The Source for Cyber Insurance News, Insights and Data
“There has been a huge increase in the number of insurers that specifically exclude cyber events that affect digital building systems, such as HVAC, lighting, elevator, parking, and access control, from their policies. The latest policy from Allianz Engineering for construction and power, for example, explicitly excludes coverage for loss, damage, legal liability, additional expenditure or … Read more
A key one is increasing awareness, and acceptance, by companies that they cyber insurance… “‘There really was a lot of questioning in years past of, is this a necessary product? Can we just get by on our other policies? And this past year that was answered affirmatively, you need cyberinsurance, and you might need more … Read more
Problem is that insurers have been trying to avoid payments for “acts of war,” leading to high-profile court cases, including one in which Zurich settled a claim involving a Russian-linked 2017 attack involving Ukraine. Ben Carey-Evans, senior insurance analyst at GlobalData, said “The resolution of the case could create a legal precedent that means insurers … Read more
Concierge Cyber offers pre-arranged incident response services to small and medium businesses (along with some “pre-loss” security services, such as training). Given the imperative for companies to react rapidly to serious hacks, this strikes us as a potentially helpful solution for smaller companies that don’t have big law firms and cyber security advisors on speed … Read more
The new deadline to comment on the issue is December 14th. “Pursuant to a recommendation from the Government Accountability Office, under direction from Congress to investigate the question, the agencies are seeking answers on ‘the extent to which risks to critical infrastructure from catastrophic cyber incidents and potential financial exposures warrant a federal insurance response,’ … Read more