The cyber insurance market is currently navigating an unprecedented mix of challenges and opportunities. With a heightened threat landscape driven by resurgent ransomware activity and geopolitical instability, the industry finds itself at a critical juncture.
Tag: cyber insurance
Cyber Insurance: A Key Driver of Risk Reduction
Recent reports, including a Forrester study and an Omdia survey commissioned by At-Bay, underscore the critical role cyber insurance plays in helping companies mitigate cyber risks. Organizations with standalone cyber insurance are more effective at detecting, responding to, and recovering from cyber incidents compared to those without coverage. This trend is leading to increased demand… Continue reading Cyber Insurance: A Key Driver of Risk Reduction
CrowdStrike Outage Could Cost Cyber Insurers Up to $1.5 Billion
The recent CrowdStrike Falcon Sensor update outage, which caused widespread system failures, could result in insured losses between $400 million and $1.5 billion, according to CyberCube.
Rhode Island’s New Privacy Regulations
Rhode Island has recently taken a significant step forward in insurance data protection by enacting comprehensive data privacy laws specifically targeting the insurance sector.
Insurance Carriers Warn Standardizing Cyber Policies Could Limit Future Coverage
Insurers told a congressional hearing Thursday that they need the flexibility to determine what they will and won’t cover under cyber policies, saying they are still trying to understand the risks associated with cyberattacks.
AM Best Assigns Stable Outlook to Global Cyber Insurance Segment
AM Best has assigned a stable outlook to the global cyber insurance segment, citing greater demand and favorable intermediate-term growth prospects as take-up rates steadily improve.
CDK Global’s Cyber Incident Briefly Shuts Down Car Dealership Services Across U.S.
Retail technology and software provider CDK Global was investigating a cyber incident and had briefly shut down all its systems proactively, it said on Wednesday.
Cyber Extortion Reached Record High in the U.S. and Canada in 2023, Fewer Companies Pay Ransomware
According to a new report published today by Marsh, the number of companies in the US and Canada experiencing a cyber extortion event hit record numbers in 2023, with unprecedented ransom demands.
Moody’s: Cyberattacks Pose Increasing Threat to Creditworthiness
The costs from cyberattacks — from business interruption to ransomware payments and legal settlements — pose an increasing threat to company creditworthiness due to loss of customers, theft of intellectual property or a break in revenue flows, Moody’s Ratings said.
Arctic Wolf 2024 Trends Report Reveals 70% of Businesses Targeted by BEC Attacks
Arctic Wolf®, a global leader in security operations, published findings from its annual State of Cybersecurity: 2024 Trends Report, based on a global survey the company commissioned from Sapio Research of over 1,000 senior IT and cybersecurity decision-makers from over fifteen different countries.