The Source for Cyber Insurance News, Insights and Data
“’Even if UK SMBs do become more concerned about their business being targeted by cybercriminals, they are unlikely to be willing to pay even higher premiums to protect themselves,’ said Ben Carey-Evans, senior insurance analyst at GlobalData. Even if SMBs are becoming more concerned about cyber attacks, they’re unlikely to be willing to pay even … Read more
“When we identify downtime, we pay out for the customer immediately. Any loss is covered. Unlike traditional insurance where you have to file a claim, in this case, there’s no claim process,” she (co-founder/CTO Neta Rozy) said. Source: Parametrix cloud downtime insurance business is growing – Protocol
“Developed in collaboration with (Periculus and) TIP National, the offering allows small and medium-sized businesses to instantly request a quote, purchase, and manage a cyber insurance policy customized to meet the needs of the business.” Source: Periculus, TIP National partner in new cyber insurance offering | Insurance Business America
“Globally, commercial insurance rates increased by 9% on average in the quarter, he said. In North America, commercial rates increased 8% overall, with retail property insurance rates rising 14%. Lexington, AIG’s excess and surplus lines business, saw rates rise 13% and financial lines increased 12%, including an 85% rate increase for cyber liability…” Source: AIG … Read more
“Instead of paying a $569,000 (cyber insurance) premium to pay the contractors or the ransom, a city pays millions,” says the report, which details some of the expenses after the attack. Another source reports the attack ended up costing Baltimore $18 million in direct expenses and lost revenue. Source: As Baltimore rebuilds from 2019 ransomware … Read more