The Source for Cyber Insurance News, Insights and Data
“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 encryption keys that are going to let me get this customer online faster, and that reduces my cost of the incident.’ They think they’re getting … Read more
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 policies and regulations, promote the application of cybersecurity insurance among enterprises, and cultivate more high-quality cybersecurity insurers, said the guideline.” Some might say the PRC … Read more
“‘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 Market at Zurich North America. ‘Cyber Concierge is here to help. In the unfortunate event of an attack, customers with the Cyber Concierge Suite don’t … Read more
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 legal settlement puts the university on the hook for $7 million and the system’s internal costs are likely substantial. Disputes such as this are no … Read more
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 two days, tied with massive revenue opportunities for the channel. ‘I call this an industry-shaping moment,’ AWS’ Ryan Orsi, worldwide head of cloud foundations for … Read more