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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…
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…
Read More “MGM Resorts Hack Covered By Cyber Insurance – WSJ” »
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…
“12% (of 180 IT/cybersecurity professionals surveyed in June) had no idea whether ransomware is covered at all” in their cyber insurance policies.” About 28% of the respondents said their company…
Read More “Some IT Pro’s Confused About Their Cyber Insurance: InformationWeek Survey” »