Reported cases of ransomware attacks, and the value of ransom demands in the most sophisticated type of breaches, have spiked in the third quarter of 2018, according to data released by specialist insurer Beazley. Ransomware is a type of malicious software that restricts access to an infected machine, usually by encrypting files on the hard… Continue reading Surge in Ransomware Attacks on Businesses Gives Rise to Increase in Demands
Tag: Cyber Liability insurance
Cyber and D&O Liability Increasingly Interlinked: Airmic Report
Cyber insurance and directors and officers (D&O) liability insurance go hand in hand now that company business models increasingly revolve around technology, according to a white paper published by Airmic with support from Marsh and AIG. Cyber incidents are dramatically on the rise, with AIG reporting as many cyber claims in 2017 as in the… Continue reading Cyber and D&O Liability Increasingly Interlinked: Airmic Report
Chubb Cyber Attack Simulation Board Game Wins Global Industry Award
A cyber attack simulation board game created by Chubb has won a global gaming industry accolade. “Hacksagon!” developed by Chubb’s European cyber team won the award for Excellence in No-Tech Gamification Design at the recent 2018 GamiCon awards in Chicago. “Hacksagon!” was created by Chubb to help brokers and customers improve their understanding of cyber… Continue reading Chubb Cyber Attack Simulation Board Game Wins Global Industry Award
AXA XL Launches Cyber Insurance for Small & Mid-Size Businesses on Slice ICS
Slice Labs Inc., a leading on-demand insurance cloud provider, and AXA XL, a division of AXA, today launched a new cyber insurance policy specifically designed for small and midsize businesses (SMBs). Powered by Slice’s Insurance Cloud Services (ICS) platform, AXA XL’s cyber insurance solution provides U.S. small and medium sized businesses with comprehensive cyber insurance… Continue reading AXA XL Launches Cyber Insurance for Small & Mid-Size Businesses on Slice ICS
Zurich Launches New Globally-Consistent Cyber Insurance Policy
Zurich Insurance has launched its new Zurich Cyber Insurance Policy with an updated form designed to help businesses protect themselves from cybersecurity risks. The new form replaces Zurich’s Security & Privacy policy and brings together coverages previously available only through endorsements but now embedded within a convenient, unified solution that can be customized to meet… Continue reading Zurich Launches New Globally-Consistent Cyber Insurance Policy
Facebook Security Breach Exposes Accounts of 50 Million Users
Facebook, already facing scrutiny over how it handles the private information of its users, said on Friday that an attack on its computer network had exposed the personal information of nearly 50 million users. The breach, which was discovered this week, was the largest in the company’s 14-year history. The attackers exploited a feature in… Continue reading Facebook Security Breach Exposes Accounts of 50 Million Users
Insurers’ Cybersecurity Improves Despite More Attacks
Insurance companies repelled 78% of cyberattacks last year, up from 70% the previous year, according to Accenture’s recent survey of 33 carriers, “Insuring the Future: 2018 State of Cyber Resilience in Insurance.” The improvement comes despite an increasing number of attacks overall. Most common are attacks that originate internally at insurance companies, at a clip… Continue reading Insurers’ Cybersecurity Improves Despite More Attacks
Cyberattacks Are A Constant Fear 17 Years after 9/11
Seventeen years after the 9/11 terror attacks, lawmakers are stepping up their warnings about how the next assault on the U.S. could be a cyberattack. Airports and airlines increasingly rely on cyber networks to operate, yet there are no federal regulations specifically governing their use. Lawmakers say they are drafting legislation that would impose new… Continue reading Cyberattacks Are A Constant Fear 17 Years after 9/11
Top Cities Looking to Purchase Cyber Insurance
An official responsible for safeguarding the fourth-largest U.S. city’s system says that hackers are constantly probing for “the one flaw overlooked” in Houston’s computer network. “Compromise is inevitable,” said Christopher Mitchell, chief information security official, at a Houston City Council hearing last month. His presentation helped persuade local lawmakers they needed a $30 million cybersecurity… Continue reading Top Cities Looking to Purchase Cyber Insurance
Hackers Hit Towns Across the U.S.
Town officials in Rockport, Maine, were closing up shop on Friday, April 13, when they realized they couldn’t open files on their computers. After fielding messages from town workers, local information-technology contractor Gus Natale said he “went straight to the town office and started yanking plugs.” An unknown hacker had snuck malicious software onto the… Continue reading Hackers Hit Towns Across the U.S.