The Source for Cyber Insurance News, Insights and Data
Media discussion of a “cyber TRIP” tends to the bullish. This report, by post-doc cyber insurance researcher Daniel Woods @leltop, surfaces the potential downside of such a plan, from moral hazard to perverse incentives that might reduce improvements in cyber security by the insured. We don’t necessarily buy all the arguments here, but the detailed … Read more
“The most important corporate concerns for the year ahead, ranked by 2,712 risk management experts from a record 94 countries and territories.”Source: Allianz Risk Barometer | AGCS
While not everybody is yet entirely convinced the feds should provide a backstop to cyber insurers for catastrophic system-wide attacks, Politico reports the discussion is moving forward. “But policymakers and executive branch officials have plenty left to iron out, said (RAND senior policy researcher Sasha) Romanosky (@SashaRomanosky), and they might opt for something far less … Read more
Yet another report of a dispute caused by the lack of standardized terms in cyber liability insurance. The District Court ultimately ruled that insurer Federal Insurance did indeed need to cover the loss. “In Yoshida Foods International, LLC v. Federal Insurance Company, the policyholder suffered a ransomware attack demanding payment of $107,074.20 in cryptocurrency to … Read more
Cyber liability insurers are scrutinizing clients for trending security shortfalls. A key one: cloud misconfigurations, which represent the third most common attack vector and are linked to 80% of ransomware attacks, according to the report. “Furthermore, Gartner predicted that by 2025, 99% of cloud security failures would be the customers’ fault, suggesting that misconfigurations will … Read more