The Hartford has partnered with Mimecast, an email and data security company, to offer Mimecast™ Awareness Training services to help its customers reduce the risk of a cybersecurity incident before it occurs. “Cyberattacks continue to evolve and are becoming more sophisticated,” said Tim Marlin, head of cyber underwriting at The Hartford. “Increasingly, employees are targets… Continue reading The Hartford Partners with Mimecast to Help Businesses Reduce the Risk of a Cyber Incident
Tag: Cyber Liability insurance
First American Says Product Defect Could Have Caused Customer Data Exposure
U.S. real estate title insurance company First American Financial Corp said on Friday it had learned of a design defect in one of its production applications that had made possible unauthorized access to customer data. The statement was sent in response to a report by security news website Krebs on Security, which said First American’s… Continue reading First American Says Product Defect Could Have Caused Customer Data Exposure
Beazley: Ransomware Attacks Skyrocket, Q1 2019
Ransomware attacks skyrocketed in the first quarter of 2019, according to the Beazley Breach Response (BBR) Services team, which reports a 105% increase in the number of ransomware attack notifications against clients compared to Q1 2018. Not only has the frequency of attacks increased, but attackers are shifting focus, targeting larger organizations and demanding higher… Continue reading Beazley: Ransomware Attacks Skyrocket, Q1 2019
CNA Hardy Announces Enhanced Cyber Proposition
CNA Hardy, a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets, is pleased to announce significant enhancements to its Cyber proposition with a new pre-breach service and vital additional coverages. David Legassick, Head of Cyber, Tech & Life Science said: “Our latest cyber proposition reflects the changing risk environment. Technology… Continue reading CNA Hardy Announces Enhanced Cyber Proposition
Cyber Insurance Growth Slows, Market Remains Untested: Fitch
The cyber insurance market remains a source of growth for U.S. property/casualty insurers; however, that growth is slowing, according to Fitch Ratings. The industry’s total direct written cyber premiums grew 8% in 2018 to $2 billion, down from 37% growth in 2017. “After several years of brisk growth, U.S. cyber insurance segment revenue moderated in… Continue reading Cyber Insurance Growth Slows, Market Remains Untested: Fitch
Cybersecurity Insurance Startup Coalition Raises $40M in Series B Funding
Coalition, a cybersecurity insurance company, has raised $40 million in its latest round of funding. Fintech investment giant Ribbit Capital led the investment with participation from Greenoaks Capital and Hillhouse Capital. Coalition’s insurance covers expenses incurred from liabilities related to third-parties, such as fines and penalties — as well as fraud, breach response, extortion and… Continue reading Cybersecurity Insurance Startup Coalition Raises $40M in Series B Funding
Data Reveals 133% Increase in Business Email Compromise Incidents from 2017 to 2018
Business email compromises (BEC) accounted for 24% of the overall number of incidents reported to Beazley Breach Response (BBR) Services in 2018, compared to 13% in 2017, according to a new report published today by Beazley. The latest Beazley Breach Briefing, based on information gleaned from investigations into more than 3,300 data incidents in 2018,… Continue reading Data Reveals 133% Increase in Business Email Compromise Incidents from 2017 to 2018
One of the World’s Largest Aluminum Producer Hit by Major Cyberattack
Norsk Hydro ASA, one of the world’s biggest aluminum producers, is suffering production outages after a cyber attack affected operations across Europe and the U.S. Some operations, such as primary production potlines, have moved to a manual mode where possible, according to spokesman Halvor Molland. Other operations such as extrusion plants have been temporarily stopped.… Continue reading One of the World’s Largest Aluminum Producer Hit by Major Cyberattack
AI-Driven InsurTech Corvus Announces Launch of Smart Cyber Excess Insurance with $10M Limit
Boston-based InsurTech company Corvus Insurance announces the expansion of its underwriting appetite for its Smart Cyber Insurance product lines. The company developed the product in response to demand from its brokers to offer an Excess Cyber Insurance policy in order to participate on the coverage towers of larger companies. Under its new underwriting mandate from… Continue reading AI-Driven InsurTech Corvus Announces Launch of Smart Cyber Excess Insurance with $10M Limit
Beazley and Marsh Launch Cyber Insurance Cover and Breach Response Designed for Manufacturers
Specialist insurer Beazley has collaborated with Marsh, a global leader in insurance broking and innovative risk management solutions, to provide tailored cyber insurance cover and breach response to help US manufacturers address evolving cyber risks. Manufacturers today face a wide range of cyber and operational risks that can cause significant economic loss even if the… Continue reading Beazley and Marsh Launch Cyber Insurance Cover and Breach Response Designed for Manufacturers