Ransomware Claims Jump in Q1 2023: Marsh
Marsh reports claims were up 77% in Q1 2023 compared with the previous quarter. Resilience reports the same trend. “One possible explanation for the resurgence is that ransomware purveyors based…
Roll Out of Lloyd’s Cyber War Exclusion Dazes and Confuses Market
“Misreporting about the LMA (Lloyd’s Market Association) exclusions – specifically that Lloyd’s war exclusions do not cover state-sponsored cyber attacks – has been “deeply unhelpful,” said Andrew Hill, global head…
Read More “Roll Out of Lloyd’s Cyber War Exclusion Dazes and Confuses Market ” »
Beazley Growing Its Cybersecurity Subsidiary
A new CEO has joined Lodestone, a wholly-owned sub of Beazley. The insurer has a ready-made client base for Lodestone, suggesting vertical integration of cybersecurity solutions — services to insurance…
CA County Pays Ransom; Cyber Insurer Covers Much of It
“After ‘careful consideration,’ county officials opted to pay the $1.1 million ransom to the unknown hacker to regain control of their system. An insurance policy ensured a payout of $511,852,…
Read More “CA County Pays Ransom; Cyber Insurer Covers Much of It ” »
Policy Holders with Cyber Coverage — Esp. Stand-Alone Cyber Policies — Much More Likely to Pay Ransoms
New survey results from Sophos, a provider of cybersecurity as a service, provide interesting data that delineates stand-alone cyber policies from cyber elements in broader policies. “The study also revealed…
Pro Tip: Read Your Cyber Insurance Policy Before Signing It
The report focuses on how cyber insurance applicants can avoid future claims nightmares by answering underwriting questions accurately. It also suggests applicants carefully consider the interaction of cybersecurity coverage with…
Read More “Pro Tip: Read Your Cyber Insurance Policy Before Signing It” »
Everybody Using its Risk Solution Avoided Paying Ransoms in 2022: Resilience
Reported the company: “Over the last two years, the Resilience model has proven that by building a holistic approach to managing this risk, organisational security is increased dramatically. 100% of…
Read More “Everybody Using its Risk Solution Avoided Paying Ransoms in 2022: Resilience” »
Forget Fender Benders — What Happens if a Carrier Insures a Car that Wrecks the Electrical Grid?
Electric vehicles and their infrastructure will create new complexity for insurers. What if a hacker creates a massive car crash? Or a grid is taken down by malware originating in…
How Long Does It Take a Broker to Get a Cyber Insurance Quote? Too Long, Says Relay, Offering a Solution
“The company’s new feature provides a quick and easy onboarding process that gets brokers from sign-up to receiving quotes from a selection of approved carriers in minutes, eliminating the need…
What’s Hot? Cowbell, Says Cyber Defense Magazine
The cyber insurance provider to SMBs won a Global InfoSec Award from Cyber Defense Magazine in the category of Hot Cyber Insurance. “‘Cowbell embodies three major features we judges look…
Read More “What’s Hot? Cowbell, Says Cyber Defense Magazine ” »