The Source for Cyber Insurance News, Insights and Data
Marsh notes global cyber pricing rose 28% in Q42022, slowing compared to 53% the prior quarter. But rates and volatility remain high enough to keep providing tailwinds for captive structures, concludes the firm. Most growth in Marsh captives comes from single-parent captives and cells, Marsh reports. “In fact, between 2020 and 2021, 40% of new … Read more
From a press release from Shelley Moore Capito (R-WV) on the proposed “Insure Cybersecurity Act:” “A new bill by Sens. John Hickenlooper (D-CO) and Shelley Moore Capito (R-WV) would establish a Commerce Department working group to ‘improve communication over cybersecurity insurance coverage levels…’” “The bill requires establishment of the NTIA cyber insurance working group within … Read more
Criminals have been using HardBit ransomware since last fall. Now the hackers are making an unusual, and outrageous, demand on their targets. “The hackers tell victims to anonymously provide them with the details of their cyberinsurance so that they can set the ransom amount accordingly. The HardBit operators say they do not want to demand … Read more
“CyberSmart currently has 4,000 customers in the U.K., with 1,800 of them also taking the company’s insurance policies as well…” Management says the round was oversubscribed. Participants include European SaaS investor Oxx; British Patient Capital; Legal & General Capital, an affiliate of the insurance company; Solano Partners and others from the previous round. No valuation … Read more
“Increasing complexity within the cyber insurance market is raising questions over its viability as a business investment. Here are 7 reasons why an organization may be advised to avoid or delay investing in insurance,” reports the publication. One of the reasons: Major cyber events are rare. “While these indirect costs (such as fines and payments … Read more