The Source for Cyber Insurance News, Insights and Data
Insurers say ransom-related claims rose sharply in the first half of 2023, the Wall Street Journal reports in this article (paywall may apply). “Along with the rise in claims related to ransomware, the total amount paid to attackers has also increased, said Vishaal Hariprasad, Resilience’s chief executive. Citing figures from Chainalysis, which specializes in blockchain … Read more
The dawn of SEC-required cyber disclosures seems sure to increase litigation, as we’ve reported. Could the kind of cyber risk management now required by most cyber liability insurers provide some protection from the plaintiff’s bar? Liberty Mutual thinks so. “Cyber risk management strategies can help mitigate the likelihood of falling victim to an attack; but … Read more
“Clorox so far has spent $25 million to respond to a suspected ransomware attack, including hiring forensic investigators and legal and technology help. More cyber expenses are expected to arise in 2024, the company said,” according to this Wall Street Journal report (paywall may apply). From the Clorox 8K of 10/4/23. “Cybersecurity Attack Costs Beginning in … Read more
Amid the Wall Street Journal exclusive report on the MGM hack, an intriguing detail emerges. MGM has affirmed that it is poised to mitigate the financial impact of the cyberattack with its cyber insurance. The indication? It won’t significantly affect MGM’s performance for the year. The WSJ headline centers on MGM’s refusal to pay the … Read more
In a widely reported research note on MGM Resorts International (NYSE: MGM), JMP Securities analyst Jordan Bender wrote that he believes the company has a $200 million cyber insurance policy that covers business interruptions and payments to bad actors. If that’s accurate, the resort operator isn’t likely to incur significant costs attributable to the data … Read more