The Source for Cyber Insurance News, Insights and Data
“Instead of paying a $569,000 (cyber insurance) premium to pay the contractors or the ransom, a city pays millions,” says the report, which details some of the expenses after the attack. Another source reports the attack ended up costing Baltimore $18 million in direct expenses and lost revenue. Source: As Baltimore rebuilds from 2019 ransomware … Read more
“’Some insurance carriers have actually pulled out of the whole business of cyber insurance for municipalities. They find the risk is just too much for them…(a) policy that would provide coverage for $2 million or $5 million has now been reduced considerably, while at the same time the cost of premiums has gone up dramatically, … Read more
“Munich Re is planning new wordings in cyber insurance policies to exclude war, to avoid disputes over what is covered, the reinsurer’s top cyber underwriter told Reuters.” Source: Munich Re tightens up cyber insurance policies to exclude war | Reuters
“Unlike traditional cyber insurance policies, which can be complicated and difficult to amend, modularity allows brokers to offer customized policies with negotiated coverages specific to a client’s exposure. Customizing coverages in a traditional cyber policy requires either full redrafting or endorsements that can make it difficult to understand what the policy actually covers, Resilience said. … Read more
Where reporting requirements exist, lawsuits follow. “The Cyber Incident Reporting Act puts in motion important new cybersecurity reporting requirements that will likely apply to businesses in almost every major sector of the economy, including health care, financial services, energy, transportation and commercial facilities.” Source: Biden Signs Cyber Incident and Reporting Act, Requires Reporting