Ransomware attacks took a heavy toll on the United States last year with more than 2,000 victims in government, education and health care, security researchers say in a new report. The study released Monday by the security firm Emsisoft said ransomware attacks — which encrypt and disable computer systems while demanding a ransom — affected… Continue reading Ransomware Took Heavy Toll on U.S. in 2020: Researchers
Tag: cyber insurance
WTW Launches Suite of Cyber Assessments to Help Clients Better Manage Risk
Willis Towers Watson, a leading global advisory, broking and solutions company, has introduced two new cyber risk assessment services in direct response to the findings from its recent cyber claims insights report. The report found that: Human error (people risk) was the single biggest root-cause of global cyber incidents / claims, and; Ransomware (and the… Continue reading WTW Launches Suite of Cyber Assessments to Help Clients Better Manage Risk
Cybercrime Costs to Top $1 Trillion This Year: Researchers
Cybercrime is expected to cost the global economy more than $1 trillion this year, up more than 50 percent since 2018, a research report said Monday. The report by McAfee Corp. with the Center for Strategic and International Studies (CSIS) concluded that the cost of online criminal activity is more than one percent of global… Continue reading Cybercrime Costs to Top $1 Trillion This Year: Researchers
Aon Launches Digital Cyber Insurance for Small and Middle Market Businesses
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, today announced the launch of a digital insurance solution for small and middle market businesses. With this new offering, businesses across a wide spectrum of industries can go through the full end-to-end process of buying and managing… Continue reading Aon Launches Digital Cyber Insurance for Small and Middle Market Businesses
Cyber Insurance Claims on the Rise
External attacks on companies result in the most expensive cyber insurance losses, but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a report from Allianz Global Corporate & Specialty (AGCS). The study analyzes 1,736 cyber-related insurance claims worth EUR 660mn (US$ 770mn) involving AGCS… Continue reading Cyber Insurance Claims on the Rise
Home Depot Agrees to $17.5M Settlement in 2014 Data Breach
Home Depot has reached a $17.5 million settlement with the attorney generals of 46 states and the District of Columbia over a 2014 data breach that exposed the payment card information of some 40 million customers. The Massachusetts Attorney General’s office detailed the settlement in a statement Tuesday, saying Home Depot agreed under its terms… Continue reading Home Depot Agrees to $17.5M Settlement in 2014 Data Breach
Aon’s Cyber Secure Select Expands Its Suite of Offerings
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has expanded its Cyber Secure Select offering to include an enhanced cyber insurance program for high net worth individuals and executives. This new insurance offering in partnership with Aspen Insurance expands on Aon’s Cyber Secure Select, a… Continue reading Aon’s Cyber Secure Select Expands Its Suite of Offerings
Aon Secures $70M Alternative Capital Capacity led by HSCM to Transfer Systemic Cyber Risk
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, has launched a new product with Hudson Structured Capital Management Limited (undertaking its re/insurance business as HSCM Bermuda) to protect insurers and reinsurers against systemic and catastrophic cyber events. Aon and HSCM have already closed the first… Continue reading Aon Secures $70M Alternative Capital Capacity led by HSCM to Transfer Systemic Cyber Risk
Hackers Target Schools in New Wave of Cyberattacks
Just as school was to start this semester, technology chief Tony Brooks rushed to his office in Athens, Texas. Colleagues said they were unable to access the school district’s network. He logged into his computer. A message popped up: “All your important files are encrypted!” “I immediately freaked out,” said Mr. Brooks. “I got my… Continue reading Hackers Target Schools in New Wave of Cyberattacks
Ransomware: Pay Attention and Get Your Clients the Compliant Help They Need
The recent OFAC and FinCEN governmental advisories surrounding ransomware payments are creating concern and uncertainty for the insurance community. This community is specifically named in the advisories, and that means all Retailers, Wholesalers, MGAs, MGUs, Carriers and Program Administrators need to pay attention and get the right experts on board before an incident occurs. Best… Continue reading Ransomware: Pay Attention and Get Your Clients the Compliant Help They Need