phishing

Rhu-row — Cyber Insurance May Not Cover “Phishing” Fund Diversion Scams 

by

Note the language in the policy that appears to exclude losses from similar scams. It’s in the courts now. “Star Title’s employees purportedly failed to authenticate the perpetrator’s wire instructions. Upon learning that the fraudster had diverted the funds, Star Title tendered a wire fraud claim to its cyber insurance carrier, which denied coverage.” Source: … Read more

Cyber Insurance Pays Back Only App. 60% of Ransomware Costs & Then Rates Go Up

by

There’s grim news in a new survey from cloud vendor Cloudian and Sapio Research: Cyber insurance only pays about 60% of costs from ransomware attacks — and paying ransoms often does not result in the return of most data. Most companies see their cyber insurance rates climb some 25% after a ransomware attack. Get the … Read more

×