The Source for Cyber Insurance News, Insights and Data
“Instead of paying a $569,000 (cyber insurance) premium to pay the contractors or the ransom, a city pays millions,” says the report, which details some of the expenses after the attack. Another source reports the attack ended up costing Baltimore $18 million in direct expenses and lost revenue. Source: As Baltimore rebuilds from 2019 ransomware … Read more
“The vendor-agnostic survey of 5600 IT professionals, conducted by Vanson Bourne, found that 98% of businesses hit by ransomware had cyber insurance that covered ransomware and that the policy paid out in the most significant attack. In addition, the survey reveals an increase in the payment of clean-up costs (77%) and a decrease in ransom … Read more
“Polk County won’t be adopting a special cyber insurance plan out of concern that doing so could increase risks of being hacked, county administrator John Norris told supervisors in a memo this month.” Source: Polk County rejects cyber insurance following review – Axios Des Moines
You’ve got a month-and-a-half to suggest “any potential changes to the [Terrorism Risk Insurance Act] or [Terrorism Risk Insurance Program] that would encourage the take up of insurance for cyber-related losses arising from acts of terrorism as defined under TRIA, including but not limited to the modification of the lines of insurance covered by … Read more
Where reporting requirements exist, lawsuits follow. “The Cyber Incident Reporting Act puts in motion important new cybersecurity reporting requirements that will likely apply to businesses in almost every major sector of the economy, including health care, financial services, energy, transportation and commercial facilities.” Source: Biden Signs Cyber Incident and Reporting Act, Requires Reporting