The Source for Cyber Insurance News, Insights and Data
“Financial settlements with regulators and affected customers can sometimes rise into the millions of dollars and take several years to resolve. For example, claims from the 2013 breach at retailer Target that resulted in the data of approximately 40 million customers being stolen continued for several years and the company was still receiving insurance payments … Read more
“In a new report, CyberCube conducted an analysis of cyber cat events and documented over 100 global cyber aggregation events with catastrophic potential over the past six years – equating to approximately one every three weeks. The vast majority of those events were resolved by the cybersecurity community with minimal financial loss to insurers. However, … Read more
“While many companies have already started to incorporate general disclosure of cyber liability insurance in their discussion of cyber risks, we should expect to see this continue, especially as coverage limitations and exclusions in cyber liability insurance policies may pose their own risks.” The report notes that while reporting is good, there can be too … Read more
“That’s where tactics like double extortion come in. With double extortion, a cybercriminal might ask for a ransom before they provide a decryption key while also threatening to leak sensitive data if they don’t get paid. This tactic targets companies with strong backups, which may not need to regain their encrypted files, and puts additional … Read more
“…Corvus Signal™, the risk prevention solution that brings together brokers, policyholders, and Corvus security experts in partnership. Corvus Signal has been shown to reduce cyber breach frequency and cost by up to 20 percent.” The press release from the company quotes the director of IT at a mid-sized healthcare services company: “…Corvus takes a lot … Read more