The Source for Cyber Insurance News, Insights and Data
“(F)ederal prosecutors alleged that in an attempt to cover up the security violation, (then Uber security executive Joe) Sullivan had ‘instructed his team to keep knowledge of the 2016 Breach tightly controlled’ and to treat the incident as part of the bug bounty program.” Source: Uber’s ex-security chief faces landmark trial over data breach that … Read more
“’So then the question is going to be, well, is there coverage for the attack? Is there coverage for the fire? Does the policy exclude coverage for both? And these are some real tough questions that need to be asked in evaluating the claim,’ (Marc Voses, partner at Clyde & Co.) said. ‘You might have … Read more
“New research released this week revealed that 64% of security decision-makers across the US, UK, France, Germany, Belgium, Netherlands and Australia suspect their organization has been directly targeted by a nation-state cyberattack. With nation-state attacks on the rise and insurance coverage narrowing, enterprises will need to review their policies to ensure they’re not left exposed to … Read more
“In its ‘2022 Cyber Insurance Market Trends Report,’ Panaseer surveyed 400 insurers across the globe; respondents cited cloud security as the top factor when assessing security postures because of the growing hybrid workforce.” Source: For cyber insurance, some technology leads to higher premiums
“As of March 31, when coverage begins or is renewed, syndicates must exclude state-backed cyberattacks from policies that protect against physical and digital damage caused by hacks, Underwriting Director Tony Chaudhry said…At a minimum, Mr. Chaudhry said, policies must contain clauses that exclude losses arising from a war, declared or otherwise, where the policy doesn’t … Read more