The Source for Cyber Insurance News, Insights and Data
The useful new 2024 US Cyber Outlook Report from Risk Placement Services (RPS) notes that carriers reduced premiums, increased limits and softened requirements for some cyber controls when ransomware losses declined last year. But this “buyer’s market” is unlikely to continue, predicts Steve Robinson, national cyber practice leader at RPS and his team. “The cycle between hard … Read more
The Cybersecurity and Infrastructure Security Agency (CISA) release announces a new partnership with Stanford’s Empirical Security Research Group and focuses on analyzing the effectiveness of security controls, with a focus on ransomware. The effort begins in December. “CISA will ask working group members to collaborate with Stanford to improve analysis of the aggregated, anonymized loss … Read more
In an era dominated by technology, the specter of a cyber catastrophe looms large, posing a threat not fully comprehended. Companies are racing to bolster cyber resilience, and insurers are crafting solutions to these escalating risks. In the Q&A, shared by Chubb, Michael Kessler, Vice President, Chubb Group and Division President, Global Cyber Risk, discusses … Read more
As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more
Progress Software Corporation (PRGS) is the provider of MOVEit Transfer software, a program responsible for what is widely considered the largest hack so far in 2023, impacting at least 2,000 enterprises and 60 million individuals, according to media reports. The Company has now issued a 10Q report (10/10/23) providing details on the attack and recoveries … Read more