Premium prices increased in Q2 2021, according to The Council’s Q2 2021 Commercial Property/Casualty Market Index, though the rate of increase continued to moderate. Across all lines of business, prices increased for the 15th consecutive quarter at 8.3%, down from 10% in Q1 2021. Both medium and large accounts experienced the highest increases, at 9.4%… Continue reading CIAB Survey: Record Premium Increases, Capacity Contraction for Cyber Insurance Q2 2021
Tag: cyber insurance
White House to Tackle Cyber Challenges with Apple, IBM, Insurance CEOs
The White House is hosting an event on Wednesday that will bring together the largest U.S. technology companies for a discussion about cybersecurity challenges following a raft of high-profile hacking incidents earlier this year, people familiar with the event told Reuters. It comes as Congress weighs new legislation concerning data breach notification laws and cybersecurity… Continue reading White House to Tackle Cyber Challenges with Apple, IBM, Insurance CEOs
TechAssure Launched Cyber Threat Sharing Community to Fight Ransomware
TechAssure, the international nonprofit association of insurance and risk management experts for technology-related risks, has announced a new partnership with RiskAnalytics and ICE Cybersecurity to launch an exclusive cyber insurance solution called The ShadowNet Program. Using RiskAnalytics’ proprietary cybersecurity solutions, and ICE Cybersecurity’s assessment and analytics platform, Insureds can now join in the fight against… Continue reading TechAssure Launched Cyber Threat Sharing Community to Fight Ransomware
T-Mobile Says Hackers Stole Information on More than 40 Million People
T-Mobile US Inc. said the attack that breached its computer network pulled Social Security numbers and other personal information of more than 40 million current and prospective customers. The cellphone carrier said the stolen data included first and last names, birth dates, Social Security numbers and driver’s license information from a subset of current and… Continue reading T-Mobile Says Hackers Stole Information on More than 40 Million People
Schools Brace for More Cyberattacks After Record in 2020
Cyber criminals are targeting U.S. schools at an increasing rate after remote learning during the pandemic left them more vulnerable to hacks, and the risk shows no sign of abating as students and teachers head back to the classroom this month. The number of publicly disclosed computer attacks on schools has exploded since 2016 to… Continue reading Schools Brace for More Cyberattacks After Record in 2020
Global Cyber Intrusion Activity More than Doubled in First Half of 2021: Accenture
The volume of cyber intrusion activity globally jumped 125% in the first half of 2021 compared with the same period last year, according to the Cyber Investigations, Forensics & Response (CIFR) mid-year update from Accenture. The information is derived from directly helping clients respond and recover from a variety of cyber incidents. The triple-digit increase… Continue reading Global Cyber Intrusion Activity More than Doubled in First Half of 2021: Accenture
Cyber Insurance Startup At-Bay Valued at $1.35 Billion after Funding Round
At-Bay Inc., an insurance startup focused on cyber coverage, raised $185 million in a funding round that valued the company at $1.35 billion. Icon Ventures Inc. and Lightspeed Venture Partners led the round, which brought At-Bay’s total funding raised to $272 million, the company said Tuesday in a statement. The startup also said it will… Continue reading Cyber Insurance Startup At-Bay Valued at $1.35 Billion after Funding Round
Ransomware Attacks Spur Insurers to Rethink Cyber Business
The hacks came one right after another, sowing chaos at hospitals, idling America’s biggest gasoline pipeline, crippling a huge meat supplier and devastating hundreds of companies over the July 4 weekend. Now, insurers are reassessing the cyber business. With cyberattacks on the rise and demand for coverage surging, the $3 billion industry of protecting companies… Continue reading Ransomware Attacks Spur Insurers to Rethink Cyber Business
U.S., U.K., Allies Tie Chinese Government to Microsoft Hack
The U.S., U.K. and their allies formally attributed the Microsoft Exchange hack to actors affiliated with the Chinese government and accused the Chinese government of a broad array of “malicious cyber activities,” escalating last week’s tensions between the White House and China. The group of nations said Monday that the Chinese government has been the… Continue reading U.S., U.K., Allies Tie Chinese Government to Microsoft Hack
State Department Offering Rewards Up to $10 Million to Curb Ransomware
The State Department will offer rewards up to $10 million for information leading to the identification of anyone engaged in foreign state-sanctioned malicious cyber activity, including ransomware attacks, against critical U.S. infrastructure. A task force set up by the White House will coordinate efforts to stem the ransomware scourge. The Biden administration is also out… Continue reading State Department Offering Rewards Up to $10 Million to Curb Ransomware