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In the world of cybercrime, few experiences are as frustrating as paying a ransom to recover stolen data only to remain empty-handed. This stark reality is highlighted in the issue…
Read More “1/3 of Ransomware Victims Did Not Recover Data Even After Paying Up” »
We told you about Coalition’s findings on business email compromise (BEC), as reported in the managing general agent’s 2024 Cyber Claims Report. But we were also struck by the data…
After several years of exponential growth in the cybersecurity insurance market, a surprising shift occurred last year in cyber liability insurance premiums, according to a report from Fitch. “U.S. statutory…
Read More “What? Cyber Insurance Premiums Dropped For First Time in 2023: Fitch” »
The global aluminum and energy company, known as “Hydro,” estimated damages at up to app. USD $74 million. “The company has a robust cyber insurance in place with recognized insurers,”…
Read More “AIG Cyber Insurance on Hook for Hack of Norsk Hydro” »
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…
Read More “Think Cyber Insurance Market is “Out of the Woods?” No So Fast, Says RPS” »
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…
Read More “Fears of Massive Cyber War Losses are Overblown: Catastrophic Risk Expert” »
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…
Read More “Cyber Security Claims Increasing this Year & So is Complexity of Attacks: Allianz” »
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…
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…
“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…