The Source for Cyber Insurance News, Insights and Data
“As of March 31, when coverage begins or is renewed, syndicates must exclude state-backed cyberattacks from policies that protect against physical and digital damage caused by hacks, Underwriting Director Tony Chaudhry said…At a minimum, Mr. Chaudhry said, policies must contain clauses that exclude losses arising from a war, declared or otherwise, where the policy doesn’t … Read more
“When SJ filed its claim with Travelers, the court noted, it did so only under the social engineering fraud agreement. After realizing the policy limit on computer fraud was 10 times higher, ‘SJ Computers then made a series of arguments – ranging from creative to desperate – to try to persuade Travelers that its loss … Read more
“(T)he rise of smart, connective technology in vehicles has also exposed new weaknesses that hackers can exploit. A report by Upstream Security revealed that automotive cyber security incidents spiked 225% from 2018 to 2021. The majority (85%) of global attacks were conducted remotely.” Source: Automotive hacking – the cyber risk auto insurers must consider | … Read more
Hope of a government bailout doesn’t strike us as a realistic assumption for the vast bulk of ransomware attacks… “Only 19 percent of those surveyed have ransomware coverage limits above $600,000, while over half (59 percent) hoped the government would cover damages when future attacks are linked to other nation-states. Small-to-medium sized businesses (SMBs) – … Read more
[paywall] “Around 18 months ago, underwriters asked companies whether they required multifactor authentication when administrators accessed their system, said Tom Reagan, cyber practice leader in Marsh McLennan’s financial and professional products specialty practice. Today there’s an expectation that multifactor authentication is used throughout the organization, not just by administrators, he said. Insurers also expect organizations … Read more