The Source for Cyber Insurance News, Insights and Data
“’One of the things we hypothesized right from the start was that cyber is going to be the most capital-constrained and most expertise-constrained class of business in the market. And so we focus on assisting our client base with those two key elements; whether it’s our expertise in helping them navigate the cyber landscape or … Read more
“While an insurance company may pay a ransom to get file decryption keys, ‘they won’t pay an extortion fee,’ Wisniewski said. ‘The conventional wisdom of insurers has been, ‘I’m buying encryption keys that are going to let me get this customer online faster, and that reduces my cost of the incident.’ They think they’re getting … Read more
“Lastly, it is worth addressing that aside from larger companies and a few smaller businesses that recognize the importance of having cyber liability insurance, most operations are still declining this critical coverage. Today, an estimated 10% of cannabis companies are purchasing cyber insurance. While the cyber market in general has become more competitive, only a … Read more
The report includes a description of the nightmare Laboratory Corporation of America endured after one of its vendors was hacked. You’ve likely heard some of these tips on how to start mitigating such risk, but the compilation here is useful. Source: Insure Against Data Breaches Suffered By Vendors and Service Providers
The insurance research firm considers the future of the industry, including if a catastrophic attack occurs. “(A) still immature cyber market is rocked by one or more near-term catastrophe events on a scale not previously seen, denting confidence in available cyber risk models and deterring investors from committing capital to the nascent cyber catastrophe bond … Read more