The Source for Cyber Insurance News, Insights and Data
“While an insurance company may pay a ransom to get file decryption keys, ‘they won’t pay an extortion fee,’ Wisniewski said. ‘The conventional wisdom of insurers has been, ‘I’m buying encryption keys that are going to let me get this customer online faster, and that reduces my cost of the incident.’ They think they’re getting … Read more
The report includes a description of the nightmare Laboratory Corporation of America endured after one of its vendors was hacked. You’ve likely heard some of these tips on how to start mitigating such risk, but the compilation here is useful. Source: Insure Against Data Breaches Suffered By Vendors and Service Providers
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