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“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…
Read More “Expect More Disclosures from Public Companies Concerning Their Cyber Insurance ” »
“That’s where tactics like double extortion come in. With double extortion, a cybercriminal might ask for a ransom before they provide a decryption key while also threatening to leak sensitive…
Read More “Hackers Get Trickier as Companies & Cyber Insurers Improve Their Defenses ” »
The magazine surveyed brokers, who provided the Top 10 list of criteria most important to brokers’ analysis of cyber insurers. The Top 5: coverage, claims payment/processing, underwriting expertise, cyber response…
Read More “Top Cyber Insurance Companies in the USA, According to Insurance Business America ” »
This interesting report provides the “tick tock” of a ransomware attack on a small US bank, including the role of cyber insurance in the recovery. The details reveal the bank…
Read More “The Nightmare of a Ransomware Attack, Community Bank Version ” »
“(O)verall claims frequency decreased by 22% year-over-year. Furthermore, Coalition policyholders experienced 64% fewer claims than the broader cyber market1, with 47% of reported events handled with no cost to the…
Stand-alone policies reflect growing acceptance of cyber as a unique and critical category requiring more complex underwriting by carriers and increased attention from policy holders. “Standalone coverage is 70% of…
Read More “Most Cyber Insurance Premiums Now for Stand-Alone Coverage: Fitch” »
Marsh reports claims were up 77% in Q1 2023 compared with the previous quarter. Resilience reports the same trend. “One possible explanation for the resurgence is that ransomware purveyors based…
“After ‘careful consideration,’ county officials opted to pay the $1.1 million ransom to the unknown hacker to regain control of their system. An insurance policy ensured a payout of $511,852,…
Read More “CA County Pays Ransom; Cyber Insurer Covers Much of It ” »
The hack has led to the loss of internet in classrooms. “After three days without Internet service, Penncrest School District teachers and students are ‘getting creative,’ according to Superintendent Tim…
Read More “Back to Chalk at PA School District Hit By Ransomware ” »
New survey results from Sophos, a provider of cybersecurity as a service, provide interesting data that delineates stand-alone cyber policies from cyber elements in broader policies. “The study also revealed…