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Top News about Cyber Insurance
As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more
In the third quarter of 2023, global commercial insurance prices continued their upward trajectory, increasing by 3%, mirroring the previous quarter’s data. This insight emerges from the latest Global Insurance Market Index released by Marsh. Notably, this quarter marks the 24th consecutive quarter of pricing escalation. Narrowing in on cyber insurance, a decrease appears. Globally, … Read more
To enhance data security and consumer protection, the Federal Trade Commission (FTC) has amended the Safeguards Rule. The agency has extended reporting requirements to non-banking financial institutions. This amendment is effective 180 days after its publication in the Federal Register. It mandates that financial institutions such as mortgage brokers, motor vehicle dealers, and payday lenders … 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
At-Bay, the InsurSec provider for the digital age, announced the launch of At-Bay Stance™ Managed Detection and Response (At-Bay Stance MDR). It is a new MDR solution designed to help emerging and mid-sized businesses (SMBs) advance their cybersecurity defenses. The growth of cybercrime and cyber insurance has led to a growing demand for MDR solutions … Read more