The Source for Cyber Insurance News, Insights and Data
Concerns include clauses provided by Lloyds that define a “primary but not exclusive factor” for triggering an exclusion as a national government confirming it’s been hit by a nation/state cyberattack. “Those claims [coming from smaller enterprises] cannot wait six months for an insurer to work out whether it was a nation state attack or not, … Read more
“Should an existing federal insurance program (e.g., NFIP or TRIP) or other U.S. or international public-private insurance mechanisms serve as a model for, or be modified to address, catastrophic cyber incidents?’ the notice asks…The (US Treasury) Department’s Federal Insurance Office—together with the Cybersecurity and Infrastructure Security Agency—is soliciting feedback in preparation for a report to … Read more
Potential good news for cyber insurers: Awareness of need is high and perhaps sales will catch up to it… “Nearly 75% of respondents said they believe having a cyber insurance policy is critical, but the percentage who said their company has purchased coverage was 59%, up only 3 points from 2021.” Source: Travelers Risk Index … Read more
A guide to cyber considerations impacting the maritime industry is at the link… “Dryad Global provides maritime cybersecurity services that meet current and existing recognized international (IMO) standards including various flag states, NIST, BIMCO, and multiple insurance company and underwriter requirements.” Source: Maritime Cyber Security & Risk Management for Yachts and Yacht Managers
A hacked company claimed damages but was sued and had its coverage voided for falsely claiming it had MFA… “‘The lawsuits and the rescinding of coverage, the calling out of the insured and the policyholders on little fibs that they told, or omission of details around how they’re protected in their secure practices’ appear to … Read more