The Source for Cyber Insurance News, Insights and Data
Yet another report of a dispute caused by the lack of standardized terms in cyber liability insurance. The District Court ultimately ruled that insurer Federal Insurance did indeed need to cover the loss. “In Yoshida Foods International, LLC v. Federal Insurance Company, the policyholder suffered a ransomware attack demanding payment of $107,074.20 in cryptocurrency to … Read more
The Des Moines, Iowa school system has called in its (unnamed) cyber insurer, the FBI and DHS after an apparent ransomware attack, which put 30,000 students out of school for two days. While many students were doubtless thrilled to be at home with no access to online learning, the school district is responding as if … Read more
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