The Source for Cyber Insurance News, Insights and Data
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
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
“Speaking with Artemis, Hannover Re senior executives Silke Sehm and Henning Ludolphs explained that tapping into the insurance-linked securities (ILS) market for cyber retrocessional reinsurance capacity is a priority and with a quota share already arranged, the next step is sponsoring the reinsurer’s first cyber catastrophe bond, details of the form were not revealed.” Speaking … Read more
Expenses caused by increasingly aggressive government regulators… “With regulators such as the FTC increasing cybersecurity enforcement, regulatory defense coverage is increasingly important. Enforcement actions can result from security failures to protect data (including employee information), improper data collection practices, failure to disclose a data breach or deceptive privacy practices. A comprehensive cyber policy covers attorneys’ … Read more
“Increasing complexity within the cyber insurance market is raising questions over its viability as a business investment. Here are 7 reasons why an organization may be advised to avoid or delay investing in insurance,” reports the publication. One of the reasons: Major cyber events are rare. “While these indirect costs (such as fines and payments … Read more