The Source for Cyber Insurance News, Insights and Data
The useful new 2024 US Cyber Outlook Report from Risk Placement Services (RPS) notes that carriers reduced premiums, increased limits and softened requirements for some cyber controls when ransomware losses declined last year. But this “buyer’s market” is unlikely to continue, predicts Steve Robinson, national cyber practice leader at RPS and his team. “The cycle between hard … Read more
We’ve reported extensively on the insurance industry’s fear of “cyber war;” debate over exclusions for state-backed, systemic cyber attacks; moves by governments to backstop the cyber insurance industry for massive attacks; and the challenges of current modeling of risk accumulation and catastrophic cyber events. Now comes a contrarian view from a leading cyber risk risk … Read more
Cyber security claims are back up and could show 25% YoY growth for 2023, says a new Allianz Commercial report. Not only are claims increasing, but so is the complexity of attacks. “”Double and triple extortion incidents – using a combination of encryption, data exfiltration and Distributed Denial of Service attacks – to obtain money are … Read more
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