The Source for Cyber Insurance News, Insights and Data
Xinhua, a state media outlet, reports the “guideline” comes from the Ministry of Industry and Information Technology and the National Financial Regulatory Administration. “The country will further improve the supporting policies and regulations, promote the application of cybersecurity insurance among enterprises, and cultivate more high-quality cybersecurity insurers, said the guideline.” Some might say the PRC … Read more
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 the lag between increases in ransomware attacks and growth in rates may be a significant part of the answer, as At-Bay noted earlier this year: … Read more
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 dismantle a hospital’s entire network, sending an already high-stakes workplace into chaos and putting patients at risk. Recent research shows that 32 percent of healthcare … Read more
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 only can it enable a fast and effective distribution of funds in the event of a catastrophe, it can also provide a predefined path to … Read more
“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 Target that resulted in the data of approximately 40 million customers being stolen continued for several years and the company was still receiving insurance payments … Read more