The Source for Cyber Insurance News, Insights and Data
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
Cyber security claims are back up and could show 25% YoY growth for 2023, says a new Allianz Commercial report. Not only are claims increasing, but so is the complexity of attacks. “”Double and triple extortion incidents – using a combination of encryption, data exfiltration and Distributed Denial of Service attacks – to obtain money are … Read more
Insurers say ransom-related claims rose sharply in the first half of 2023, the Wall Street Journal reports in this article (paywall may apply). “Along with the rise in claims related to ransomware, the total amount paid to attackers has also increased, said Vishaal Hariprasad, Resilience’s chief executive. Citing figures from Chainalysis, which specializes in blockchain … Read more
MGM Resorts International’s stock saw a 4.86% increase, closing at $36.48 on Friday. The move was buoyed by news that the company possesses ample cyber insurance to mitigate losses from a recent cyberattack. Over the past month, the stock had suffered a 16% decline. The Las Vegas-based firm projects that the September cyberattack will negatively … Read more