The Source for Cyber Insurance News, Insights and Data
American Property Casualty Insurance Association’s response to the federal government’s request for comment on cyber insurance issues: “We believe it is premature to explore the details of a federal insurance response without conducting a thorough study of the threshold questions raised above to determine where, if at all, such a response is needed. Nevertheless, experience … Read more
“…39% of the survey respondents currently have a personal cyber insurance policy, and that percentage increases greatly with household income. In fact, 83% of high net worth report having a cyber policy. However, there is still work to be done. With 39% saying they are unfamiliar with personal cyber insurance, including 19% saying they are … Read more
The 2023 U.S. Cyber Market Outlook provides useful information on issues such as the regulatory environment, causes of cyber claims, industry break-downs and some predictions for 2023. It also affirms the trend we’ve written about before — social engineering and fraudulent payment scams moving to the fore (by percentage of claims, not losses) as hybrid … Read more
“MFA (Multi-Factor Authentication) is good and everyone should use it where they can to protect valuable data and systems (says security expert Roger A. Grimes.) Unfortunately, the insurance industry and their customers are going to learn that using ANY MFA is not going to be as helpful in reducing risk as they thought. Unfortunately, about … Read more
The report concerns a March 2022 attack on the Canadian tourist town of Banff, which apparently cost over $500,000. “Municipalities can be favoured targets of cybersecurity attackers because their cyber defences aren’t as sophisticated as higher levels of government. Attackers believe cities and towns may be more willing to pay ransoms than other organizations because … Read more