The Source for Cyber Insurance News, Insights and Data
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
The town of Webster, NY has announced it lost more than $520,000 in a phishing attack in November, but says local police have recovered $300,000 of the stolen money and its cyber insurer is expected to cover another $240,000 under the town’s cyber insurance for government. The incident has been described as a phishing attack, … Read more
It’s been a year since public companies had to start complying with new SEC cyber incident disclosure rules requiring Form 8-Ks for “material” cyber events. Law firm Paul Hastings has now released a study of 75 disclosures from 45 companies between December 2023 and October 2024. It shows a 60% increase in the number of … Read more
Cyber insurance premiums will grow “15% to 20% per year to a total of about $23 billion by the end of 2026, up from about $14 billion at the end of 2023,” estimates S&P Global Ratings report “Cyber Insurance Market Outlook 2025: Cycle Management Will Be Key To Sustaining Profits.” [Don’t tell Swiss Re, which … Read more