The Source for Cyber Insurance News, Insights and Data
Top News about Cyber Insurance
The average commercial ship is using 3X more data than before COVID, Inmarsat estimates. “The result is a growing ship network ‘surface area’ for attacks that offers a route to onboard control systems. Cyber threats are also fast-evolving, as cybercriminals develop malicious codes to probe for new weaknesses. Successful attacks threaten vessel safety, disrupt services … Read more
“’Some insurance carriers have actually pulled out of the whole business of cyber insurance for municipalities. They find the risk is just too much for them…(a) policy that would provide coverage for $2 million or $5 million has now been reduced considerably, while at the same time the cost of premiums has gone up dramatically, … Read more
But seriously, anything that helps insured/insurers/tech providers get a better grasp of this complex market is probably worth it… “‘Choosing cyber insurance coverage comes with a lot of questions about coverage, claims and underwriting, just to name a few. It can be an overwhelming process but with this book, we eliminate the mysteries that can … Read more
“If Russia carries out a large cyber attack which spills over into several countries, it could lead to claims totalling (sic) $20 billion or more, similar to insurance claims from a large U.S. hurricane, the industry sources said on condition of anonymity.” Source: Analysis – Cyber Insurers Face Large Ukraine War-Related Claims Despite Exclusions
“The ICA’s policy paper recommended: Better data sharing from the insurance industry to the government and vice versa to prevent, detect, and report cyberattacks; Mandatory minimum-security requirements and third-party certifications for software and hardware to reduce cyberattack vulnerability; and Investment incentives for cyber risk education and businesses willing to disclose and work with enforcement agencies. … Read more