The Source for Cyber Insurance News, Insights and Data
Lloyd’s denies it has to pay under the terms of the insurance policy, but the university system claims the damages are covered under California rules of policy interpretation. A 2019 legal settlement puts the university on the hook for $7 million and the system’s internal costs are likely substantial. Disputes such as this are no … Read more
“’You all heard the horror stories in ’22 about 150% increases in premium,’ said Bryan Hurd, Seattle-based vice president of Aon cyber solutions…’Now, the market has actually softened,’ he said, with some policyholders seeing renewals at the same rates. ‘If claims continue to grow, you can believe the underwriting is going to be even more … Read more
Google exec @MonicaShokrai details the benefits of such a federal policy, including attracting more capital to the cyber insurance market: “Broadly speaking, insurance can drive resilience as a society: Not only can it enable a fast and effective distribution of funds in the event of a catastrophe, it can also provide a predefined path to … Read more
“After ‘careful consideration,’ county officials opted to pay the $1.1 million ransom to the unknown hacker to regain control of their system. An insurance policy ensured a payout of $511,852, county officials said. ‘The county had prepared for the possibility of such an incident by securing appropriate insurance coverage,’ Wert said. ‘After negotiating with the … Read more
The hack has led to the loss of internet in classrooms. “After three days without Internet service, Penncrest School District teachers and students are ‘getting creative,’ according to Superintendent Tim Glasspool. ‘A great teacher can teach with a piece of chalk,’ he said Wednesday afternoon, speaking on a cellphone set up to receive calls to … Read more