The Source for Cyber Insurance News, Insights and Data
The practice says it was hit by a ransomware attack days after its coverage lapsed. “Gallagher had been working with Raleigh Radiology for months before the lapse to renew its existing policies, or to secure new ones, but failed to do so despite the submission of required paperwork, according to the complaint.” No word yet … Read more
This interesting report provides the “tick tock” of a ransomware attack on a small US bank, including the role of cyber insurance in the recovery. The details reveal the bank did not require email MFA prior to the incident. It was able to keep processing debit cards only because that system was operated by an … Read more
“‘Our research highlights that consumers are increasingly aware of the dangers of being online and are looking for a simple and easy all-in-one solution to keep them digitally safe,’ said Hilario Itriago, US President, BOXX Insurance. He continues ‘With broad coverages like computer attacks, cyber ransom, online fraud and cyber bullying, individuals and families can … Read more
“(O)verall claims frequency decreased by 22% year-over-year. Furthermore, Coalition policyholders experienced 64% fewer claims than the broader cyber market1, with 47% of reported events handled with no cost to the policyholder A less-sophisticated crime, funds transfer fraud (FTF) unseated ransomware as the leading event type, accounting for nearly one-third of all claims. Notably, ransomware saw … Read more
Stand-alone policies reflect growing acceptance of cyber as a unique and critical category requiring more complex underwriting by carriers and increased attention from policy holders. “Standalone coverage is 70% of cyber insurance premiums, due to heightened policyholder demand for protection and insurer efforts to reduce ambiguity in coverage terms or silent cyber risk.” Meantime, according … Read more