The Source for Cyber Insurance News, Insights and Data
Major UK retailers, including Marks & Spencer and Harrods, have suffered severe cyber attacks in recent weeks. The cliché gloom of “rainy old London town” has rarely felt more literal—or more symbolic—or maybe it’s more digital—than in the wake of recent cyberattacks on UK retailers. As shoppers braved the drizzle outside Harrods and M&S, attackers … Read more
The Marks & Spencer hack — which might cost the retailer $400 million in profits, erased even more in market cap and could lead to cyber insurance claims of at least $133 million — is just one of three recent hacks of large British retailers. “At some point the increase in frequency and severity — … Read more
The hack of British retailer Marks & Spencer could reduce its profits over the coming year by £300m (more than $400 million), according to its recent report of financial results for the London Stock Exchange. This impact substantially exceeds the initial $133 million cyber insurance claim the company is expected to file. Marks & Spencer … Read more
Cyber Insurance Rates Drop Amid Stable Market Conditions The US cyber insurance market saw a 5% average rate decrease in Q4 2024, continuing a trend of pricing stability. Marsh reported that favorable conditions are expected to persist into 2025. Companies improved their cybersecurity controls, which underwriters viewed positively. Organizations also adjusted their insurance programs. Many … Read more
Court Decision Highlights Overlapping Coverage An English court clarified how multiple insurance policies, not just cyber insurance, can apply to a single data breach incident, offering lessons for companies and brokers about data breach liability. As outlined in a recent A&O Shearman blog, the case revolved around a housing association’s misdirected email in 2020 that … Read more