The Source for Cyber Insurance News, Insights and Data
“According to (Procor Solutions and Consulting’s Chris) Mortifoglio, who is a Certified Public Accountant and a Certified Fraud Examiner (CFE), understanding the ‘nuances and differences’ of a cyber insurance business interruption exposure or claim situation compared to a traditional one is more important now than ever.” Source: Insurance Journal’s Top Cyber Stories of 2021
“Attestations will become a thing of the past, and policy holders will need to prove, with proper documentation, that the controls they say are in place are truly there. The burden of proof will be on the entity, not the insurance company, to prove the controls in the policy were being followed prior to a … Read more
Be ready to detail how you handled well-known vulnerabilities in 2021. “Every application nowadays includes questions like: Have you had any exposure to SolarWinds, Microsoft Exchange Marauder vulnerability, or the Windows Print Spooler vulnerability? They go through basically a list of the top events that we heard about this year and ask clients if they’ve … Read more
“At a time when the need for cyber insurance has never been more clear, brokerages have spent much of 2021 decreasing coverage and increasing rates. But on Friday, tucked into a Reuters story, a big shoe appeared to drop: Lloyds of London, the carrier holding nearly a fifth of the cyber insurance market, discouraged its … Read more
“Crawford’s global head of Cyber Paul Handy says organisations should focus not only on risk prevention but also preparedness in the event of a cyber incident, and a key part was understanding the claims process. ‘Cyber-related business interruption is a costly and potentially ruinous expense,’ he said. ‘By engaging with a loss adjuster with full-time … Read more