Ransomware Insurance

Cyber Insurance Helps Hospital Recover from Hack & Identify Location of Stolen Data

by

“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 Increasing this Year & So is Complexity of Attacks: Allianz

by

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

Ransomware is Back, Cyber Insurers Report

by

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 Shares Up Almost 5% On News Cyber Insurance Will Cover Hacker Attack

by

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

The Caesar’s Attack as Reported in a Public Disclosure

by

We’ve told you about the new SEC rules requiring disclosure by public companies of material cyber attacks within four business days. The rules are still being phased in, but Caesars Entertainment appeared to be proactive after its recent social-engineering breach that disclosed the driver’s license and/or social security numbers of loyalty program members. The attack … Read more