Cyber Insurance Best Practices

Cyber Insurance Market Looks for New Approach, With Lloyds Downshifting on Coverage 

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“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

New Cyber Claims Guide from Aon & Crawford 

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“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

Corvus Insurance Reports Some Good News: Victims of Ransomware Less Likely to Pay Off Hackers 

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While the average ransomware payment ($290k) has increased in Q3 2021 compared with the same quarter last year, a smaller percentage of ransomware demands are being met. The insuretech provider of “smart commercial insurance products” reports companies are doing a better job of backing up their data, which helps them avoid the tender mercies of … Read more

It’s Just Business: Useful Data-driven Study on How to Negotiate With Ransomware Attackers

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Analysts with Fox-IT (of the of NCC Group) created a database of more than 700 ransomware negotiations between 2019 and 2020. Tip 1: Don’t lose your cool with the hackers. “A crisis can be ‘an emotional rollercoaster,’ (Fox-IT cybersecurity analyst Pepijn Hack) said, and much is at stake. Business owners can understandably become emotive. Hack … Read more

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