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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
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