The Source for Cyber Insurance News, Insights and Data
Bits and bytes do not count… “Over the course of a three-year court battle, Owners (Insurance Company) asserted that (client) EMOI’s September 2019 ransomware attack lacked a physical dimension and accused the developer of attempting a runaround of its business property policy’s exclusion of ransomware costs. The justices agreed with the insurance company. ‘Software is … Read more
Forget natural disasters, says the CEO. Cyber is the biggest threat, and public-private systems will be needed (note recent US movement in that direction.) “’What will become uninsurable (versus climate change or pandemics) is going to be cyber,” (Mario) Greco said. ‘What if someone takes control of vital parts of our infrastructure, the consequences of … Read more
MIRIS, a “mutual insurer, a structure in which the company is owned by its customer members, is looking to meet increasing demand for cyber cover due to rising attacks…The new insurer is also talking to some 40 others about joining…” MIRIS is owned by its customer members (all European). MIRIS FAQs are here. Source: BASF, … Read more
Morley Companies settled for $4.3 million in relation to its August 2021 hack. The company did not report the data theft to the public until early 2022, apparently running further afoul of California and HIPAA regulations. “The Michigan-based third-party vendor provides process outsourcing for a range of U.S. companies, including healthcare. A little more than … Read more
“(David Fringer, the executive director of information technology at Green Hills Area Education Association) said (cyber insurance) costs for the Council Bluffs school system three years ago when he worked there until June 2020 went from near $15,000 to $30,000 and then as high as $50,000 over a few years.” Another local expert noted that … Read more