The Source for Cyber Insurance News, Insights and Data
The statistics on how many CISOs have been hit by two to five ransomware attacks are sobering. “More organizations ‘have implemented ‘Plan B’ measures this year, from opening cryptocurrency accounts to purchasing ransomware insurance riders,’ which the report said, ‘suggest that organizations realize threats are slipping through their defenses and a ransomware attack is inevitable.’” … Read more
A hacked company claimed damages but was sued and had its coverage voided for falsely claiming it had MFA… “‘The lawsuits and the rescinding of coverage, the calling out of the insured and the policyholders on little fibs that they told, or omission of details around how they’re protected in their secure practices’ appear to … Read more
“’It is so hard and so much more work needs to be done to improve the security of tech, to improve the cybersecurity of systems, that we’d essentially be pressing victims to make their payments go undercover,’ (deputy national security advisor for cyber and emerging technology Anne) Neuberger said.” Source: US government rejects ransom payment … Read more
“If this federal court case proceeds, and gains class-action status that the litigants are seeking, it could further alter already evolving compliance and liability concerns for banks and other U.S. financial institutions that get hacked — putting more responsibility on them to be proactive and thorough in their IT security efforts. The lawsuit might also … Read more
(TV station) KGW asked 20 of the largest cities in Oregon for a copy of their cyber insurance policies. Eighteen cities had coverage. Two did not — McMinnville and Redmond. KGW’s review found that in many cases cyber insurance costs have skyrocketed due to the surging attacks. In Portland, annual premiums jumped from $220,000 last … Read more