New York’s financial watchdog published significant updates to its cybersecurity regulations Wednesday, adding strict provisions around board oversight and ransom payments that go further than recent federal rules.
Tag: cyber insurance
Insurance Prices Continue to Stabilize as Cyber Market Records Second Quarterly Decrease Since H2 2018
Global commercial insurance prices increased 3% in the third quarter of 2023, the same as the prior quarter, according to the Global Insurance Market Index released today by Marsh, the world’s leading insurance broker and risk advisor and a business of Marsh McLennan.
Alliance of 40 Countries to Vow Not to Pay Ransom to Cybercriminals, U.S. Says
Forty countries in a U.S.-led alliance plan to sign a pledge never to pay ransom to cybercriminals and to work toward eliminating the hackers’ funding mechanism, a senior White House official said on Tuesday.
Detection and Response Tools Increasingly Important As Cyber Claims Surge: Allianz
Following two years of high but stable loss activity, 2023 has seen a worrying resurgence in ransomware and extortion claims as the cyber threat landscape continues to evolve, Allianz Commercial warns in a new report.
2023 Toll of Data Breaches and Leaks Already Tops 2022
The total number of data breaches and leaks in 2023 so far has already outpaced last year’s numbers, according to new data from the Identity Theft Resource Center.
Resilience Report: Cybercriminals Uplevel Tactics to Deal with Lower Extortion Payment Rate
Ransomware is entering a new era, as cybercriminals have begun shifting their tactics to bypass security controls by hitting critical vendors and seeking larger targets for extortions, Resilience found in its Midyear 2023 Claims Report.
U.S. Plans to Push Other Countries Not to Pay Hacker Ransoms
The U.S. is pushing a group of governments to publicly commit to not make ransom payments to hackers ahead of an annual meeting of more than 45 nations in Washington later this month.
Ultimate Risk Services’ “Grow Your Agency Program” Increases Revenue, Retention
Philadelphia-based Ultimate Risk Services (URS), a leader in cybersecurity and workplace safety solutions, is pleased to announce the onboarding of several forward-thinking insurance agencies to our cutting-edge “Grow Your Agency” program that increase revenues, retention, and differentiation.
USQRisk’s Accelerator/Incubator Program Launches First MGA
USQRisk, the international managing general agent specializing in alternative risk transfer solutions, today announces the launch of Pera, a managing general agent providing cyber and blended cyber and technology E&O insurance to large U.S. domiciled corporate risks.
NetDiligence Unveils Thirteenth Annual Cyber Claims Study
This year’s study analyzes 9,000 cyber claims spanning the period from 2018 to 2022, with 800 claims from 2022 alone.