The Source for Cyber Insurance News, Insights and Data
“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
“Cyber insurance will undergo an identity crisis,” says the Financial Services Information Sharing and Analysis Center (FS-ISAC), the cyber intelligence-sharing community for financial services. “(S)ome financial sector firms are beginning to reconsider cyber insurance. In some cases, premiums rise so high that firms are considering ring-fencing capital equivalent to the estimated premiums as an alternative … Read more