The Source for Cyber Insurance News, Insights and Data
We’ve reported on the rise of “fraudulent instruction” scams and concerns they raise for the cyber insurance industry. This one targeted the campaign of Senator Jerry Moran (R, Kansas). “Cybercriminals targeted the accounting firm employed by Moran For Kansas and money was wired to fraudulent bank accounts,” Moran for Kansas spokesperson Tom Brandt told NBC … Read more
“Bill Siegel, CEO and co-founder of Coveware, says that insurance companies have influenced proactive enterprise security and incident response preparedness in a positive manner in recent years. After cyber-insurance firms sustained substantial losses in 2019 and 2020, many have tightened their underwriting and renewal terms and now require insured entities to have minimum standards like … Read more
Asset manager Stone Ridge entered into $100m deal with Hannover Reinsurance relating to cyber insurance exposure. “In the statement, Ross Stevens, CEO of Stone Ridge, said the company expects higher than average investment returns from cyber insurance investments and low correlation with other investment risks. ‘We intend to meaningfully grow our cyber exposure throughout 2023 … Read more
Media discussion of a “cyber TRIP” tends to the bullish. This report, by post-doc cyber insurance researcher Daniel Woods @leltop, surfaces the potential downside of such a plan, from moral hazard to perverse incentives that might reduce improvements in cyber security by the insured. We don’t necessarily buy all the arguments here, but the detailed … Read more
Cyber liability insurers are scrutinizing clients for trending security shortfalls. A key one: cloud misconfigurations, which represent the third most common attack vector and are linked to 80% of ransomware attacks, according to the report. “Furthermore, Gartner predicted that by 2025, 99% of cloud security failures would be the customers’ fault, suggesting that misconfigurations will … Read more