How Many Fortune 100s Have Cyber Insurance?
EY reports it surveyed the SEC filings of 74 Fortune 100 companies and 51% had cyber security insurance. That’s up from 43% in 2021. Report includes interesting statistics on cyber…
Got an Opinion on Whether the Feds Should Have a Cyber Insurance Program? Now’s Your Time to Comment
“Should an existing federal insurance program (e.g., NFIP or TRIP) or other U.S. or international public-private insurance mechanisms serve as a model for, or be modified to address, catastrophic cyber…
Lawsuit Against KeyBank Harbinger of Emerging Cyber Liability Dynamics
“If this federal court case proceeds, and gains class-action status that the litigants are seeking, it could further alter already evolving compliance and liability concerns for banks and other U.S….
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GAO Prods Feds to Assess Their Potential Response to Catastrophic Cyber Attacks
According to the report, US FIO and CISA agree with this recommendation: “The Department of the Treasury’s Federal Insurance Office (FIO) and the Department of Homeland Security’s Cybersecurity and Infrastructure…
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Insurers: Heal Thyselves. Kentucky Is 21st State to Adopt Model Cyber Security Law for Insurers
“Among other steps, Kentucky’s law requires insurers to ‘identify reasonably foreseeable internal or external threats that could result in unauthorized access, transmission, disclosure, misuse, alteration, or destruction of nonpublic information,…
Got Ideas On Changes To TRIA That Could Help The Cyber Insurance Industry? The Treasury Department Is Interested.
You’ve got a month-and-a-half to suggest “any potential changes to the [Terrorism Risk Insurance Act] or [Terrorism Risk Insurance Program] that would encourage the take up of insurance for…
Cyber Incident and Reporting Act Signed by President Biden
Where reporting requirements exist, lawsuits follow. “The Cyber Incident Reporting Act puts in motion important new cybersecurity reporting requirements that will likely apply to businesses in almost every major sector…
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Cyber Insurers Unlikely to Face Major Losses from Russia/Ukraine War: DBRS Morningstar
Insurers have been tightening their war exclusions and clarifying attribution requirements, especially after the recent court win by Merck over reimbursement of its losses from 2017’s NotPetya malware attack. “However,…
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Feds Looking for More Cyber Insurance Data From Providers
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…
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Feds Give Banks 36-hour Deadline for Reporting “Material” Cyber Incidents
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…
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