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Top News about Cyber Insurance
[NY State appeared to gain jurisdiction via Carnival’s former insurance business.] “New York’s Department of Financial Services said Carnival violated a state cyber security regulation by failing to use multi-factor authentication that would make it harder for wrongdoers to access its internal network. It also said Carnival failed to report one breach and conduct adequate … Read more
“Some of the cybersecurity investment increase is also going toward standalone cyber insurance; 65% of public sector organizations carry specialized cyber coverage, as do 57% of financial services companies. No industry is below 46% in this category.” Source: Moody’s Report: Cybersecurity Investment Up, But Preparedness Remains Inconsistent – CPO Magazine
Note the language in the policy that appears to exclude losses from similar scams. It’s in the courts now. “Star Title’s employees purportedly failed to authenticate the perpetrator’s wire instructions. Upon learning that the fraudster had diverted the funds, Star Title tendered a wire fraud claim to its cyber insurance carrier, which denied coverage.” Source: … Read more
“QR phishing attacks are on the rise because they require so little effort to be successful. For one, the codes are physical displays, meaning a harmless one can easily be covered with a nefarious one that brings users to a malicious website. This makes it easy for cybercriminals to ‘display’ the legitimate site that steals … Read more
One example: “The cyber security insurance application asked whether I had deployed an endpoint detection and response (EDR) tool.” Source: What your cyber insurance application form can tell you about ransomware readiness | CSO Online