The Source for Cyber Insurance News, Insights and Data
“MFA (Multi-Factor Authentication) is good and everyone should use it where they can to protect valuable data and systems (says security expert Roger A. Grimes.) Unfortunately, the insurance industry and their customers are going to learn that using ANY MFA is not going to be as helpful in reducing risk as they thought. Unfortunately, about … Read more
We recently wrote about the business interruption (BI) risk from DDoS attacks. Now @CAC_Specialty discusses 5 important elements of BI coverage. “1) Waiting Period Length Prior to the hard market, waiting periods may have been as low as 8 to 10 hours for most insureds, whereas with the hard market conditions of 2021, some carriers … Read more
The report concerns a March 2022 attack on the Canadian tourist town of Banff, which apparently cost over $500,000. “Municipalities can be favoured targets of cybersecurity attackers because their cyber defences aren’t as sophisticated as higher levels of government. Attackers believe cities and towns may be more willing to pay ransoms than other organizations because … Read more
“Recent years had seen a boom in the use of ransomware, which scrambles victims’ computer data until a payment is made. Now, (Chairman of ISSP, a Ukrainian computer-security firm, Oleh) Derevianko says, the number of such attacks on ISSP’s corporate and government clients has dropped pretty-much to zero. Instead, many of those once involved in … Read more
“(T)he biggest risk hasn’t yet materialized: a cyberattack against a company or information services system so important to an economy, or to society as a whole, that it reaches systemic levels. One so big, perhaps, it might take down carriers. ‘I think it’s important we stress that the insurance industry has not had a catastrophic … Read more