Cyber Insurance Best Practices

What Happens When Ransomware Prevention Fails? Eos Venture Partners Bets on Hour-One Ransomware Response from Fenix24 

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Eos is investing $5m in Fenix24; valuation was not released. The investment demonstrates growing industry focus on “right of the boom” cybersecurity technology — loss management for when pre-breach underwriting standards and risk controls have failed to prevent an attack. “‘As Ransomware-as-a-Service has grown, the business impact of cyberterrorists’ ransomware attacks has also increased significantly—more … Read more

Hacked Hospital Says Prep to Qualify for Cyber Insurance Helped in Ransomware Attack 

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Maryland’s Atlantic General Hospital was hit at the end of January by a ransomware attack that disrupted operations, but did not penetrate electronic health records, which had a separate host, the hospital’s CEO reported. “’We will survive this,’ (Don Owrey, president and CEO) said. ‘It’s been incredibly disruptive to our business operations, as you can … Read more

Supporting the Need for More Cyber Legislation? Congressional Reps and Staffers Hit by Health Data Breach 

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“Multiple outlets reported Wednesday that DC Health Link suffered a data breach earlier this week. The company confirmed to Nextgov that data for select DC Health Link customers had been exposed on an unnamed public forum. Following the breach, the company said it is working with law enforcement and forensic investigators to determine the scope … Read more

Sacre Bleu! New French Cyber Law Makes US Regs Look Clear In Comparison 

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A new French law, which kicks in April 24, requires companies to report cyber incidents to authorities within 72 hours or lose their eligibility for cyber insurance reimbursement. Qu’est-ce qui pourrait mal se passer? Well, there are a few little issues to iron out, say industry observers. Such as: *Report the incidents to whom? There … Read more

Carriers Starting to Exclude Cloud Companies from Cyber Insurance? 

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Yes, says a senior Alphabet executive. [Paywall may apply] “Some carriers, wary of the claims they could face if providers suffer a sustained outage due to a hack, have started to exclude or limit coverage for cloud companies, said Monica Shokrai, head of business risk and insurance for Alphabet Inc.’s Google Cloud unit. The move … Read more

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