The Source for Cyber Insurance News, Insights and Data
“12% (of 180 IT/cybersecurity professionals surveyed in June) had no idea whether ransomware is covered at all” in their cyber insurance policies.” About 28% of the respondents said their company had a stand-alone cybersecurity policy, lower than some estimates but close to a recent survey from Forrester (here). Most respondents who have a cyber insurance … Read more
“’There’s been a hole that’s opening up between cyber and D&O policies, and this will widen the gap and require creative work by brokers to close, (Arturo Perez-Reyes, senior vice president and cyber strategist at San Francisco-based Newfront Insurance) said.” The causes include the recent SEC cyber regulations, about which we’ve written extensively. The required … Read more
A new IBM report on data breaches found that the global average cost of a data breach has risen to $4.45 million. This is a 15% jump from 2022. The 2023 report also finds that the cost of detection and escalation has increased by 42% over the past three years. This represents the highest portion … Read more
Consistent with other recent reports, S&P Global Ratings finds global cyber insurance premiums surging, about $12 billion last year and headed to almost twice that by 2025. At the same time, increases in premium rates have moderated. The cybersecurity market has “returned to profitability,” accord to S&P. The news is less positive concerning reinsurers, which … Read more
Cyberattacks are becoming increasingly common and costly. In 2017, one of the largest cyber insurance claims ever paid was a whopping $100 million, paid out to Mondelez International. Mondelez is a multinational confectionery, food, and beverage company with brands such as Oreo, Cadbury, and Trident. $100 million claim The cyberattack on Mondelez was a ransomware … Read more