The Source for Cyber Insurance News, Insights and Data
Ransomware, a form of malicious software, kidnaps an organization’s data, encrypts it, and demands a ransom for its release. This modern-day digital extortion has historical roots in the practice of demanding ransom for kidnapped individuals, a method used by pirates and bandits for centuries. The digital age has transformed this age-old crime into a significant … Read more
A new cybersecurity report reveals a stark reality for middle market firms: while cyber insurance coverage is at an all-time high, the persistent threat of ransomware and data breaches demands constant vigilance. RSM US LLP’s report, Middle Market Business Index Special Report: Cybersecurity 2024, was developed in partnership with the U.S. Chamber of Commerce. The … Read more
Three major UK insurance associations have teamed up with GCHQ’s National Cyber Security Centre (NCSC) to reduce ransom payments from cyber crime victims. This collaboration aims to undermine the profitability of ransomware attacks and enhance market-wide ransomware discipline, ultimately reducing harm to organizations. The financial toll of ransomware on UK businesses has been substantial, with … Read more
From cyber insurance to fascinating finds, this issue of Cyber Insurance Sunday’s newsletter has a bit of everything. Well, not everything, no recipes. Happy reading!
After a brief respite in 2023, the cyber liability insurance market is bracing for turbulence in 2024. Woodruff Sawyer’s “Cyber Looking Ahead Guide” paints a sobering picture of rising cyber risks, potential policy gaps, and ransomware maintaining its reign of terror. Buckle up, businesses; it’s going to be a bumpy ride. War Clouds Gather: One … Read more