Cyber Insurance

Top News about Cyber Insurance

SEC Suit Against SolarWinds CISO to Drive Demand for D&O Insurance & Other Protections for Cyber Security Chiefs: WSJ

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The Securities and Exchange Commission (SEC) has sued SolarWinds Corporation, the software company, and its chief information security officer, Timothy G. Brown, for fraud and internal control failures in relation to the company’s major hack in 2020, reportedly conducted by Russian intelligence. “The complaint seeks permanent injunctive relief, disgorgement with prejudgment interest, civil penalties, and an … Read more

Brits Debate Government Backstop to Cyber Insurance Industry

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As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more

Global Cyber Insurance Prices Decrease in Q3 2023

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In the third quarter of 2023, global commercial insurance prices continued their upward trajectory, increasing by 3%, mirroring the previous quarter’s data. This insight emerges from the latest Global Insurance Market Index released by Marsh. Notably, this quarter marks the 24th consecutive quarter of pricing escalation. Narrowing in on cyber insurance, a decrease appears. Globally, … Read more

The FTC Amends Data Breach Reporting Rules

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To enhance data security and consumer protection, the Federal Trade Commission (FTC) has amended the Safeguards Rule. The agency has extended reporting requirements to non-banking financial institutions. This amendment is effective 180 days after its publication in the Federal Register. It mandates that financial institutions such as mortgage brokers, motor vehicle dealers, and payday lenders … Read more

Cyber Security Claims Increasing this Year & So is Complexity of Attacks: Allianz

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Cyber security claims are back up and could show 25% YoY growth for 2023, says a new Allianz Commercial report. Not only are claims increasing, but so is the complexity of attacks. “”Double and triple extortion incidents – using a combination of encryption, data exfiltration and Distributed Denial of Service attacks – to obtain money are … Read more

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