The Source for Cyber Insurance News, Insights and Data
A publisher of newspaper and digital news covering 72 markets in 25 states across the U.S., Lee Enterprises (NASDAQ: LEE) experienced a “cyber security incident” in February that had a “significant impact on our quarterly operating results,” including $2 million in expenses for “restoration costs,” according to a release from the company. The company has … Read more
We recently told you how a cyber insurance settlement of $30 million boosted Q1-2025 results for Sonic Automative, which was hit by the ransomware attack last year on CDK Global, provider of software for auto dealerships. Now two more of America’s largest auto dealers have made public filings touching on the hack and their actual … Read more
Sonic Automotive Inc., one of America’s largest car dealers, recently reported that its Q1-2025 net income reached $70.6 million, “up 68% year-over-year.” But that increase “includes the effect of a $30.0 million pre-tax gain” from a cyber insurance settlement, the company (NYSE:SAH) noted in an April 24th press release. Sonic had recognized another, related $10 million … Read more
Cloud Disruptions Rise Critical cloud outages rose by 18% in 2024, lasting nearly 19% longer than in 2023. Google Cloud experienced a 57% increase in downtime hours. Microsoft Azure improved, reducing downtime by over 20%. At the same time, Amazon Web Services (AWS) remained the most reliable among the top three providers. All this comes … Read more
Third-Party Risk Accounted for Nearly a Quarter of Material Claims According to new data from cyber risk firm Resilience, third-party risk became a leading cause of cyber insurance claims in 2024. The report found that vendor-related incidents accounted for 31% of all claims and nearly 23% of incurred losses. In 2023, third-party risk had no … Read more