The Source for Cyber Insurance News, Insights and Data
Yes, says Veeam’s survey of 1,2000 IT pros from companies hit by ransomware last year. In 2022, “77% of ransoms were paid by insurance, but that is becoming harder and more expensive…In fact, 21% of organizations stated that ransomware was now specifically excluded from their policies. While those with cyber insurance saw changes in their … Read more
“While many companies have already started to incorporate general disclosure of cyber liability insurance in their discussion of cyber risks, we should expect to see this continue, especially as coverage limitations and exclusions in cyber liability insurance policies may pose their own risks.” The report notes that while reporting is good, there can be too … Read more
“That’s where tactics like double extortion come in. With double extortion, a cybercriminal might ask for a ransom before they provide a decryption key while also threatening to leak sensitive data if they don’t get paid. This tactic targets companies with strong backups, which may not need to regain their encrypted files, and puts additional … Read more
The magazine surveyed brokers, who provided the Top 10 list of criteria most important to brokers’ analysis of cyber insurers. The Top 5: coverage, claims payment/processing, underwriting expertise, cyber response and flexibility. Spoiler alert: Tokio Marine and Crum & Forster are probably sharing the results of the survey. Read the useful report here: Source: The … Read more
This interesting report provides the “tick tock” of a ransomware attack on a small US bank, including the role of cyber insurance in the recovery. The details reveal the bank did not require email MFA prior to the incident. It was able to keep processing debit cards only because that system was operated by an … Read more