Coalition, the leading cyber insurance company for small and midsize businesses, announced it has expanded its cyber and technology errors and omissions coverage — previously only available to companies with less than $250 million in revenue — to include middle market companies with up to $1 billion in annual revenue. With cyber crime-related losses expected… Continue reading Coalition Launches Leading Cyber Insurance Coverage for Middle Market Businesses
Tag: cyber insurance
Payouts from Insurance Policies Might Fuel Ransomware Attacks
The call came on a Saturday in July delivering grim news: Many of the computer systems serving the government of LaPorte County, Ind., had been taken hostage with ransomware. The hackers demanded $250,000. No way, thought County Commission President Vidya Kora. But less than a week later, officials in the county southeast of Chicago agreed… Continue reading Payouts from Insurance Policies Might Fuel Ransomware Attacks
Chubb Survey Finds Disconnect between U.S. Consumers’ Awareness and Actions toward Cybersecurity
A new study from Chubb finds that when it comes to cybersecurity, Americans are concerned, but not necessarily prepared to take the appropriate—and necessary—preventative steps to protect themselves from a cyber attack. According to Chubb’s Third Annual Cyber Report, which examined individuals’ comprehension of cyber risks and the steps they are taking to protect themselves,… Continue reading Chubb Survey Finds Disconnect between U.S. Consumers’ Awareness and Actions toward Cybersecurity
Cyber Insurance Industry Catastrophe Loss Study: Guy Carpenter
Because it is essential to develop a deep understanding of the characteristics of cyber catastrophe events and the financial impact they could have on the standalone cyber insurance market as it exists today, CyberCube Analytics and Guy Carpenter have collaborated to help (re)insurers quantify cyber risk by pooling data resources and analytics capabilities to cultivate… Continue reading Cyber Insurance Industry Catastrophe Loss Study: Guy Carpenter
Social Engineering Drives Cybercrime Against Businesses
The cybercriminal who steals information or money from a small business is probably a master of deception and manipulation as well as a techno-expert. When Nancy Butler got a call from someone claiming to be from her information technology service two years ago, she assumed it was a routine checkup by a legitimate staffer. So,… Continue reading Social Engineering Drives Cybercrime Against Businesses
U.S. Cyber Insurance Market is Growing, But Can Industry Solutions Keep Up with the Threat?
Insurers continue to refine and evolve the underwriting and products for cyber threats, along with incubating an ecosystem of services. The cyber threat, however, is evolving at a rapid pace, enhanced by the explosive growth in technology advancements, according to a new study by Conning. “While cyber premium has been growing, there are challenges to… Continue reading U.S. Cyber Insurance Market is Growing, But Can Industry Solutions Keep Up with the Threat?
AIG to Spell Out Cyber Coverage Across Global Commercial Lines
As of January 2020, all of American International Group’s commercial property and casualty insurance policies will begin affirmatively covering or excluding physical and non-physical cyber exposures. AIG says the move addresses market concerns that traditional commercial insurance policies across the industry — from property to general liability — are often silent about cyber coverage. “As… Continue reading AIG to Spell Out Cyber Coverage Across Global Commercial Lines
Baltimore Transfers $6M to Pay for Ransomware Attack; City Considers Cyber Insurance
Baltimore officials on Wednesday voted to transfer $6 million from a fund for parks and public facilities to help pay for the devastating impact of the May ransomware attack on the city. The funds will help pay for “cyber-attack remediation and hardening of the environment,” according to the city’s spending panel, the Board of Estimates,… Continue reading Baltimore Transfers $6M to Pay for Ransomware Attack; City Considers Cyber Insurance
Reinsurers’ Silent Cyber Concerns Ease in 2019: Wills Re Survey
The reinsurance sector is considerably less concerned about silent cyber exposures than it was in 2018, according to an annual global survey by Willis Re, the reinsurance division of broker Willis Towers Watson. Analysts believe that the fall in silent cyber claims expectations could stem from the absence of wide-scale cyber events in the 12… Continue reading Reinsurers’ Silent Cyber Concerns Ease in 2019: Wills Re Survey
Chubb Report Spotlights Biometric Privacy Act, iEncrpyt and Cyber Risks Facing Financial Institutions
Chubb’s latest Cyber InFocus Report, “Know the Latest Trends in Cyber Risks,” outlines the newest cyber exposures that all institutions should have on their radar. The first of these new risks surrounds a recent surge in Biometrics Information Privacy Act (BIPA) lawsuits, which has created a growing need for organizations to better understand current and… Continue reading Chubb Report Spotlights Biometric Privacy Act, iEncrpyt and Cyber Risks Facing Financial Institutions