Ransomware is Back, Cyber Insurers Report
Insurers say ransom-related claims rose sharply in the first half of 2023, the Wall Street Journal reports in this article (paywall may apply). “Along with the rise in claims related…
MGM Shares Up Almost 5% On News Cyber Insurance Will Cover Hacker Attack
MGM Resorts International’s stock saw a 4.86% increase, closing at $36.48 on Friday. The move was buoyed by news that the company possesses ample cyber insurance to mitigate losses from…
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The Caesar’s Attack as Reported in a Public Disclosure
We’ve told you about the new SEC rules requiring disclosure by public companies of material cyber attacks within four business days. The rules are still being phased in, but Caesars…
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Are Ransomware Gangs Trustworthy?
Cyber Insurance News has wondered how often ransomware gangs — groups of criminals often supported by hostile foreign powers — can be trusted. We asked Jennifer Coughlin of Mullen Coughlin,…
Some IT Pro’s Confused About Their Cyber Insurance: InformationWeek Survey
“12% (of 180 IT/cybersecurity professionals surveyed in June) had no idea whether ransomware is covered at all” in their cyber insurance policies.” About 28% of the respondents said their company…
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Resilience Bags $100 million D-Round from Venture Capital Funds; Reports All Its Clients Avoided Ransom Payments in 2022
The round adds to $225 million already raised by the company. The round was led by Intact Ventures, an affiliate of Resilience’s primary capacity provider, with participation by Lightspeed Venture…
Conventional Wisdom on Cyber Insurance & Ransomware is Wrong: British Think Tank
“Over a 12-month research project, researchers from RUSI (Royal United Services Institute for Defence and Security Studies), the University of Kent, De Montfort University and Oxford Brookes University conducted a…
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Widespread MOVEit Attacks Highlight Difference in Coverage Between Encryption and Extortion
“While an insurance company may pay a ransom to get file decryption keys, ‘they won’t pay an extortion fee,’ Wisniewski said. ‘The conventional wisdom of insurers has been, ‘I’m buying…
Ransomware Increasingly Being Excluded from Cyber Insurance Policies?
Yes, says Veeam’s survey of 1,2000 IT pros from companies hit by ransomware last year. In 2022, “77% of ransoms were paid by insurance, but that is becoming harder and…
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Expect More Disclosures from Public Companies Concerning Their Cyber Insurance
“While many companies have already started to incorporate general disclosure of cyber liability insurance in their discussion of cyber risks, we should expect to see this continue, especially as coverage…
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