Cyber Insurance

Top News about Cyber Insurance

New Biden Cybersecurity Plan Will Push Regulations, Address 3rd Party Liability: WaPo 

by

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

Keeping the Lights On: Feds Try to Get Ahead of Threats to the Grid as Cyber Insurance Premiums Jump 

by

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

The Most Challenging Part of Cyber Insurance Underwriting: Business Interruption? 

by

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

Bessemer Backs Dutch Cyber Insurtech 

by

Eye Security, a subscription-based cybersecurity and insurtech company, lands $17m+ round led by Bessemer Venture Partners. Partner Alex Ferrera notes on Twitter: “We’re betting cyber insurance + XDR (Extended Detection and Response) combined is the future.” Source: Dutch cybersecurity, insurtech startup Eye Security bags €17M to help SMEs fight cyberattacks | Silicon Canals

Companies Are Buying Cyber Insurance & Making (Repeat) Claims, But Ransomware Is Not Covered By About 30% of the Policies: Delinea Survey

by

“Delinea, a leading provider of Privileged Access Management (PAM) solutions for seamless security, today published a new report showing that cyber insurance not only has become ubiquitous, but more than half of companies that have leveraged their coverage have used it more than once. As a result, insurers are pulling back on covering what is … Read more