The U.S. District Court for the District of Maryland ruled that an insurance carrier should pay out on coverage it sold to a client whose computer system was damaged by a ransomware attack. According to the Memorandum Opinion, the client – an embroidery and screen printing business – suffered a ransomware attack in December 2016… Continue reading U.S. District Court Upholds Insurance Claim Following Cyber Attack
Tag: cyber insurance
Multi-Stakeholder Mobilization to Reinforce Cyber Resilience in Global Aviation
The Fourth Industrial Revolution is transforming the way airlines and airports do business. The advancement of technologies such as artificial intelligence and internet of things is increasing operational efficiency, but the digital nature of these technologies makes them intrinsically vulnerable to cyberattacks. Cyberattacks on critical infrastructure have become the new normal across sectors such as… Continue reading Multi-Stakeholder Mobilization to Reinforce Cyber Resilience in Global Aviation
Cowbell Cyber Demystifies Cyber Insurance with Cowbell Prime 100
Cowbell Cyber, a startup pioneering Artificial Intelligence (AI)-powered cyber insurance for small to mid-sized businesses (SMBs), today announced the launch of Cowbell Prime 100, empowering insurance agents to issue personalized cyber policies with up to $5m in Limits. Cowbell Prime 100 offers an A.M. Best ‘A’-Rated admitted policy backed by Boost Insurance and prominent reinsurance… Continue reading Cowbell Cyber Demystifies Cyber Insurance with Cowbell Prime 100
Insurers Look to Curb Ransomware Exposure as U.S. Cyber Rates Rise
U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes follow a challenging year of hackers using malicious programs, known as ransomware, to take down systems that control everything from hospital billing to manufacturing.… Continue reading Insurers Look to Curb Ransomware Exposure as U.S. Cyber Rates Rise
Mitsubishi Electric Discloses Security Breach
In a short statement published today on its website, Mitsubishi Electric, one of the world’s largest electronics and electrical equipment manufacturing firms, disclosed a major security breach. Although the breach occurred last year, on June 28, and an official internal investigation began in September, the Tokyo-based corporation disclosed the security incident today, only after two… Continue reading Mitsubishi Electric Discloses Security Breach
Hospitals Give Tech Giants Access to Detailed Medical Records
Hospitals have granted Microsoft Corp., International Business Machines Corp. and Amazon.com Inc. the ability to access identifiable patient information under deals to crunch millions of health records, the latest examples of hospitals’ growing influence in the data economy. This breadth of access wasn’t always spelled out by hospitals and tech giants when the deals were… Continue reading Hospitals Give Tech Giants Access to Detailed Medical Records
New York Fed Paper Warns a Cyberattack on Banks Could Cause Major Disruption
A well-planned cyberattack on the U.S. banking system could have a devastating effect on U.S. financial stability, according to new research from the Federal Reserve Bank of New York. In a paper termed a “pre-mortem analysis” that was released Monday, bank analysts Thomas Eisenbach, Anna Kovner, and Michael Junho Lee looked at how banks would… Continue reading New York Fed Paper Warns a Cyberattack on Banks Could Cause Major Disruption
Cyber Leads Global Business Risks for First Time: Allianz Risk Barometer 2020
For the first time ever, Cyber incidents ranks as the most important business risk globally in the ninth Allianz Risk Barometer 2020, relegating perennial top peril Business interruption (BI) to second place. Seven years ago, cyber ranked 15th with just 6% of responses. Changes in legislation and regulation (#3 with 27%) and Climate change (#7… Continue reading Cyber Leads Global Business Risks for First Time: Allianz Risk Barometer 2020
Hiscox Adopts CyberCube’s Risk Analytics Software
Cyber risk analytics company CyberCube, has signed an agreement with global specialist insurer Hiscox, for the use of CyberCube’s ground-breaking technology to generate better insight into potential systemic cyber risk. The deal gives Hiscox access to CyberCube’s Portfolio Manager product, which will stress test Hiscox’s book of global commercial insurance business against a range of… Continue reading Hiscox Adopts CyberCube’s Risk Analytics Software
BRP Group, Inc. to Acquire Highland Risk Services LLC
BRP Group, Inc., a rapidly growing independent insurance distribution firm delivering tailored insurance solutions, today announced that BRP Insurance Intermediary Holdings, LLC, a subsidiary of BRP Group, has entered into an agreement to acquire substantially all assets of Highland Risk Services LLC (“Highland Risk”). Highland Risk is a Chicago-based independent insurance firm focused on providing… Continue reading BRP Group, Inc. to Acquire Highland Risk Services LLC