Officials in Baltimore approved the city’s purchase of $20 million in cyber-insurance coverage, five months after a debilitating ransomware attack. The decision Wednesday to buy specialized insurance comes as U.S. cities face a growing threat of hackers seizing municipal computer systems and demanding ransoms that can top $1 million. Baltimore, which didn’t previously have cyber… Continue reading Baltimore to Buy $20 Million in Insurance in Case of Another Cyber Attack
Tag: cyber insurance
Great American Insurance Group Launches Streamlined, Admitted Cyber Product for Small and Medium-Sized Businesses
Great American Insurance Group is pleased to announce its new admitted cyber risk insurance product, the Risk e-Business Cyber Loss & Liability Insurance Policy℠. With two insuring agreements and only 13 exclusions, it’s cyber coverage made simple. According to Betty Shepherd, Divisional Senior Vice President of Great American Cyber Risk, the product is easy for… Continue reading Great American Insurance Group Launches Streamlined, Admitted Cyber Product for Small and Medium-Sized Businesses
Cyber Returns Will Diminish Over Time: S&P Analysts
The cyber insurance and reinsurance industry continues to be extremely profitable and shows vast potential for growth, but returns are likely to diminish as the sector becomes more firmly established. This according to Jean-Paul Huby Klein, Associate Director for Insurance Ratings at S&P Global Ratings, who commented on the prospects of the nascent cyber market… Continue reading Cyber Returns Will Diminish Over Time: S&P Analysts
Ransomware Attacks for 2019 Already Outpacing Total Number of Incidents in 2018: Chubb
In the 2019 third quarter edition of the Chubb Cyber InFocus Report, “Adapting to the New Realities of Cyber Risks,” Chubb provides insight into the recent growth of ransomware attacks across industries and underscores best practices companies should take to combat the associated risks. “Ransomware is not new, but has evolved over time,” said Michael… Continue reading Ransomware Attacks for 2019 Already Outpacing Total Number of Incidents in 2018: Chubb
The Hanover Expands Specialty Portfolio with New Cyber Product
The Hanover Insurance Group, Inc. announced the launch of Hanover Cyber Advantage Premier, a new stand-alone, non-admitted cyber product for commercial lines agents and their clients. This new coverage is part of The Hanover’s continued investment in its existing cyber business, providing its agent partners with access to robust, specialized and complementary products for today’s… Continue reading The Hanover Expands Specialty Portfolio with New Cyber Product
Thousands Given Green Light to Make Compensation Claim over British Airlines Data Breach
Thousands of British Airways customers have been given the green light to to bring compensation claims against the airline over a data breach. Half a million people were left exposed by the cyber attack on BA’s systems last year last year and BA could face a record fine for their “poor security arrangements”. At a… Continue reading Thousands Given Green Light to Make Compensation Claim over British Airlines Data Breach
Cyber-related Business Interruption Now a Top Concern of Risk Managers: Zurich
Zurich Insurance has released the ninth annual Advisen cyber survey of corporate risk managers and insurance buyers revealing current views about information security and cyber risk management. A key finding of the 2019 survey is that business interruptions due to cyber events are a top concern. That concern is driving a desire for increased cyber… Continue reading Cyber-related Business Interruption Now a Top Concern of Risk Managers: Zurich
DoorDash Confirms Data Breach Affected 4.9M Customers, Workers and Merchants
DoorDash has confirmed a data breach. The food delivery company said in a blog post late last week that 4.9 million customers, delivery workers and merchants had their information stolen by hackers. The breach happened on May 4, the company said, but added that customers who joined after April 5, 2018 are not affected by… Continue reading DoorDash Confirms Data Breach Affected 4.9M Customers, Workers and Merchants
What CEOs Around the World See As the Biggest Risks to Business
Executives in advanced economies are most concerned about technological threats, according to this year’s World Economic Forum’s Regional Risks to Doing Business Report. The perennial prominence of cyber-related risks is unsurprising given the evolving attack vectors in development by criminals and state-sponsored actors at a time when companies are more exposed due to digital business… Continue reading What CEOs Around the World See As the Biggest Risks to Business
Cyber Threats Are Top Overall Business Concern: Travelers Risk Index
The Travelers Companies, Inc. today announced the results of the 2019 Travelers Risk Index, which found that cyber risks are the top concern among businesses of all sizes for the first time since the survey began in 2014. Of the 1,200 business leaders who participated in the survey, 55% said they worry some or a… Continue reading Cyber Threats Are Top Overall Business Concern: Travelers Risk Index