The Source for Cyber Insurance News, Insights and Data
Mark Sauter “Rising cyber insurance rates were driven largely by the continued increase in the frequency and severity of ransomware claims with many insurers seeking to tighten coverage terms and conditions, especially in relation to the conflict in Ukraine. Prices increased 110% in the U.S. (down from 130% in Q4 2021), and 102% in the UK (up … Read more
The average commercial ship is using 3X more data than before COVID, Inmarsat estimates. “The result is a growing ship network ‘surface area’ for attacks that offers a route to onboard control systems. Cyber threats are also fast-evolving, as cybercriminals develop malicious codes to probe for new weaknesses. Successful attacks threaten vessel safety, disrupt services … Read more
“Fitch estimates that standalone and packaged cyber statutory direct written premiums increased by 74% in 2021 to nearly $5 billion compared with 9% growth for the P/C industry overall, driven by heightened policyholder risk awareness and greater demand for coverage. Standalone cyber coverage, which represents approximately two-thirds of industry premiums, increased by 92% in 2021. … Read more
“Polk County won’t be adopting a special cyber insurance plan out of concern that doing so could increase risks of being hacked, county administrator John Norris told supervisors in a memo this month.” Source: Polk County rejects cyber insurance following review – Axios Des Moines
“’Some insurance carriers have actually pulled out of the whole business of cyber insurance for municipalities. They find the risk is just too much for them…(a) policy that would provide coverage for $2 million or $5 million has now been reduced considerably, while at the same time the cost of premiums has gone up dramatically, … Read more