Cyber Insurance Threats

SEC Suit Against SolarWinds CISO to Drive Demand for D&O Insurance & Other Protections for Cyber Security Chiefs: WSJ

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The Securities and Exchange Commission (SEC) has sued SolarWinds Corporation, the software company, and its chief information security officer, Timothy G. Brown, for fraud and internal control failures in relation to the company’s major hack in 2020, reportedly conducted by Russian intelligence. “The complaint seeks permanent injunctive relief, disgorgement with prejudgment interest, civil penalties, and an … Read more

Brits Debate Government Backstop to Cyber Insurance Industry

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As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more

Lloyd’s Reveals $3.5 Trillion Global Cost Of Cyber Attack

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In a startling revelation, Lloyd’s, the world’s premier insurance and reinsurance marketplace, has unveiled a systemic risk scenario that paints a grim picture of the global economy’s susceptibility to a major cyber attack. This hypothetical envisions a cyber strike on a major financial services payments system, leading to widespread disruption in global operations. The potential … Read more

Ransomware is Back, Cyber Insurers Report

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Insurers say ransom-related claims rose sharply in the first half of 2023, the Wall Street Journal reports in this article (paywall may apply). “Along with the rise in claims related to ransomware, the total amount paid to attackers has also increased, said Vishaal Hariprasad, Resilience’s chief executive. Citing figures from Chainalysis, which specializes in blockchain … Read more

Cyber Insurance Market is Unsustainable: KYND Survey

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“(M)ore than half (54%) of respondents found the current state of the cyber insurance market to be unsustainable,” reports the useful survey from KYND Limited, a provider of cyber risk management services. The top concern: Systemic risk. The finding tracks with our reporting on industry concerns about systemic risk, from cyber war exclusions to efforts … Read more

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