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Top News about Cyber Insurance
“Some Banks and financial institutions are already leading the charge by offering crypto wallets and custodial services, access to crypto markets for trading and investment, and advisory services to Wealth Management clients. While NFTs are seen as speculative assets by many, Banks can work with regulators and position these as mainstream asset classes. Taking it … Read more
“Federal entities—such as the Federal Insurance Office (within Treasury) and the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA)—have taken steps to understand the financial implications of growing cybersecurity risks. But, we found they haven’t assessed what the federal role should be in the event of a catastrophic cyber incident. Completing such an … Read more
“Officials can look at the probabilities of attacks succeeding and probabilities that these result in different depths of financial losses. Then officials can factor in how adopting different preventive measures might draw down those costs. This lets officials estimate how much investing in a better backup system or in anti-phishing training, for example, might reduce … Read more
[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