Cyber Insurance Threats

Keeping the Lights On: Feds Try to Get Ahead of Threats to the Grid as Cyber Insurance Premiums Jump 

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Focus on cybersecurity for the grid was growing even before criminals attacked Washington and North Carolina substations in December. “The Federal Energy Regulatory Commission is considering developing new cybersecurity rules for DERs (Distrubuted Energy Resources) on the bulk electric system and DOE (Department of Energy) is directing millions to support ‘next-generation’ cybersecurity research, development…” “…The … Read more

Attack on Metropolitan Opera: Overture for Increased Targeting of Cultural Non-profits? 

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“Whatever the motive and means, the cyberattack on the Met is a warning to other cultural institutions. Anyone is a potential target. ‘I am always cautioning clients that everyone is a target, regardless of their size and industry. It should not take an incident such as this to make other cultural institutions realize they are … Read more

Are Municipalities Prime Targets for Hackers?

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The report concerns a March 2022 attack on the Canadian tourist town of Banff, which apparently cost over $500,000. “Municipalities can be favoured targets of cybersecurity attackers because their cyber defences aren’t as sophisticated as higher levels of government. Attackers believe cities and towns may be more willing to pay ransoms than other organizations because … Read more

Cyber Insurers Try to Plan for “Catastrophic Events:” WSJ

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“(T)he biggest risk hasn’t yet materialized: a cyberattack against a company or information services system so important to an economy, or to society as a whole, that it reaches systemic levels. One so big, perhaps, it might take down carriers. ‘I think it’s important we stress that the insurance industry has not had a catastrophic … Read more

Got an Opinion on Government Financial Backing for the Cyber Insurance Industry? You’ve Still Got Time to Weigh In

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The new deadline to comment on the issue is December 14th. “Pursuant to a recommendation from the Government Accountability Office, under direction from Congress to investigate the question, the agencies are seeking answers on ‘the extent to which risks to critical infrastructure from catastrophic cyber incidents and potential financial exposures warrant a federal insurance response,’ … Read more

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