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Top News about Cyber Insurance
“The most important corporate concerns for the year ahead, ranked by 2,712 risk management experts from a record 94 countries and territories.”Source: Allianz Risk Barometer | AGCS
The Des Moines, Iowa school system has called in its (unnamed) cyber insurer, the FBI and DHS after an apparent ransomware attack, which put 30,000 students out of school for two days. While many students were doubtless thrilled to be at home with no access to online learning, the school district is responding as if … Read more
The Biden Administration plans to release a national strategy that will introduce comprehensive cybersecurity regulation of the US’s critical infrastructure, acknowledging that voluntary efforts have not been sufficient in protecting against cyberattacks. Officials have stated that the new strategy will include expanded requirements for private companies operating in critical sectors. This marks the first time … Read more
Focus on cybersecurity for the grid was growing even before criminals attacked Washington and North Carolina substations in December. “The Federal Energy Regulatory Commission is considering developing new cybersecurity rules for DERs (Distrubuted Energy Resources) on the bulk electric system and DOE (Department of Energy) is directing millions to support ‘next-generation’ cybersecurity research, development…” “…The … Read more
We recently wrote about the business interruption (BI) risk from DDoS attacks. Now @CAC_Specialty discusses 5 important elements of BI coverage. “1) Waiting Period Length Prior to the hard market, waiting periods may have been as low as 8 to 10 hours for most insureds, whereas with the hard market conditions of 2021, some carriers … Read more