The Source for Cyber Insurance News, Insights and Data
Insurers say ransom-related claims rose sharply in the first half of 2023, the Wall Street Journal reports in this article (paywall may apply). “Along with the rise in claims related to ransomware, the total amount paid to attackers has also increased, said Vishaal Hariprasad, Resilience’s chief executive. Citing figures from Chainalysis, which specializes in blockchain … Read more
In a feat of fundraising, Shield Capital proudly announced the successful conclusion of its inaugural venture capital fund. The Shield Capital Fund I, L.P., is a venture capital initiative primarily targeting early-stage investments in artificial intelligence, autonomy, cybersecurity, and space. Notably, this $186 million in capital commitments exceeded its initial target by a substantial 55%, … Read more
A new report from Hiscox has found that Ireland is one of the countries most affected by cyber attacks, with 71% of businesses suffering an attack in the past year. This is a 22% increase from the previous year, four times higher than the global average. “Cyber must now be viewed as a standard business … Read more
In a groundbreaking move, Howden has unveiled Howden Ventures with an impressive £500 million of delegated underwriting capacity. This initiative aims to establish an investment and risk incubator that will accelerate the development of insurance products. The move is pending approval from Lloyd’s. “MGAs are the innovation dynamite of the insurance industry. Cyber insurance, insurance … Read more
Progress Software Corporation (PRGS) is the provider of MOVEit Transfer software, a program responsible for what is widely considered the largest hack so far in 2023, impacting at least 2,000 enterprises and 60 million individuals, according to media reports. The Company has now issued a 10Q report (10/10/23) providing details on the attack and recoveries … Read more