The Source for Cyber Insurance News, Insights and Data
“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
Insurers have been tightening their war exclusions and clarifying attribution requirements, especially after the recent court win by Merck over reimbursement of its losses from 2017’s NotPetya malware attack. “However, in DBRS Morningstar’s opinion, attribution of cyber warfare remains a challenge because it places the onus on the insurer to demonstrate that a cyber incident … Read more
The new report goes beyond the growing media and PR generalities on this topic. It includes specifics on types of potential attacks and other actionable data. It also provides context useful for the “Act of War” discussions now occurring between cyber insurers and their clients. From the report: …the prolific ransomware gang Conti has sided … Read more
“This new partnership with Duck Creek will bring tangible benefits to the users of Duck Creek’s policy underwriting platform. Prior to the integration, underwriters were making decisions without access to key cyber metrics. They may have missed key flags and would have had to rely solely on external research during the underwriting process. Now, that’s … Read more