The Source for Cyber Insurance News, Insights and Data
Google exec @MonicaShokrai details the benefits of such a federal policy, including attracting more capital to the cyber insurance market: “Broadly speaking, insurance can drive resilience as a society: Not only can it enable a fast and effective distribution of funds in the event of a catastrophe, it can also provide a predefined path to … Read more
“Financial settlements with regulators and affected customers can sometimes rise into the millions of dollars and take several years to resolve. For example, claims from the 2013 breach at retailer Target that resulted in the data of approximately 40 million customers being stolen continued for several years and the company was still receiving insurance payments … Read more
“In a new report, CyberCube conducted an analysis of cyber cat events and documented over 100 global cyber aggregation events with catastrophic potential over the past six years – equating to approximately one every three weeks. The vast majority of those events were resolved by the cybersecurity community with minimal financial loss to insurers. However, … Read more
“That’s where tactics like double extortion come in. With double extortion, a cybercriminal might ask for a ransom before they provide a decryption key while also threatening to leak sensitive data if they don’t get paid. This tactic targets companies with strong backups, which may not need to regain their encrypted files, and puts additional … Read more
It’s been a “PR disaster” says the CEO of managing general agent (MGA) CFC, which has a Lloyd’s syndicate. The Lloyd’s announcement caused “panic” by making insurance buyers think that no attacks linked to nation states will be covered, which is far from true. “It really is such a shame to see a change in … Read more