Cyber Insurance Best Practices

Insurance for Catastrophic State-Backed Cyber Attacks? Lloyd’s Exclusions Continue to Confuse Markets As Other Insurers Struggle With Their Own Strategies 

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When Lloyd’s provided updated guidance and exclusions for nation-state cyber attacks, some industry players and news outlets concluded the organization intended to jettison all such coverage. Not so, Lloyd’s said earlier this year, asserting it wanted to ensure such coverage was distinguished from general cyber insurance and its risk was properly priced. But customers continue … Read more

Conventional Wisdom on Cyber Insurance & Ransomware is Wrong: British Think Tank 

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“Over a 12-month research project, researchers from RUSI (Royal United Services Institute for Defence and Security Studies), the University of Kent, De Montfort University and Oxford Brookes University conducted a series of expert interviews and workshops… This paper argues that there is, in fact, no compelling evidence that victims with cyber insurance are much more … Read more

AWS Moves Deeper Into Cyber Insurance-related Services, Adding Cowbell

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From the Cowbell release: “Participation in this initiative demonstrates that Cowbell has deep expertise in serving SME customers with cyber insurance coverage tailored to their unique needs. As an AWS Cyber Insurance Partner, Cowbell’s solution has been vetted by AWS for its ability to streamline the quoting process using thorough cyber risk assessments that leverage … Read more

Joint (Cyber) Insurance Funds (JIFs) For Public Sector Enterprises

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An example from broker Conner Strong & Buckelew: “A key thing to convince the insurance companies to get onboard was having a large retention… We decided to implement a large deductible to start with, large enough to deal with many of the claims that we see from membership, and also to give the members an … Read more

How to Avoid Being on the Hook for Your Vendors’ Inadequate Cybersecurity 

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The report includes a description of the nightmare Laboratory Corporation of America endured after one of its vendors was hacked. You’ve likely heard some of these tips on how to start mitigating such risk, but the compilation here is useful. Source: Insure Against Data Breaches Suffered By Vendors and Service Providers

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