The Source for Cyber Insurance News, Insights and Data
“Bill Siegel, CEO and co-founder of Coveware, says that insurance companies have influenced proactive enterprise security and incident response preparedness in a positive manner in recent years. After cyber-insurance firms sustained substantial losses in 2019 and 2020, many have tightened their underwriting and renewal terms and now require insured entities to have minimum standards like … Read more
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