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Top News about Cyber Insurance
“Most companies will quickly accept the insurance provider’s first offer when negotiating cybersecurity insurance policies. Although a relatively new component of the insurance sector, providers have still been conducting cyber assessments and offers for years and are the so-called expert. However, this way of thinking costs enterprises thousands, if not millions, of dollars a year … Read more
The White House has now released its National Cybersecurity Strategy Implementation Plan to outline next steps for the strategy it first released in March. Read the update here. The update promises the feds will release by the end of the year findings on the need for and potential structure for federal involvement in cyberinsurance for … Read more
“The costs of recovering from a 2021 ransomware attack were too much for St. Margaret’s Health in Spring Valley, Illinois, which is closing today.” The article has useful analysis of the general vulnerabilities of hospitals, including disruptions of insurance billing systems. Experts believe ransomware and similar attacks could negatively impact the health or even lives … Read more
The market confusion largely began when Lloyd’s of London asked carriers to exclude most state-backed cyber attacks. “A policyholder can now face as many as five or six different kinds of war exclusions in a single standard policy, said Colin Daly, executive vice president of broker CAC Specialty.” While this Bloomberg article reports some carriers … Read more
A Financial Times report (here) says major cyber insurance buyers are pushing back against Lloyd’s moves to exclude “state-backed” cyber attacks from coverage. Financial services companies are among those most concerned. It appears Lloyd’s is looking for ways to address the concerns. “Lloyd’s said it was not demanding ‘a blanket exclusion but a segregation of … Read more