The Source for Cyber Insurance News, Insights and Data
Note the language in the policy that appears to exclude losses from similar scams. It’s in the courts now. “Star Title’s employees purportedly failed to authenticate the perpetrator’s wire instructions. Upon learning that the fraudster had diverted the funds, Star Title tendered a wire fraud claim to its cyber insurance carrier, which denied coverage.” Source: … Read more
“Munich Re has been involved in managing cyber risk from the first moment it became a consideration. The results of our Global Cyber Risk and Insurance Survey 2022 underline that there is clearly more action required – for policyholders and the insurance industry.” One interesting tidbit is increasing use of personal cyber insurance by senior … Read more
“Drawing on SpyCloud’s database of over 200 billion recaptured assets, researchers identified over 687 million exposed credentials and PII tied to Fortune 1000 employees, a 26% increase from last year’s analysis. Analysis of this data showed a 64% password reuse rate, widespread use of easy-to-guess passwords, and a spike in malware-infected devices…” Source: SpyCloud … Read more
“The vendor-agnostic survey of 5600 IT professionals, conducted by Vanson Bourne, found that 98% of businesses hit by ransomware had cyber insurance that covered ransomware and that the policy paid out in the most significant attack. In addition, the survey reveals an increase in the payment of clean-up costs (77%) and a decrease in ransom … Read more
“Munich Re is planning new wordings in cyber insurance policies to exclude war, to avoid disputes over what is covered, the reinsurer’s top cyber underwriter told Reuters.” Source: Munich Re tightens up cyber insurance policies to exclude war | Reuters