Buying Cyber Is More Challenging for Businesses as Attacks Proliferate and Costs Rise

Cyberattacks pose risk to creditworthiness

Obtaining or renewing cyber insurance has become costly and time-consuming for many businesses. The cost of cyber insurance has risen in the last year as the number of ransomware hacks and other cyberattacks has increased. Given these realities, insurers are becoming more stringent when it comes to renewing or granting new or additional coverage. They… Continue reading Buying Cyber Is More Challenging for Businesses as Attacks Proliferate and Costs Rise

How Insurance Agents Can Support Cyber Liability for Their Clients

Cyberattacks pose risk to creditworthiness

The value of the advice insurance agents provide to clients with cyber liability insurance grows daily as hackers increasingly target small businesses and government operations with weak or nonexistent defenses against cyberattacks on their networks. In addition, the cyber liability insurance coverage agents offer protects businesses from lawsuits resulting from data breaches, identity theft, and… Continue reading How Insurance Agents Can Support Cyber Liability for Their Clients

Global Directors Increasingly Concerned by Cyber Extortion and Ransomware: WTW and Clyde & Co

Cyberattacks pose risk to creditworthiness

Cyber-attacks and data loss are the top risks facing Directors & Officers, with cyber extortion and the growth of ransomware attacks a leading concern, says a global Directors Liability 2022 survey from WTW and Clyde & Co. The survey identifies the key risks for Directors across the globe (covering the UK, Europe, Asia, Australasia, LatAm… Continue reading Global Directors Increasingly Concerned by Cyber Extortion and Ransomware: WTW and Clyde & Co

Accounts Deceivable: BECs Costliest Type of Cybercrime

AT&T data breach impacts 73 million

A Beverly Hills shopping spree, a luxury vacation in Mexico, and a bank account that grew from $299.77 to $1.4 million overnight. Moe and Kateryna Abourched appeared to have won the lottery from the outside. This large payout, however, was not the result of lucky numbers. According to a search warrant application filed in federal… Continue reading Accounts Deceivable: BECs Costliest Type of Cybercrime

Authorities in U.S. and Europe Pursue Ransomware Hackers

Hacker using laptop. Hacking the Internet.

On Monday, the Justice Department announced the arrests and charges of hackers allegedly linked to a significant ransomware organization, as well as the recovery of more than $6 million extorted by the REvil group. The Treasury Department imposed sanctions against the hackers, and the State Department added REvil to a bounty program giving monetary incentives… Continue reading Authorities in U.S. and Europe Pursue Ransomware Hackers

Hackers Targeted Three U.S. Drinking Water and Wastewater Facilities: Homeland Security

climate change and water treatment infrastructure

Hackers targeted three US water treatment facilities with ransomware over the last eight months, officials with the Cybersecurity and Infrastructure Security Agency (Cisa) said in a bulletin released on Thursday. Cisa said the alert, titled “Ongoing Cyber Threats to US Water and Wastewater Systems,” was released as a result of analyses conducted in cooperation with… Continue reading Hackers Targeted Three U.S. Drinking Water and Wastewater Facilities: Homeland Security