The ransomware attack on Colonial Pipeline Co. that caused gasoline shortages along the U.S. East Coast also sparked a debate about whether cyber insurance helps protect against marauders — or attracts them. Some cyber-security experts say hackers target companies that have coverage, because they know the firms can pay ransoms. But others believe the blame… Continue reading Pipeline Attack Stirs Debate on Whether Insurance Lures Hackers
Tag: cyber insurance
Insurer AXA Halts Ransomware Crime Reimbursement in France
In an apparent industry first, the global insurance company AXA said Thursday it will stop writing cyber-insurance policies in France that reimburse customers for extortion payments made to ransomware criminals. AXA, among Europe’s top five insurers, said it was suspending the option in response to concerns aired by French justice and cybersecurity officials during a… Continue reading Insurer AXA Halts Ransomware Crime Reimbursement in France
DOJ Task Force Targeting Ransomware
The Justice Department has formed a task force to curtail the proliferation of ransomware cyberattacks, in a bid to make the popular extortion schemes less lucrative by targeting the entire digital ecosystem that supports them. In an internal memorandum issued this week, Acting Deputy Attorney General John Carlin said ransomware poses not just an economic… Continue reading DOJ Task Force Targeting Ransomware
Forecast: Commercial Insurance Rates to Climb by Nearly 12% in 2021
The commercial insurance rate hikes that have been ongoing since 2017 are expected to continue into this year, with double-digit increases anticipated for most lines of insurance, according to a new report. The survey of insurance executives by Alera Group Inc. forecasts that commercial rates will increase across all lines nationwide by an average of… Continue reading Forecast: Commercial Insurance Rates to Climb by Nearly 12% in 2021
Insurance Giant CNA Hit with ‘Disruptive’ Cybersecurity Attack
CNA’s website remained down Wednesday morning, three days after the Chicago-based insurance giant was hit with what it called a “sophisticated cybersecurity attack” Sunday. In a statement issued Tuesday evening, CNA said the attack affected certain systems, including corporate email. It also shut down the functionality of its website. “Out of an abundance of caution,… Continue reading Insurance Giant CNA Hit with ‘Disruptive’ Cybersecurity Attack
Semsee Partners with Cowbell Cyber to Bring AI-Powered Cyber Insurance to Its Quoting Platform
Semsee, the leading automated small commercial quoting solution for agents, has partnered with Cowbell Cyber to offer agents the ability to quickly and efficiently quote standalone cyber coverage from its platform. With the increase in ransomware attacks and other threats to small and mid-sized businesses, the addition of cyber coverage provides an opportunity for insurance… Continue reading Semsee Partners with Cowbell Cyber to Bring AI-Powered Cyber Insurance to Its Quoting Platform
Cowbell Cyber Rings Up $20M for Cyber Insurance
Pleasanton, California-based Cowbell Cyber raised a $20 million Series A as more small and medium-sized enterprises look for insurance against the growing number of cyberattacks. The new round was led by Brewer Lane Ventures, with participation from Pivot Investment Partners, Avanta Ventures, Markel Corp. and existing investors ManchesterStory, Tri-Valley Ventures and Holmes Murphy. Founded in… Continue reading Cowbell Cyber Rings Up $20M for Cyber Insurance
Cyber Risk in a New Era: Let’s Not Be Quiet About Insurers’ Exposure to Silent Cyber
The pandemic year of 2020 saw a step change in the complexity and sophistication of cyber attacks and, therefore, in the nature of cyber risks. The financial consequences for the victims of such attacks are huge. According to the Hiscox Cyber Readiness Report 2020, the median cost of a cyber attack rose almost sixfold worldwide… Continue reading Cyber Risk in a New Era: Let’s Not Be Quiet About Insurers’ Exposure to Silent Cyber
Volante Launches Cyber Lockout Ransomware Solution
Volante Global, a multi-class and multi-territory international managing general agent (MGA) platform, has announced the launch of an innovative cyber ransomware solution, Cyber LockoutSM, that combines ransomware insurance cover with the latest in cyber security technology. Cyber Lockout is designed specifically to greatly reduce an organisation’s exposure to malware attacks, including ransomware. At the core… Continue reading Volante Launches Cyber Lockout Ransomware Solution
Market Conditions and COVID-19 Continued to Impact All Lines of Business in Q4 2020: CIAB
Premium prices continued to climb in Q4 2020, though at a slightly slower pace than in previous quarters, according to The Council of Insurance Agents & Brokers’ Q4 Commercial P/C Market Survey. Prices rose across all-sized accounts by an average of 10.7%, down slightly from 11.7% in Q3 2020. The most recent quarter was also… Continue reading Market Conditions and COVID-19 Continued to Impact All Lines of Business in Q4 2020: CIAB