The Source for Cyber Insurance News, Insights and Data
Marsh reports claims were up 77% in Q1 2023 compared with the previous quarter. Resilience reports the same trend. “One possible explanation for the resurgence is that ransomware purveyors based in Russia are now recalibrating after being temporarily preoccupied with the country’s war against Ukraine, which has involved the use of cyber attacks, (Amanda Bevilacqua, … Read more
“Misreporting about the LMA (Lloyd’s Market Association) exclusions – specifically that Lloyd’s war exclusions do not cover state-sponsored cyber attacks – has been “deeply unhelpful,” said Andrew Hill, global head of Cyber Coverage & Innovation at WTW, who moderated a panel on the LMA cyber war exclusions at the Zywave Cyber Risk Insights London Conference … Read more
New Zealand’s Latitude Financial suffered a ransomware attack, reportedly via an IT vendor. Estimates are that one fifth (!?) of New Zealand’s population had personal data exposed by the attack. “However, the company has confirmed that it has substantial insurance coverage that will help offset some of the direct costs.” It’ll be interesting to see … Read more
“A cancer patient filed the lawsuit as an anonymous plaintiff, referred to as Jane Doe in the lawsuit, after [Lehigh Valley Health Network in Allentown, Pa.’s] chief compliance officer informed her by phone that photos of her naked during her treatment were online, the lawsuit said. Jane Doe said she wasn’t aware the photos were … Read more
Marsh analyzed its claims data and responses to customer self assessments. The resulting report may surprise some folks… “Automated hardening techniques — by a wide margin — have the greatest ability of any control studied to decrease the likelihood of a successful cyberattack, making it a key control to prioritize in order to minimize losses. … Read more