The Source for Cyber Insurance News, Insights and Data
“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, county officials said. ‘The county had prepared for the possibility of such an incident by securing appropriate insurance coverage,’ Wert said. ‘After negotiating with the … Read more
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 that ransomware victims with standalone cyber insurance policies are almost four times more likely to pay the ransom to recover encrypted data than those without … Read more
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 related exposures such as the protection of personal information. But a more fundamental issue exists, suggest one cyber insurance claims officer. “James Berry, London-based chief … Read more
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 Resilience cyber risk solution clients impacted by ransomware were able to avoid paying an extortion in 2022. In the same time period, clients overall were … Read more
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 an EV being charged? “In a bid to get the issue under control, insurance companies and EV manufacturers could standardize best practices as a way … Read more