The Source for Cyber Insurance News, Insights and Data
Of those hit by ransomware attacks: “26% took the hardline approach of not paying any of the ransom demand. Another 11% chose not to pay themselves but allowed an insurance provider or outside entity to pay some portion of the ransom. In 41% of the cases, the victims chose to pay the ransom in full, … Read more
The Prudential Regulation Authority (PRA), part of the Bank of England, asked 17 general insurers and 21 Lloyd’s of London syndicates to assess their solvency against a set of cyber losses. “The regulator assessed industry responses to three underwriting ‘cyber scenarios’ – a cloud outage, data exfiltration and systemic ransomware.”The Bank of England’s Prudential Regulation … Read more
The 2023 U.S. Cyber Market Outlook provides useful information on issues such as the regulatory environment, causes of cyber claims, industry break-downs and some predictions for 2023. It also affirms the trend we’ve written about before — social engineering and fraudulent payment scams moving to the fore (by percentage of claims, not losses) as hybrid … Read more
The survey includes useful info on a number of topics we discuss here, such as the difference between largeco/smallco cyber insurance purchasing and increased costs and difficulties in buying such insurance. What caught our eye was the data on cyber claims: “Finally, we asked whether respondents had made a claim against their cyber insurance in … Read more
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