The Source for Cyber Insurance News, Insights and Data
“(T)he rise of smart, connective technology in vehicles has also exposed new weaknesses that hackers can exploit. A report by Upstream Security revealed that automotive cyber security incidents spiked 225% from 2018 to 2021. The majority (85%) of global attacks were conducted remotely.” Source: Automotive hacking – the cyber risk auto insurers must consider | … Read more
“The 2022 ‘Cyber Market Conditions’ report indicates school districts may face a 100 to 300 percent increase in the cost of premiums if they don’t have ‘best in class’ security controls in place…In 2021, ransomware attacks cost U.S. schools $3.65 billion in downtime and recovery. That doesn’t include the additional cost to districts that paid multimillion-dollar ransoms.” Source: … Read more
“’Despite the considerable pressures, our research shows it’s not enough to make insurers exit the market,’ the report said, finding that even if the current rate of cyber attacks remains the same, 84% of respondents said they’d continue to offer cyber insurance over the next three years.” Source: Despite Growing Pressures, Most Cyber Insurers Won’t … Read more
“The Hive group claims to have breached the system and then obtained details of its cyber insurance policy to use in negotiations. ‘We are very well informed and precise in our operations, so we know that Wootton have cyber insurance that reaches £500k,’ the group wrote in the message to students and parents.” Source: Ransomware … Read more
“While not appearing in the top 10 causes of loss, the number of cyber claims has significantly increased over the past few years, driven by the rise of threats such as ransomware attacks, but also reflecting the growth of cyber insurance. AGCS (Allianz Global Corporate & Specialty) has been involved in more than 1,000 cyber … Read more