The Source for Cyber Insurance News, Insights and Data
“’Threat actors have moved to engaging in double extortion, meaning that the hackers would threaten to release private information if the organization doesn’t pay,’ said Angela Feudo (pictured below), manager, professional solutions, Trisura Guarantee Insurance Company. ‘Threat actors are also using distribution denial of service [“DDoS”] attacks as well on their victims to put pressure … Read more
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