Are Ransomware Gangs Trustworthy?
Cyber Insurance News has wondered how often ransomware gangs — groups of criminals often supported by hostile foreign powers — can be trusted. We asked Jennifer Coughlin of Mullen Coughlin,…
More Details: US Cyber Industry Loss Index Launched by PERILS & CyberAcuView
PERILS, an independent organization providing industry-wide catastrophe insurance data, and CyberAcuView, an organization set up by leading cyber insurers, have launched a US Cyber Industry Loss Index. The index will…
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AWS Moves Deeper Into Cyber Insurance-related Services, Adding Cowbell
From the Cowbell release: “Participation in this initiative demonstrates that Cowbell has deep expertise in serving SME customers with cyber insurance coverage tailored to their unique needs. As an AWS…
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Widespread MOVEit Attacks Highlight Difference in Coverage Between Encryption and Extortion
“While an insurance company may pay a ransom to get file decryption keys, ‘they won’t pay an extortion fee,’ Wisniewski said. ‘The conventional wisdom of insurers has been, ‘I’m buying…
China Releases Plan for Cyber Insurance Development
Xinhua, a state media outlet, reports the “guideline” comes from the Ministry of Industry and Information Technology and the National Financial Regulatory Administration. “The country will further improve the supporting…
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Zurich Expands Middle-Market Cyber Offering
“‘Many middle market companies tell us they want to improve their cyber posture but lack the staff, skill sets or access to cost-effective tools,’ said Alex Wells, Head of Middle…
University of California System Sues Lloyd’s Over 2014 Hack
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…
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AWS’ New Cyber Insurance Program: Some Useful Insights
See the AWS insurance site here. “Amazon Web Services is diving headfirst into the cyber insurance industry by launching a new program that guarantees customers a security insurance quote within…
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New Quoting Platform from World’s Largest Public Insurance Company Sure to Accelerate Growth of Stand-alone Cyber Policies
Chubb calls itself the “world’s largest publicly traded property and casualty insurance company” and it’s now making a significant move involving stand-alone cyber insurance. “Chubb has launched Cyber Central, an…
Cyber Insurance Premiums and Profits Up Sharply, Along With Stand-Alone Policies & Surplus Lines Market Share: AM Best
We all knew the general trend reported by AM Best. Headline: “The U.S. cyber insurance market continued strong growth in 2022, with direct premium increasing by 50% to $7.2 billion…