The Source for Cyber Insurance News, Insights and Data
Most survey respondents said clients had been reimbursed for ransomware payments. One broker reported 30+ payouts in the first half of 2021. “Commercial insurance prices moderated across all account sizes with an average increase of 8.3%, but cyber saw a premium hike of 25.5%, according to The Council of Insurance Agents & Brokers’ second-quarter Commercial … Read more
Broker urges patience as industry develops sustainable approach to ransomware and other cyber issues…unfortunately, the cyber crooks are anything but patient. “Obviously, you can see just how difficult it is to be a broker right now, regardless of how up-front you are with renewing cyber insurance programs, because we’re reacting to the insurance carriers who … Read more
“It’s not an easy path to navigate, (Nick) Shah (a former kidnap and hostage negotiator) said, and it is made even more complex by the fact that cyber negotiations tend to involve the written word rather than a verbal discussion. In hostage negotiations, you can talk to the threat actors involved, which makes it easier … Read more
The report asserts the industry is putting too much emphasis on MFA as a defense when more attacks come via social engineering or unpatched software and Remote Desktop Protocol (RDP)-involved attacks — none of which can be prevented solely by MFA. “MFA is good, it significantly reduces the risk of many types of popular attacks … Read more
The attacks are driving better underwriting and higher premiums with sustainable loss ratios, despite media reports of major disruptions and high ransoms. “In a way, the headlines are right — loss ratios have increased. But at a 67% loss ratio for 2020 (according to Aon), one year of losses in line with other typical lines … Read more