The Source for Cyber Insurance News, Insights and Data
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
“Some ransomware gangs are even actively seeking to target victims with cybersecurity policies because they believe that’s the best way to guarantee they’ll make money from encryption campaigns:” reports ZDNet, based on the RUSI report you can read on CIN’s cyber insurance reports page. Source: Cyber insurance isn’t helping with cybersecurity, and it might … Read more
Cyber insurance companies may urge clients to pay ransoms because insurance losses from not paying may be more than the ransom demand. “(E)ven when companies do want to hold out, insurers may be pressing them to pay. Since they tend to cover both ransomware payments and business interruption due to ransomware attacks, if the costs … Read more
The insurance industry has failed to keep up with the cyber risk environment, says the Royal United Services Institute for Defence and Security Studies in a June 2021 report. It offers 10 suggestions, which we include below with some UK-only information, such as specific government agencies, removed. CNI readers will note the suggestion, seen more … Read more
We’ve all heard a flight attendant tell passengers to don the emergency air mask first before they try to help others. The same concept holds for cyber insurance companies, some of which have been struck hard by hackers. “It is imperative that not only we protect with modern technology and innovation needed in this market, … Read more