The Source for Cyber Insurance News, Insights and Data
Move is linked to the Terrorism Risk Insurance Program (TRIP) & potential increased industry role by US Treasury Department. “Treasury is navigating a narrow course between trying to work with insurers to gather data on ransomware payments and warning insurance companies and other financial third parties that they run the risk of violating sanctions by making such … Read more
Our prediction is plenty of wrangling on the definition of “materiality.” “The new requirement applies to any cybersecurity incidents that are expected to materially impact a bank’s ability to provide services, conduct its operations or undermine the stability of the financial sector. The rule was approved by the Federal Reserve, Federal Deposit Insurance Corporation and … Read more
“‘Progressive versions of workers’ comp have led to improved employee health and safety measures and proactive prevention efforts to reduce the risk of workplace injuries,’ Kundi said. ‘Similarly, as we better understand cyber risk, better data will show the connection between risk mitigation and cyber losses, pressuring companies to invest in security and protection.’” … Read more
“Business owners need guidance rather than a federal reinsurance backstop to help them navigate an increasingly volatile cyber insurance market, a panel of experts said recently.” Source: For Now, No Need for Federal Cyber Reinsurance Backstop: Experts
Article notes that some Aussie businesses are slacking off on cyber security after they get coverage. Plus, local regulators are prodding cyber insurers to ensure their own cybersecurity houses are in order. There is an understanding among Aussie companies that cybersecurity is a growing risk, and that cyber insurance is something that might help. … Read more