The Source for Cyber Insurance News, Insights and Data
“Another reason that risk matrices can be counterproductive is they act as an ‘analysis placebo,’ where decision-makers think they understand the risk because they have subjectively characterized the risk as ‘high,’ ‘low,’ etc. But, because the risk matrix is not based on hard data about the chance of loss and the potential magnitude of loss, … Read more
“Officials can look at the probabilities of attacks succeeding and probabilities that these result in different depths of financial losses. Then officials can factor in how adopting different preventive measures might draw down those costs. This lets officials estimate how much investing in a better backup system or in anti-phishing training, for example, might reduce … Read more
City council in Oskaloosa increases cyber liability coverage from $250,000 to $1,000,000. “‘One of the most valuable items this service provides is immediate access to forensic experts who can take over with the first phone call, providing staff guidance on what to do, what not to do and to assist in the recovery of lost … Read more
Article also warns that many attacks on schools are not reported. “Adequate third-party risk transfer through cyber insurance is becoming increasingly unattainable for school districts, with annual premiums across K-12 cyber policies reportedly soaring more than 300% (according to Aon PLC) and coverage levels shrinking.” Source: US School Districts’ Cyber Risk Heightened by Limited Resources
“Instead of paying a $569,000 (cyber insurance) premium to pay the contractors or the ransom, a city pays millions,” says the report, which details some of the expenses after the attack. Another source reports the attack ended up costing Baltimore $18 million in direct expenses and lost revenue. Source: As Baltimore rebuilds from 2019 ransomware … Read more