The Source for Cyber Insurance News, Insights and Data
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 of ransomware data recovery where recent studies reveal that 1/3 of ransomware victims did not recover data even after paying up. For individuals and businesses, … Read more
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 on Fund Transfer Fraud or FTF. Both the frequency and severity of FTF claims increased from 2023 to 2024. Claims were up 15% YOY and … Read more
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 direct written premiums for cyber coverage in standalone and package policies declined for the first time on record in 2023 by a modest 2%. This … Read more
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,” it said in a statement. “The (March) attack affected our entire global organization, with the business area Extruded Solutions having suffered the most significant operational … Read more
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