The Source for Cyber Insurance News, Insights and Data
The survey includes useful info on a number of topics we discuss here, such as the difference between largeco/smallco cyber insurance purchasing and increased costs and difficulties in buying such insurance. What caught our eye was the data on cyber claims: “Finally, we asked whether respondents had made a claim against their cyber insurance in … Read more
We’ve seen such attacks. They’re tricky, often made possible by poor cyber hygiene, and require attention to detail by employees as a final defense (“Boss, are we really supposed to send this wire transfer to a bank in China?”) As Beazley defines it: “Fraudulent Instruction is the transfer of funds by an employee, outside of … Read more
“During an XChange session titled ‘What An MSP Needs To Know About Cyber Insurance,’ …Paul Vedder, managing director of Palm Beach Grardens, Fla.-based VXI…agreed that compliance is becoming a larger segment of their business relationships with customers. Vedder, responding to questions from panel moderator Jim King of Atlantic Pacific Insurance, said that MSP personnel need … Read more
This useful survey includes reasons companies buy cyber insurance (see below). It also notes that a third of respondents say their cyber insurance policies are written unclearly. Source: 2022 Advisen-Zurich survey illuminates growing cybersecurity concerns – Oct 26, 2022
Interesting note: Prices for non-cyber financial and professional lines decreased during the same quarter. “Cyber insurance pricing increased 48% in the third quarter, compared to 79% in the prior quarter. The cyber insurance market experienced increased competition; more insurers increased capacity for insureds with strong cybersecurity controls. Increased competition is due to many factors, including: … Read more