The Source for Cyber Insurance News, Insights and Data
The breach involve employee emails. “The company then conducted a manual review of the emails to determine whether they contained sensitive information. This process, completed on June 30, 2021, showed that certain personal information for a limited number of individuals was accessible although not necessarily actually accessed or viewed by unauthorized individuals.” Source: Ryan Specialty … Read more
This reminds us of the push after 9-11 for the US government to share terrorism losses with the insurance industry, which led to the Terrorism Risk Insurance Act, or TRIA. TRIA’s 2019 extension included a requirement for the federal government to study whether a similar structure might work for cyberterrorism. “Cyber – as some other … Read more
Hiscox Ltd (LSE:HSX) lists increasing cyber insurance rates as part of its turn to profitability in the first half of 2021, according to its 2021 interim and Chairman’s statement. “Rate strengthening is particularly prominent in cyber, where we have seen an average rate increase of 20%, primarily in response to the increased frequency and severity … Read more
Cyber insurance companies may urge clients to pay ransoms because insurance losses from not paying may be more than the ransom demand. “(E)ven when companies do want to hold out, insurers may be pressing them to pay. Since they tend to cover both ransomware payments and business interruption due to ransomware attacks, if the costs … Read more
The companies are: AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers. The mission of newco CyberAcuView is: “to (1) help the insurance industry provide better value and service for policyholders in their cyber risk mitigation; (2) provide leadership in addressing cybercrime and increasing resilience to cyber risk; and (3) help ensure a … Read more