The Source for Cyber Insurance News, Insights and Data
Cybercriminals are on a rampage, exploiting remote access weaknesses to fuel a staggering rise in ransomware attacks. At-Bay’s 2024 InsurSec Report uncovers a dramatic 64% spike in ransomware claims, driven by a jaw-dropping 415% increase in indirect incidents. This explosive growth underscores the critical vulnerabilities that continue to plague businesses in the digital age. Key … Read more
Three major UK insurance associations have teamed up with GCHQ’s National Cyber Security Centre (NCSC) to reduce ransom payments from cyber crime victims. This collaboration aims to undermine the profitability of ransomware attacks and enhance market-wide ransomware discipline, ultimately reducing harm to organizations. The financial toll of ransomware on UK businesses has been substantial, with … Read more
“What’s in a name? That which we call a rose by any other name would smell as sweet,” wrote Shakespeare. But cyber insurance experts think there’s nothing sweet about the lack of standard terminology in cyber liability insurance policies. “‘This dearth of common language, (Peter Hedberg of Corvus Insurance) said, can create unintended confusion when … Read more
Here it is—Your Cyber Insurance Sunday—Upload. The latest cybersecurity insurance news. A few items from the week. Some we reported on, and others we found interesting: Howden takes a peek at risk, WTW acts, the US Navy and Accenture set sail, and Berkshire Hathaway chimes in on cyber insurance. There’s more. Take a look. Share … Read more
A recent report by Howden Re explores the evolution of the cyber (re)insurance market, advocating for a shift from viewing cyber risk merely as a threat to recognizing its potential as a significant growth opportunity. The report, titled Re-framing cyber risk: navigating threats and embracing opportunities, highlights a persistent imbalance in the industry’s perception of … Read more