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Top News about Cyber Insurance
“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
“Astaara’s cyber insurance covers ports and terminals, as well as ships, shipowners and ship managers. The insurance is led by A-rated cyber insurance industry leader Axis Specialty Europe SE, with Astaara backed by significant investment from the West of England P&I Club.” Of note, Astaara’s approach to cyber terrorism: “Recent estimates show that over half … Read more
Required to have cyber insurance by customers, but can’t afford it? Or don’t want to spend the money? Here comes a possible solution. “Characterizing today’s cyber insurance market as being similar to the Wild West, Struck says he would not be surprised to see ‘relatively low-cost cyber insurance that doesn’t cover much, but at least … Read more