The Source for Cyber Insurance News, Insights and Data
The article concerns the ransomware gang “Vice Society” and others known for attacking educational institutions. “The amount of ransom demanded can range from the thousands of dollars to the millions, (Brett Callow, a threat analyst with the cybersecurity firm Emsisoft) said. ‘These groups have access to networks. They have looked at the organization’s financials, which … Read more
Bits and bytes do not count… “Over the course of a three-year court battle, Owners (Insurance Company) asserted that (client) EMOI’s September 2019 ransomware attack lacked a physical dimension and accused the developer of attempting a runaround of its business property policy’s exclusion of ransomware costs. The justices agreed with the insurance company. ‘Software is … Read more
“(David Fringer, the executive director of information technology at Green Hills Area Education Association) said (cyber insurance) costs for the Council Bluffs school system three years ago when he worked there until June 2020 went from near $15,000 to $30,000 and then as high as $50,000 over a few years.” Another local expert noted that … Read more
The 2023 U.S. Cyber Market Outlook provides useful information on issues such as the regulatory environment, causes of cyber claims, industry break-downs and some predictions for 2023. It also affirms the trend we’ve written about before — social engineering and fraudulent payment scams moving to the fore (by percentage of claims, not losses) as hybrid … Read more
“Recent years had seen a boom in the use of ransomware, which scrambles victims’ computer data until a payment is made. Now, (Chairman of ISSP, a Ukrainian computer-security firm, Oleh) Derevianko says, the number of such attacks on ISSP’s corporate and government clients has dropped pretty-much to zero. Instead, many of those once involved in … Read more