The Source for Cyber Insurance News, Insights and Data
“The Act establishes investigation procedures, data security program standards, and notification requirements for anyone licensed by Wisconsin’s Office of the Commissioner of Insurance (licensees), including insurers and agents. Exempt from compliance are licensees with fewer than 50 employees, less than $10 million in total year-end assets, or less than $5 million in gross annual revenue.” … Read more
Cyber insurance companies may urge clients to pay ransoms because insurance losses from not paying may be more than the ransom demand. “(E)ven when companies do want to hold out, insurers may be pressing them to pay. Since they tend to cover both ransomware payments and business interruption due to ransomware attacks, if the costs … Read more
The companies are: AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers. The mission of newco CyberAcuView is: “to (1) help the insurance industry provide better value and service for policyholders in their cyber risk mitigation; (2) provide leadership in addressing cybercrime and increasing resilience to cyber risk; and (3) help ensure a … Read more
The insurance industry has failed to keep up with the cyber risk environment, says the Royal United Services Institute for Defence and Security Studies in a June 2021 report. It offers 10 suggestions, which we include below with some UK-only information, such as specific government agencies, removed. CNI readers will note the suggestion, seen more … Read more