Cyber Insurance Carriers & Brokers

Whoever Underwrote this Hospital System May Not Be Sleeping Well

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…unless the hospital has no cyber insurance, in which case the board and CEO are the ones with insomnia. Tallahassee Memorial HealthCare, a 772-bed hospital with specialty care centers, has shut down its IT system and is diverting emergency patients to other hospitals. The apparent cause: a ransomware attack. “‘We continue to divert some EMS … Read more

Cyber Insurers Stress-Tested by Bank of England Get Grade We Used to Receive in School: “Needs Improvement” 

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The Prudential Regulation Authority (PRA), part of the Bank of England, asked 17 general insurers and 21 Lloyd’s of London syndicates to assess their solvency against a set of cyber losses. “The regulator assessed industry responses to three underwriting ‘cyber scenarios’ – a cloud outage, data exfiltration and systemic ransomware.”The Bank of England’s Prudential Regulation … Read more

Do You Speak “Cyber?” For Brokers Who Don’t, Cowbell Wants to Help 

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“…Cowbell found that 48% of insurance brokers and agents feel uncomfortable explaining cyber insurance to their clients. The same study found that 60% of clients are driven to obtain cyber insurance through increased awareness around cyber insurance, not by their brokers or agents, but instead by their peers.” The “Cowbell Academy,” says the company, is … Read more

Ransomware Payments Down & Cyber Insurance Played Important Role 

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“Bill Siegel, CEO and co-founder of Coveware, says that insurance companies have influenced proactive enterprise security and incident response preparedness in a positive manner in recent years. After cyber-insurance firms sustained substantial losses in 2019 and 2020, many have tightened their underwriting and renewal terms and now require insured entities to have minimum standards like … Read more

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