The Source for Cyber Insurance News, Insights and Data
An example from broker Conner Strong & Buckelew: “A key thing to convince the insurance companies to get onboard was having a large retention… We decided to implement a large deductible to start with, large enough to deal with many of the claims that we see from membership, and also to give the members an … Read more
The insurance research firm considers the future of the industry, including if a catastrophic attack occurs. “(A) still immature cyber market is rocked by one or more near-term catastrophe events on a scale not previously seen, denting confidence in available cyber risk models and deterring investors from committing capital to the nascent cyber catastrophe bond … Read more
“Most school districts’ insurance policies expire on July 1, which means it is crunch time for collecting information and submitting applications. K–12 IT leaders should work in partnership with their insurance brokers to renew or apply for insurance policies, including cyber insurance, for the upcoming year. For the 1,981 schools hit by ransomware last year, … Read more
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