The Source for Cyber Insurance News, Insights and Data
A survey of almost 50,000 mortgage settlement agents indicates wire/cyber fraud is common in the mortgage process. While most agents say they have insurance to cover the risk, they also report banks usually do not require evidence of that insurance before engaging with them. This despite the risk to lenders of losing their money in … Read more
Quantum computing is a rapidly developing field with the potential to revolutionize many industries. But revolution isn’t always for the good. It also poses serious security risks and businesses need to reexamine their cyber insurance protection. Quantum computers can break current encryption algorithms, which could allow hackers to access sensitive data. They could also be … Read more
When Lloyd’s provided updated guidance and exclusions for nation-state cyber attacks, some industry players and news outlets concluded the organization intended to jettison all such coverage. Not so, Lloyd’s said earlier this year, asserting it wanted to ensure such coverage was distinguished from general cyber insurance and its risk was properly priced. But customers continue … Read more
Along with additional (and alarming) detail on its findings about hacks and shareholder value, AON provides some good news. Based on data from its risk assessment platform, security of common IT domains is improving. As is the security of some industry sectors: “Healthcare: The overall cyber risk score for healthcare clients improved from 2.6 to … Read more
Interesting report about whether legal malpractice insurance covers lawyers when scammers trick them into sending their clients’ payments for real estate into phony accounts. “Of course, not all legal malpractice policies contain misappropriation exclusions, and in the absence thereof, the outcome of the coverage analysis could be different. However, where such an exclusion is present, … Read more