AIG in 1997. “’It’s going somewhere, what we struggle with is predicting exactly where that will be,’ (McGill & Partners partner Shannan) Fort said. ‘Just look at the last 10 years and new … Read more

University of California System Sues Lloyd’s Over 2014 Hack 

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Lloyd’s denies it has to pay under the terms of the insurance policy, but the university system claims the damages are covered under California rules of policy interpretation. A 2019 legal settlement puts the university on the hook for $7 million and the system’s internal costs are likely substantial. Disputes such as this are no … Read more

5 Best Cyber Insurance Companies: Money Magazine

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The list: Hiscox: Best for Startup Businesses Zurich North America: Best for Midsize Businesses Chubb: Best for Enterprises Travelers: Best Cyber Liability Coverage The Hartford: Best for High Policy Limits Worth noting are the customer ranking scores each company has on Trustpilot. While Hiscox has earned 3.7 out of 5 stars, the other carriers show … Read more

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