Cyber insurance has been around for about 20 years. These insurance policies cover common cyber-related losses, such as those associated with data breaches and ransomware attacks that result in loss of business or disruptions. But while more companies may be looking for insurance against attacks, stability in premium rates and access to policies are changing.… Continue reading Increasing Cyberthreats Raise Cyber Insurance Premiums While Reducing Availability
Tag: cyber insurance
Callback Phishing Campaigns Impersonate CrowdStrike and Other Cybersecurity Companies
On July 8, 2022, CrowdStrike Intelligence identified a callback phishing campaign impersonating prominent cybersecurity companies, including CrowdStrike. The phishing email implies the recipient’s company has been breached and insists the victim call the included phone number. This campaign leverages similar social-engineering tactics to those employed in recent callback campaigns including WIZARD SPIDER’s 2021 BazarCall campaign.… Continue reading Callback Phishing Campaigns Impersonate CrowdStrike and Other Cybersecurity Companies
Hardened U.S. Cyber Insurance Market Here to Stay: AM Best
Direct premiums written in the U.S. cyber liability market increased by 75% in 2021, far outpacing the overall property/casualty insurance industry. However, according to an AM Best report, a 16% increase in claims and only a modest reduction in the loss ratio despite significant rate increases highlights the segment’s ongoing challenges. According to the new… Continue reading Hardened U.S. Cyber Insurance Market Here to Stay: AM Best
Insurance Buyers Still Face Challenges at Mid-Year: USI
Despite stabilization in several lines, the second half of 2022 will remain challenging for insurance buyers, particularly in the cyber market, according to a mid-year outlook from USI Insurance Services. “Some of the traditional (non-COVID-19-related) trends continue to take center stage, such as the frequency and severity of claims, underwriting discipline, insurance capacity, the cost… Continue reading Insurance Buyers Still Face Challenges at Mid-Year: USI
Global Industrial Cybersecurity Spend to Grow to More than $36 Billion in 2027
Global cybersecurity spending in industrial critical infrastructure sectors (e.g., energy, transport, and water & waste management) is expected to hit US$23 billion by the end of 2022 and grow at a CAGR of 10% to reach US$36.67 billion in 2027. This is just one of the forecasts in The State of Cyber & Digital Security… Continue reading Global Industrial Cybersecurity Spend to Grow to More than $36 Billion in 2027
Increased Ransomware Attacks, Global Threats Tempering Executive Confidence in Cyber Preparedness
The toll of almost three years of unrelenting workplace disruption, digital transformation and ransomware attacks means most leaders are no more confident in their ability to manage cyber risk than they were two years ago. This is according to a new report published today by Marsh, the world’s leading insurance broker and risk advisor, and… Continue reading Increased Ransomware Attacks, Global Threats Tempering Executive Confidence in Cyber Preparedness
Ransomware Threat Rises: Verizon Report
The Verizon Business 2022 Data Breach Investigations Report (2022 DBIR) examines an unprecedented year in cybersecurity history, and sheds light on some of the leading issues affecting the international cybersecurity landscape. Of particular concern is the alarming rise in ransomware breaches, which increased by 13 percent in a single year – representing a jump greater… Continue reading Ransomware Threat Rises: Verizon Report
Beazley Puts Incident Response at the Heart of Its Cyber Strategy
Leading global specialist insurer Beazley has announced the launch of an online incident response platform for US cyber policyholders. Leveraging technology to deliver more secure incident resolution, this platform will serve as a central location to monitor and manage incidents, and centralize communications between the policyholder, Beazley, and specialist service providers. The move comes as… Continue reading Beazley Puts Incident Response at the Heart of Its Cyber Strategy
Cyber Breach Exposed Data of 500,000+ Chicago Students, Staff
According to officials, the personal information of over 500,000 Chicago Public Schools students and employees was compromised in a ransomware attack last December, but the vendor did not notify the district until last month. The data breach happened on December 1, and the district was notified on April 26 by technology vendor Battelle for Kids.… Continue reading Cyber Breach Exposed Data of 500,000+ Chicago Students, Staff
Cyber Prices ‘Need to Come Up and Stay Up’: Advisen Panel
More insurance buyers than ever face challenges in finding cyber coverage, but industry players speaking during Advisen’s Cyber Risk Insights Conference in London say a return to pre-2019 low prices won’t happen. Thinking of the cyber market in terms of peaks and valleys isn’t useful, according to Michael Shen, head of cyber and technology for… Continue reading Cyber Prices ‘Need to Come Up and Stay Up’: Advisen Panel