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The large European broker reports cyber insurance pricing is down some 9% so far this year, but ransomware incidents are up almost 50% YoY. So why the discrepancy? We think…
Read More “Cyber Insurance Rates Down This Year While Ransomware Attacks Increase: Howden” »
The article reports healthcare enterprises have suffered 200 “cyber incidents” since January. It cites another report on the real-world impact of cyber attacks on healthcare organizations: “A cybersecurity breach could…
Google exec @MonicaShokrai details the benefits of such a federal policy, including attracting more capital to the cyber insurance market: “Broadly speaking, insurance can drive resilience as a society: Not…
Read More “Google Exec Makes the Case for a Federal Cyber-Insurance Backstop” »
“Financial settlements with regulators and affected customers can sometimes rise into the millions of dollars and take several years to resolve. For example, claims from the 2013 breach at retailer…
“In a new report, CyberCube conducted an analysis of cyber cat events and documented over 100 global cyber aggregation events with catastrophic potential over the past six years – equating…
Read More “World Dodged 100 Potentially Catastrophic Hacks Over Past 6 Years: CyberCube ” »
“That’s where tactics like double extortion come in. With double extortion, a cybercriminal might ask for a ransom before they provide a decryption key while also threatening to leak sensitive…
Read More “Hackers Get Trickier as Companies & Cyber Insurers Improve Their Defenses ” »
It’s been a “PR disaster” says the CEO of managing general agent (MGA) CFC, which has a Lloyd’s syndicate. The Lloyd’s announcement caused “panic” by making insurance buyers think that…
This interesting report provides the “tick tock” of a ransomware attack on a small US bank, including the role of cyber insurance in the recovery. The details reveal the bank…
Read More “The Nightmare of a Ransomware Attack, Community Bank Version ” »
“(O)verall claims frequency decreased by 22% year-over-year. Furthermore, Coalition policyholders experienced 64% fewer claims than the broader cyber market1, with 47% of reported events handled with no cost to the…
Marsh reports claims were up 77% in Q1 2023 compared with the previous quarter. Resilience reports the same trend. “One possible explanation for the resurgence is that ransomware purveyors based…