According to new data published by the data privacy agent Incogni, a digital miscreant steals or copies data from at least 30 accounts every second of the day. Cybercriminals stole data from more than 2 billion online accounts in the last two years. Given this situation, one would think that cybersecurity insurance would be on… Continue reading Many Businesses Go without Cyber Insurance
Tag: cyber insurance
Small Businesses Worry About Meeting Ransomware Demands, Survey Says
A recent survey shows businesses are increasingly concerned about their ability to meet ransomware demands, with many hoping for government assistance in the case of state-sponsored cyber attacks. According to the BlackBerry cyber insurance coverage study, only 19 percent of businesses surveyed have ransomware coverage limits greater than $600,000, while 59 percent hoped the government… Continue reading Small Businesses Worry About Meeting Ransomware Demands, Survey Says
Commercial Insurance Prices Rise 6.1% in Q2: CIAB
According to The Council of Insurance Agents & Brokers’ (CIAB) latest quarterly survey, the second quarter marked the 19th consecutive quarter of commercial price increases, with brokers reporting continued market easing and average price increases of 6.1% across all lines of business. “Signs of pricing moderation emerged for some lines of business, such as flood,… Continue reading Commercial Insurance Prices Rise 6.1% in Q2: CIAB
Coalition Completes Acquisition of Insurance Carrier with Licenses in All 50 States
Coalition, the world’s first Active Insurance provider focused on preventing digital risk before it occurs, announced today that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is an all-state property and casualty insurer. Coalition will be able… Continue reading Coalition Completes Acquisition of Insurance Carrier with Licenses in All 50 States
Ransomware, Email Compromise Are Top Security Threats While Deepfakes Increase
While ransomware and business email compromise (BEC) are the most common causes of security incidents for businesses, geopolitics and deepfakes are becoming more prevalent, according to reports from two leading cyber security firms. According to VMware’s 2022 Global Incident Threat Response Report, there is a steady increase in extortionate ransomware attacks and BEC, as well… Continue reading Ransomware, Email Compromise Are Top Security Threats While Deepfakes Increase
Buying Cyber Is More Challenging for Businesses as Attacks Proliferate and Costs Rise
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
SMEs Have a Long Way to Go to Get Cyber-Protected: Corvus-Blackberry Survey
MGA Corvus and Blackberry partnered on a survey to learn more about how small and medium enterprises view cyber insurance and solutions like endpoint detection and response (EDR). The biggest takeaways: SMEs still have a long way to go in getting properly insured for cyberattacks. The survey found that only 55 percent of respondents currently… Continue reading SMEs Have a Long Way to Go to Get Cyber-Protected: Corvus-Blackberry Survey
Steady Rate Increases for Q2 2022: MarketScout
U.S. property and casualty rates are stabilizing at a composite increase of 5.91 percent in the second quarter of 2022, virtually matching the rate increases of the first quarter 2022. Cyber rates continue to increase the most at plus 21.3 percent up from plus 19.7 percent in the first quarter of 2022. Umbrella rates moderated… Continue reading Steady Rate Increases for Q2 2022: MarketScout
Today’s Cyber Insurance Market Needs Better Modeling, Policy Language
According to S&P Global Ratings, cyber insurance is the fastest-growing segment of the insurance market, but many insurers and reinsurers are increasingly unwilling to underwrite larger cyber risks. S&P notes in a new report, Cyber Risk in a New Era: The Rocky Road to a Mature Cyber-Insurance Market, that much of the growth in the… Continue reading Today’s Cyber Insurance Market Needs Better Modeling, Policy Language
How Insurance Agents Can Support Cyber Liability for Their Clients
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