The Source for Cyber Insurance News, Insights and Data
A new report from insurtech Resilience, Resilience Midyear 2023 Claims Report, reveals a significant shift in ransomware tactics. Cybercriminals are increasingly targeting larger organizations and employing encryption-less extortion methods. Key Highlights: The report attributes the trend in encryption-less extortion to the massive MOVEit file transfer platform hack in May 2023, which exposed the data of … Read more
In an era dominated by technology, the specter of a cyber catastrophe looms large, posing a threat not fully comprehended. Companies are racing to bolster cyber resilience, and insurers are crafting solutions to these escalating risks. In the Q&A, shared by Chubb, Michael Kessler, Vice President, Chubb Group and Division President, Global Cyber Risk, discusses … Read more
Governor Kathy Hochul has proposed cybersecurity regulations for hospitals, backed by a $500 million budget allocation in the FY24 budget. These regulations aim to fortify hospital networks against escalating cyber threats, complementing the Health Insurance Portability and Accountability Act (HIPAA) Security Rule focused on safeguarding patient data. Under the proposed provisions, hospitals must establish comprehensive … Read more
Allied Market Research reports that the global cyber insurance market, valued at $12.5 billion in 2022, is poised to skyrocket to $116.7 billion by 2032, showcasing an impressive CAGR of 25.3%. This surge results from an increased awareness of cyber risks and a broader range of coverage options. Cyber insurance addresses the fallout of data … Read more
In the dynamic landscape of insurance shopping, a recent TransUnion report sheds light on sustained trends influencing the market. Auto and property insurance shopping rates showed stability compared to Q2 2023. But when measured against Q3 2022 they rose by 12% and 6%, respectively. The report, part of TransUnion’s Insurance Personal Lines Trends and Perspectives, … Read more