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.

How Do Hackers Determine the Ransoms They Demand?  Check Out This Warning 

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The article concerns the ransomware gang “Vice Society” and others known for attacking educational institutions. “The amount of ransom demanded can range from the thousands of dollars to the millions, (Brett Callow, a threat analyst with the cybersecurity firm Emsisoft) said. ‘These groups have access to networks. They have looked at the organization’s financials, which … Read more

Fed Spending Bill Requires CISA to Evaluate and Report Back re Public-Private Cyber Insurance Working Group 

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“Lawmakers also want CISA (Cybersecurity and Infrastructure Security Agency) to report back in 90 days about the feasibility of a public-private ‘cyber insurance and data analysis’ working group and establishing an accreditation program for third-party cybersecurity providers that work with federal agencies, critical infrastructure operators and state and local governments.”

Sorry, Your Hacked Software Is Not an Insured “Physical Loss:” Ohio Supreme Court 

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Bits and bytes do not count… “Over the course of a three-year court battle, Owners (Insurance Company) asserted that (client) EMOI’s September 2019 ransomware attack lacked a physical dimension and accused the developer of attempting a runaround of its business property policy’s exclusion of ransomware costs. The justices agreed with the insurance company. ‘Software is … Read more

Cyber Attacks To Become “Uninsurable:” Zurich Insurance CEO

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Forget natural disasters, says the CEO. Cyber is the biggest threat, and public-private systems will be needed (note recent US movement in that direction.) “’What will become uninsurable (versus climate change or pandemics) is going to be cyber,” (Mario) Greco said. ‘What if someone takes control of vital parts of our infrastructure, the consequences of … Read more

Mutual Insurer for Cyber Set to Launch Jan. 1st with Participants such as BASF & Solvay 

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MIRIS, a “mutual insurer, a structure in which the company is owned by its customer members, is looking to meet increasing demand for cyber cover due to rising attacks…The new insurer is also talking to some 40 others about joining…” MIRIS is owned by its customer members (all European). MIRIS FAQs are here. Source: BASF, … Read more

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