U.S. authorities have recovered millions of dollars in digital currency paid to the hackers who hit a major East Coast fuel pipeline with a ransomware attack last month, in a law-enforcement operation that officials said demonstrated progress undermining criminals’ ability to disrupt American commerce and critical infrastructure for profit. Investigators seized about 64 bitcoin, valued… Continue reading Law Enforcement Recovers $2.3M in Ransom Paid to Colonial Pipeline Hackers
Tag: cyber insurance
Lawmakers Call for More Transparency Over Cyber Ransom Payments
Following a recent spate of cyber-attacks aimed at U.S. companies, more transparency is needed into what kind of cash payments are made after ransomware attacks, a top Democrat said. Mark Warner, chairman of the Senate Intelligence Committee, spoke days after a top U.S. meat producer needed to shut down facilities that account for almost a… Continue reading Lawmakers Call for More Transparency Over Cyber Ransom Payments
Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk: AM Best
With the cyber risk hazard environment—ransomware, business interruption and aggregation—worsening significantly, prospects for the U.S. cyber insurance market are grim, according to a new AM Best report. The Best’s Market Segment Report, “Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk,” notes that cyber insurance, which began as a diversifying, secondary line and… Continue reading Ransomware and Aggregation Issues Call for New Approaches to Cyber Risk: AM Best
White House Warns Companies to Step Up Cybersecurity Measures
The White House warned corporate executives and business leaders on Thursday to step up security measures to protect against ransomware attacks after intrusions disrupted operations at a major meatpacking company and the biggest U.S. fuel pipeline. There has been a significant hike in the frequency and size of ransomware attacks, Anne Neuberger, cybersecurity adviser at… Continue reading White House Warns Companies to Step Up Cybersecurity Measures
Liberty Mutual Offers Complimentary Cybersecurity Assessment to Select Cyber Clients
Liberty Mutual Insurance has partnered with leading cyber security rating provider SecurityScorecard to offer complimentary cybersecurity analysis to qualifying clients of its Global Risk Solutions North America and Liberty Specialty Markets units. Through Liberty Mutual’s strategic relationship with SecurityScorecard, qualifying policyholders will receive a detailed analysis of their cybersecurity and the external threats to which… Continue reading Liberty Mutual Offers Complimentary Cybersecurity Assessment to Select Cyber Clients
Colonial Pipeline Attack Has Energy Companies Rushing to Secure Cyber Insurance
U.S. energy companies are scrambling to buy more cyber insurance after this month’s attack on Colonial Pipeline disrupted the U.S. fuel supply, but they can expect to pay more as cyber insurers plan to hike rates following a slew of ransomware attacks. The Colonial ransomware attack on May 7 shut the largest fuel pipeline network… Continue reading Colonial Pipeline Attack Has Energy Companies Rushing to Secure Cyber Insurance
Cyber Insurance Losses Spark Rate Increases: Fitch
U.S. property/casualty insurers active in providing cyber insurance coverage are taking significant pricing and underwriting actions in 2021 in response to a spike in cyber claims with immediate improvement unlikely this year, according to Fitch Ratings in a new report. Cyber insurance direct written premiums for the property/casualty industry rose sharply 22% last year to… Continue reading Cyber Insurance Losses Spark Rate Increases: Fitch
Umbrella and Cyber Lines of Business Continued to Struggle in Q1: CIAB
Premiums continued to rise in Q1 2021, according to results from The Council of Insurance Agents & Brokers’ Q1 2021 Commercial Property/Casualty Market Index, though there were further signs the pandemic’s exacerbation of existing market conditions eased. Across all-sized accounts, the average increase in premium prices was 10% in Q1 2021, the 14th consecutive quarter… Continue reading Umbrella and Cyber Lines of Business Continued to Struggle in Q1: CIAB
Insurtech Waffle Closes $5M Seed Funding Round
Waffle, a New York based insurtech startup, raised $5m in seed funding. The round was led by Verve Ventures, with participation from BetterLabs Ventures and Techstars. The company plans to use the funds to continue to expand operations and its business reach. Led by Quentin Coolen, CEO & Co-Founder, Waffle is a consumer platform which… Continue reading Insurtech Waffle Closes $5M Seed Funding Round
Markel Promotes Castriotta to Managing Director, Global Cyber Underwriting Executive
Financial holding company Markel Corporation has appointed Kelly Castriotta as Managing Director, Global Cyber Underwriting Executive. Castriotta will lead the global underwriting strategy for affirmative cyber products as well as cyber risks impacting various lines of business for Markel. She joined Markel last year to help strengthen cyber underwriting best practices and lead various non-affirmative… Continue reading Markel Promotes Castriotta to Managing Director, Global Cyber Underwriting Executive