Global commercial insurance prices increased 13% in the fourth quarter of 2021, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor, continuing a trend of moderating rate increases that began in Q1 2021. While this is the 17th consecutive quarter of increases, the rate of… Continue reading Cyber Rates Continue to Rise, Doubling in Some Geographies
Tag: cyber insurance
Cyber Insurance Rates Fail to Match Catastrophe Risk: Chubb CEO
Rising prices of insurance against cyberattacks fail to take account of the potential catastrophic effects of a widespread attack, Chubb Ltd. Chief Executive Evan Greenberg said on Wednesday. “The pricing environment is pretty good,” Greenberg said on a conference call. “But … that is not addressing by itself the fundamental issue…. Like pandemic, cyber has… Continue reading Cyber Insurance Rates Fail to Match Catastrophe Risk: Chubb CEO
Data Breaches Up 68% in 2021 Over Previous Year
Tthe Identity Theft Resource Center® (ITRC), a nationally recognized nonprofit organization established to support victims of identity crime, released its 16th Annual Data Breach Report, supported by Sontiq, a TransUnion company, at the Identity, Authentication, and the Road Ahead Policy Forum hosted by the Better Identity Coalition (BIC), FIDO Alliance and the ITRC. According to… Continue reading Data Breaches Up 68% in 2021 Over Previous Year
Ransomware Continues Despite Slowdown of High-Profile Attacks
There hasn’t been a massive attack like the one last May that resulted in gasoline shortages in the months since President Joe Biden warned Russia’s Vladimir Putin that he needed to crack down on ransomware gangs in his country. But it’s a small consolation for Ken Trzaska. Trzaska is the president of Lewis & Clark… Continue reading Ransomware Continues Despite Slowdown of High-Profile Attacks
More than One Million WordPress Users Impacted by GoDaddy Breach
A data breach exposed customer information including email addresses, account numbers, and passwords for more than one million GoDaddy users, the company revealed last Monday in a regulatory filing with the Securities and Exchange Commission (SEC). The breach affected users of WordPress, a web-based content management system used by bloggers and websites, according to the… Continue reading More than One Million WordPress Users Impacted by GoDaddy Breach
Cyber Premiums Continued to Soar in Q3 2021
According to The Council’s Commercial Property/Casualty Market Index, premium prices continued to rise in Q3 2021. Prices increased for the 16th consecutive quarter across all account sizes, at 8.9 percent, slightly higher than the 8.3 percent average increase recorded in Q2 2021. When the data was segmented by account size, large accounts had the highest… Continue reading Cyber Premiums Continued to Soar in Q3 2021
Mid-Sized Businesses 490% More Likely to Be Hit with a Security Breach Today Than in 2019
According to Coro’s cross-industry mid-market security study, mid-sized businesses are up to 490 percent more likely than they were in 2019 to experience a security breach by the end of 2021. Mid-sized businesses are now subjected to cyberattacks on a par with their enterprise counterparts. Nonetheless, unlike large corporations, these smaller businesses lack the budgets,… Continue reading Mid-Sized Businesses 490% More Likely to Be Hit with a Security Breach Today Than in 2019
Insurers Changing Cyber Capacity, Appetite, Limits, & Policy Terms as Losses Spike
After the pandemic and home-working drove a surge in ransomware attacks that left insurers reeling from large payouts, insurers have cut the amount of cyber cover they provide to customers in half. Due to increased demand, major European and American insurers and syndicates operating in the Lloyd’s of London market have been able to charge… Continue reading Insurers Changing Cyber Capacity, Appetite, Limits, & Policy Terms as Losses Spike
Ransomware Costs Are Lower Compared to 2020: Corvus Risk Index
While ransomware continues to be a problem for businesses around the world, a new report from commercial insurance firm Corvus indicates that ransomware costs are being reduced significantly as a result of better preparedness. And, while cyber insurance claims spiked in early 2021 as a result of the Microsoft Exchange vulnerability, they have been steadily… Continue reading Ransomware Costs Are Lower Compared to 2020: Corvus Risk Index
Authorities in U.S. and Europe Pursue Ransomware Hackers
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