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Top News about Cyber Insurance
Cyberattacks are expensive. Cybersecurity is vital. In 2022 for small and medium-sized enterprises (SMEs), the average cost of an attack was $3.6 million, according to IBM’s 2023 Cost of a Data Breach Report. This was up from $3.1 million in 2021. To enhance cybersecurity for SMEs, MAPFRE, a leading Spanish insurer, has partnered with Cyberwrite, … Read more
The Cybersecurity and Infrastructure Security Agency (CISA) release announces a new partnership with Stanford’s Empirical Security Research Group and focuses on analyzing the effectiveness of security controls, with a focus on ransomware. The effort begins in December. “CISA will ask working group members to collaborate with Stanford to improve analysis of the aggregated, anonymized loss … Read more
Marine insurance provider The Swedish Club will begin offering members maritime cyber insurance in 2024. The offering marks another addition to sector-specific cyber underwriting. “When port states and coast guards around the world start asking about cyber risk mitigation and resilience – and they already are – our member shipowners can show them a Cyber … Read more
CFC, a London based provider of insurance for professional services businesses, has announced a major upgrade to its cyber cover. The new extension will provide SMEs with access to CFC’s award-winning proactive cyber attack prevention services and incident response capabilities, as well as broad cybercrime coverage. “Extending the current cyber add-on with new cybercrime cover … Read more
In recent comments, Graham Steele, Assistant Secretary for Financial Institutions at the US Treasury Department, admitted that “waiting (to launch a federal backstop of the cyber insurance industry) until after a catastrophic cyber incident occurs is sub-optimal for everyone,” but provided no clear guidance on where the government stands or when it will act (it’s … Read more