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Cyber insurance companies may urge clients to pay ransoms because insurance losses from not paying may be more than the ransom demand. “(E)ven when companies do want to hold out,…
Read More “The Squeeze Between Ransomware and Business Interruption Insurance” »
The companies are: AIG, AXIS, Beazley, Chubb, The Hartford, Liberty Mutual Insurance and Travelers. The mission of newco CyberAcuView is: “to (1) help the insurance industry provide better value and…
The insurance industry has failed to keep up with the cyber risk environment, says the Royal United Services Institute for Defence and Security Studies in a June 2021 report. It…
Yet another dimension of the cyber threat is the impact of public and commercial enterprise cybersecurity on credit ratings. “At S&P Global Ratings, we have seen more credit-relevant cyber events…
Read More “Cybersecurity Increasingly Important for Credit Ratings: S&P ” »
We’ve all heard a flight attendant tell passengers to don the emergency air mask first before they try to help others. The same concept holds for cyber insurance companies, some…
Read More “Cyber Insurers Need to Protect Themselves First” »
There’s grim news in a new survey from cloud vendor Cloudian and Sapio Research: Cyber insurance only pays about 60% of costs from ransomware attacks — and paying ransoms often…
Read More “Cyber Insurance Pays Back Only App. 60% of Ransomware Costs & Then Rates Go Up” »
The U.S. cyber insurance industry is now teetering on the edge of profitability, upended by a more than 400 per cent rise last year in ransomware cases and skyrocketing extortion…
Read More “Cyber Insurance Rates Climb While Coverage Declines” »
Cyber insurance — also called cyber security insurance, cyber liability insurance, cyber risk insurance, and data security insurance, among other terms — is an insurance product used to protect businesses…