The Source for Cyber Insurance News, Insights and Data
This useful survey includes reasons companies buy cyber insurance (see below). It also notes that a third of respondents say their cyber insurance policies are written unclearly. Source: 2022 Advisen-Zurich survey illuminates growing cybersecurity concerns – Oct 26, 2022
“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. financial institutions that get hacked — putting more responsibility on them to be proactive and thorough in their IT security efforts. The lawsuit might also … Read more
[paywall] “Around 18 months ago, underwriters asked companies whether they required multifactor authentication when administrators accessed their system, said Tom Reagan, cyber practice leader in Marsh McLennan’s financial and professional products specialty practice. Today there’s an expectation that multifactor authentication is used throughout the organization, not just by administrators, he said. Insurers also expect organizations … Read more
“Officials can look at the probabilities of attacks succeeding and probabilities that these result in different depths of financial losses. Then officials can factor in how adopting different preventive measures might draw down those costs. This lets officials estimate how much investing in a better backup system or in anti-phishing training, for example, might reduce … Read more
Jon Bateman, senior fellow in the cyber policy initiative of the Technology and International Affairs Program at the Carnegie Endowment for International Peace: “’If we see a true cyber catastrophe on the order of a hundred billion or more losses or insured losses in one country, the government is going to step in, regardless of … Read more