Obtaining or renewing cyber insurance has become costly and time-consuming for many businesses. The cost of cyber insurance has risen in the last year as the number of ransomware hacks and other cyberattacks has increased. Given these realities, insurers are becoming more stringent when it comes to renewing or granting new or additional coverage. They… Continue reading Buying Cyber Is More Challenging for Businesses as Attacks Proliferate and Costs Rise
Tag: Cyber Liability insurance
Cyber Insurance Provider Coalition Names First CFO as It Looks toward the Future
Coalition Inc., a cybersecurity insurance provider, appointed its first finance chief after raising $250 million in a Series F round. Jim Young, based in San Francisco, began his new role as chief financial officer on July 25. Mr. Young was most recently the CFO of agricultural technology firm Indigo Ag. Prior to that, he was… Continue reading Cyber Insurance Provider Coalition Names First CFO as It Looks toward the Future
How Insurance Agents Can Support Cyber Liability for Their Clients
The value of the advice insurance agents provide to clients with cyber liability insurance grows daily as hackers increasingly target small businesses and government operations with weak or nonexistent defenses against cyberattacks on their networks. In addition, the cyber liability insurance coverage agents offer protects businesses from lawsuits resulting from data breaches, identity theft, and… Continue reading How Insurance Agents Can Support Cyber Liability for Their Clients
Increasing Cyberthreats Raise Cyber Insurance Premiums While Reducing Availability
Cyber insurance has been around for about 20 years. These insurance policies cover common cyber-related losses, such as those associated with data breaches and ransomware attacks that result in loss of business or disruptions. But while more companies may be looking for insurance against attacks, stability in premium rates and access to policies are changing.… Continue reading Increasing Cyberthreats Raise Cyber Insurance Premiums While Reducing Availability
Cyber Premiums Increased by 34.3% in Q4 2021
Premium prices climbed further in Q4 2021, according to results from The Council’s Commercial/ Property Casualty Market Index, marking the 17th consecutive quarter of premium increases. The average increase in premiums across all account sizes was 8.7%, down slightly from the 8.9% recorded in Q3 2021. Respondents reported an average premium increase of 34.3% for… Continue reading Cyber Premiums Increased by 34.3% in Q4 2021
Aon Discloses “Cyber Incident’ Amid Mounting Hack Concerns
Aon Plc is investigating a “cyber incident” that the insurance brokerage said impacted a limited number of its systems. The incident, identified Friday, “has not had a significant impact” on operations at Aon, the world’s second-largest insurance brokerage, nor does the Dublin-based company expect it to, according to a regulatory filing Monday. “We remain focused… Continue reading Aon Discloses “Cyber Incident’ Amid Mounting Hack Concerns
FBI Calls Crypto ‘Only Game in Town’ as Ransomware Flourishes
Cryptocurrencies and deep-fake technology are sending chills throughout the U.S. government, with cyber crooks embracing digital innovations so rapidly that law enforcement can barely keep up, according to the Federal Bureau of Investigation. “Crypto is the primary currency, the primary vehicle, to facilitate extortion payments. It’s the only game in town,” Bryan Vorndran, assistant director… Continue reading FBI Calls Crypto ‘Only Game in Town’ as Ransomware Flourishes
Cyberattacks Increasingly Hobble Pandemic-Weary U.S. Schools
During an early morning staff meeting at a middle school in New Mexico’s largest city, teachers got their first inkling of a widespread technology problem. There were shout-outs for a new custodian’s hard work on the video, as well as the usual announcements from administrators and the union rep. However, there were hints of a… Continue reading Cyberattacks Increasingly Hobble Pandemic-Weary U.S. Schools
Ransomware Continues Despite Slowdown of High-Profile Attacks
There hasn’t been a massive attack like the one last May that resulted in gasoline shortages in the months since President Joe Biden warned Russia’s Vladimir Putin that he needed to crack down on ransomware gangs in his country. But it’s a small consolation for Ken Trzaska. Trzaska is the president of Lewis & Clark… Continue reading Ransomware Continues Despite Slowdown of High-Profile Attacks
More than One Million WordPress Users Impacted by GoDaddy Breach
A data breach exposed customer information including email addresses, account numbers, and passwords for more than one million GoDaddy users, the company revealed last Monday in a regulatory filing with the Securities and Exchange Commission (SEC). The breach affected users of WordPress, a web-based content management system used by bloggers and websites, according to the… Continue reading More than One Million WordPress Users Impacted by GoDaddy Breach