The Source for Cyber Insurance News, Insights and Data
UK businesses have lost £44 billion to cyber attacks in the past five years, according to Howden. Half of UK businesses, about 1.3 million companies, suffered at least one cyber attack during this time. The average cost of these attacks equals 1.9% of revenue. The Targets Large businesses were the most targeted. Seventy-four percent of … Read more
When GEICO and Travelers were hacked, stealing personal information from over 120,000 New Yorkers. They exploited vulnerabilities in online auto insurance quoting tools to obtain driver’s license numbers and dates of birth. The stolen data was later used to file fraudulent unemployment claims during the peak of the COVID-19 pandemic. The Geico Travelers Hack Starting … Read more
In recent conversations with cybersecurity experts and reviews of cybersecurity reports, we have heard a consistent concern: as large businesses fortify their defenses, shrewd cybercriminals shift focus to smaller, less prepared, or resourced targets. Small and medium-sized enterprises (SMEs), often lacking robust cyber risk mitigation resources, are increasingly attractive to attackers. This trend is acutely … Read more
When we saw 97% on a grade school test, it meant we did well. For America’s top retailers, that number signals trouble. A new report by cybersecurity firm SecurityScorecard reveals that 97% of the top 100 U.S. retailers experienced third-party data breaches in the past year. You could peg this to the coming holiday shopping … Read more
Using “admin” as a username for a virtual private network (VPN) is akin to parking your car and leaving the keys in the ignition. You are making it easy; why not leave the car running? This careless practice can make your system vulnerable to ransomware attacks. According to Corvus Insurance’s Q3 2024 Cyber Threat Report, … Read more