Cyber Insurance Threats

Some Surprising Results From 5,600 IT Pro’s Across 31 Countries Surveyed For The State of Ransomware 2022 Report 

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“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

Better Late Than Never: Munich Re Tightens Cyber Insurance Policies To Exclude War 

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“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

Russian Cyber Offensive Could Create Insurance Claims Similar in Magnitude to a Hurricane: Insurance Journal

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“If Russia carries out a large cyber attack which spills over into several countries, it could lead to claims totalling (sic) $20 billion or more, similar to insurance claims from a large U.S. hurricane, the industry sources said on condition of anonymity.” Source: Analysis – Cyber Insurers Face Large Ukraine War-Related Claims Despite Exclusions