The Source for Cyber Insurance News, Insights and Data
And it turned out the bidder was not even admitted to do business in Texas… “‘They were only able to find one company that would insure us on cyber liability because I guess there are so many claims right now,’ (county Judge) Stroeher said. The Great American Fidelity Insurance gave a quote for $25, 180.’It’s … Read more
As more and more enterprises back up their data to protect it from being encrypted (and thereby made inaccessible) by ransomware attacks, criminals are now moving to steal the data first before they encrypt it. If the target does not pay up, the attacker releases sensitive data. “Threat actors are now shifting to the method … Read more
“Social influencers want attention, but not from cyber criminals,’ said James Hajjar, assistant vice president for HSB, part of Munich Re. ‘Hackers and other digital predators target social media. We’re filling the coverage gaps with insurance that follows customers with the protection they need.’” Social media income interruption coverage from HSB Home Cyber Protection applies … Read more
“The center will be headed by Managing Director Scott Stransky, a cyber risk and catastrophe modeler. Stransky joined Marsh McLennan earlier this year after more than a decade at AIR Worldwide. He holds a bachelor’s degree in mathematics and a master’s degree in atmospheric science, both from MIT, and his work has been published in … Read more
“The study, entitled ‘Spotlight on Cyber: A study of aggregation risk in the US property insurance market,’ noted that sufficient cyber risk is amassing in the market to trigger a one-in-100-year loss of $12.5 billion. The loss is so significant, that the study says it is enough to cause a downward transition of the Best’s … Read more