The Source for Cyber Insurance News, Insights and Data
Financial Leaders Warn: Cyber Incidents Now Threaten Investor Confidence In financial services, trust equals capital. Once it’s broken, the path to recovery and restoration of trust can be daunting. Cyber insurance can absorb financial losses. But can it prevent client withdrawals or restore trust after an attack? Nearly nine in ten financial executives say a … Read more
Cyberattacks Hit Nearly Half of Portfolio Companies – Almost half of private equity (PE) portfolio companies reported cyber incidents in the past year, many involving ransomware or extortion attempts. PE Cybersecurity and cyber insurance are the focus of the Private Equity Cyber Survey White Paper by QBE, which surveyed 300 risk managers and CISOs at … Read more
We’ve reported that insurance giant Aflac filed an SEC 8-K form in June to disclose that a hacker had used “social engineering” to gain “unauthorized access to its network.” Interestingly, at least for cyber insurance nerds such as us, Aflac did not file an “Item 1.05” 8-K for a “material” cyber event, but rather an … Read more
Modern Bank Robberies Have Gone Digital – Retire the getaway car. Save the ski mask for skiing. The days of the bank heist are dwindling. Well, not really. U.S. bank robberies peaked in 1991 at 9,388. By 2023, the number dropped to 1,362, an 83% decline in 20 years. Today, the average stolen haul is … Read more
The cyber insurance market remains soft, reports broker Gallagher Specialty, and now is the time to purchase coverage before cyber insurance premiums increase. “There is currently a healthy abundance of capacity, and the market continues to observe greater flexibility in underwriting and security controls. The competition and growth strategies in underwriting have led to better … Read more