The Source for Cyber Insurance News, Insights and Data
[Paywall may apply] “The costly NotPetya cyberattack, which the U.S. blamed on Russia, should be considered a ‘cyber nuclear attack,’ insurers argued as they urged judges to overturn a legal win by Merck & Co. in a dispute that could have broad ramifications for business insurance…The insurers appealed after a lower court judge sided with … Read more
We’ve all heard the horror stories of companies hacked via penetrations of their vendors and partners. “’A company can take out insurance for third parties, but we don’t see a lot of those premiums tied directly to the number of third parties a company has under contract,’ (Jerry Caponera, general manager of risk quantification at … Read more
We’ve reported on the rise of “fraudulent instruction” scams and concerns they raise for the cyber insurance industry. This one targeted the campaign of Senator Jerry Moran (R, Kansas). “Cybercriminals targeted the accounting firm employed by Moran For Kansas and money was wired to fraudulent bank accounts,” Moran for Kansas spokesperson Tom Brandt told NBC … Read more
Cyber liability insurers are scrutinizing clients for trending security shortfalls. A key one: cloud misconfigurations, which represent the third most common attack vector and are linked to 80% of ransomware attacks, according to the report. “Furthermore, Gartner predicted that by 2025, 99% of cloud security failures would be the customers’ fault, suggesting that misconfigurations will … Read more
The Des Moines, Iowa school system has called in its (unnamed) cyber insurer, the FBI and DHS after an apparent ransomware attack, which put 30,000 students out of school for two days. While many students were doubtless thrilled to be at home with no access to online learning, the school district is responding as if … Read more