Ransomware Insurance

Cyber Claims & Ransomware’s Share Dropped in 2022: Coalition’s 2023 Cyber Claims Report

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“(O)verall claims frequency decreased by 22% year-over-year. Furthermore, Coalition policyholders experienced 64% fewer claims than the broader cyber market1, with 47% of reported events handled with no cost to the policyholder A less-sophisticated crime, funds transfer fraud (FTF) unseated ransomware as the leading event type, accounting for nearly one-third of all claims. Notably, ransomware saw … Read more

Most Cyber Insurance Premiums Now for Stand-Alone Coverage: Fitch

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Stand-alone policies reflect growing acceptance of cyber as a unique and critical category requiring more complex underwriting by carriers and increased attention from policy holders. “Standalone coverage is 70% of cyber insurance premiums, due to heightened policyholder demand for protection and insurer efforts to reduce ambiguity in coverage terms or silent cyber risk.” Meantime, according … Read more

Ransomware Claims Jump in Q1 2023: Marsh 

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Marsh reports claims were up 77% in Q1 2023 compared with the previous quarter. Resilience reports the same trend. “One possible explanation for the resurgence is that ransomware purveyors based in Russia are now recalibrating after being temporarily preoccupied with the country’s war against Ukraine, which has involved the use of cyber attacks, (Amanda Bevilacqua, … Read more

CA County Pays Ransom; Cyber Insurer Covers Much of It 

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“After ‘careful consideration,’ county officials opted to pay the $1.1 million ransom to the unknown hacker to regain control of their system. An insurance policy ensured a payout of $511,852, county officials said. ‘The county had prepared for the possibility of such an incident by securing appropriate insurance coverage,’ Wert said. ‘After negotiating with the … Read more

Back to Chalk at PA School District Hit By Ransomware 

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The hack has led to the loss of internet in classrooms. “After three days without Internet service, Penncrest School District teachers and students are ‘getting creative,’ according to Superintendent Tim Glasspool. ‘A great teacher can teach with a piece of chalk,’ he said Wednesday afternoon, speaking on a cellphone set up to receive calls to … Read more