The Source for Cyber Insurance News, Insights and Data
In the world of cybercrime, few experiences are as frustrating as paying a ransom to recover stolen data only to remain empty-handed. This stark reality is highlighted in the issue of ransomware data recovery where recent studies reveal that 1/3 of ransomware victims did not recover data even after paying up. For individuals and businesses, … Read more
The global aluminum and energy company, known as “Hydro,” estimated damages at up to app. USD $74 million. “The company has a robust cyber insurance in place with recognized insurers,” it said in a statement. “The (March) attack affected our entire global organization, with the business area Extruded Solutions having suffered the most significant operational … Read more
Fulcrum IT Partners, an MSP, calls them “cyber-warranty backed solutions” and is offering the services with the backing of SPECTRA, the Bermuda-based cyber insurance provider. “As part of the new business model, Fulcrum will offer customers a 100 percent cash refund on services impacted by specific cybersecurity incidents, including ransomware, and DDoS attacks. Additionally, Fulcrum … Read more
In 2023, the United States faced a relentless onslaught of financially driven ransomware attacks. These assaults impacted 2,207 hospitals, schools, governments, and private sector companies, as detailed by Emsisoft in their report “State of Ransomware.” The ransomware epidemic, as dire as ever, not only disrupted critical services. It also claimed lives, with an estimated 42 to … Read more
“This past summer’s cyber attack on (New York state’s) Claxton-Hepburn Medical Center in Ogdensburg and Carthage Area Hospital consumes CEO Rich Duvall’s day-to-day job…Not paying the ransom, dealing with the hack almost daily with rebuilding a system, paying lawyers, and working with the IT team and consultants has to be costly,” this article reports. The … Read more