Rising prices of insurance against cyberattacks fail to take account of the potential catastrophic effects of a widespread attack, Chubb Ltd. Chief Executive Evan Greenberg said on Wednesday. “The pricing environment is pretty good,” Greenberg said on a conference call. “But … that is not addressing by itself the fundamental issue…. Like pandemic, cyber has… Continue reading Cyber Insurance Rates Fail to Match Catastrophe Risk: Chubb CEO
Tag: cyber liability
Acrisure Broadens Platform with Cyber Services Division
Acrisure, a fast-growing fintech leader that operates a top-10 global insurance broker, announced the formation of Acrisure Cyber Services. It joins Insurance, Reinsurance, Real Estate Services and Asset Management as divisions powered by Acrisure’s technology capabilities and global distribution network. Businesses in every industry face complex cyber risk, particularly the millions of small and midsize… Continue reading Acrisure Broadens Platform with Cyber Services Division
Insurers Changing Cyber Capacity, Appetite, Limits, & Policy Terms as Losses Spike
After the pandemic and home-working drove a surge in ransomware attacks that left insurers reeling from large payouts, insurers have cut the amount of cyber cover they provide to customers in half. Due to increased demand, major European and American insurers and syndicates operating in the Lloyd’s of London market have been able to charge… Continue reading Insurers Changing Cyber Capacity, Appetite, Limits, & Policy Terms as Losses Spike
Ransomware Costs Are Lower Compared to 2020: Corvus Risk Index
While ransomware continues to be a problem for businesses around the world, a new report from commercial insurance firm Corvus indicates that ransomware costs are being reduced significantly as a result of better preparedness. And, while cyber insurance claims spiked in early 2021 as a result of the Microsoft Exchange vulnerability, they have been steadily… Continue reading Ransomware Costs Are Lower Compared to 2020: Corvus Risk Index
Cyber Insurers See Manageable Growing Risk Exposure, Rising Claims
Cyber insurance has been profitable for US property/casualty (P/C) insurers for several years, but recent growing losses tied to network intrusions, phishing incidents and denials of service will likely increase claims volume and average cost per claim going forward, Fitch Ratings says. However, a negative rating action tied to underwriting losses related to a cyber… Continue reading Cyber Insurers See Manageable Growing Risk Exposure, Rising Claims
Suspected Ransomware Payments for First Half of 2021 Total $590 Million
Banks and other financial institutions in the U.S. reported transactions worth nearly $600 million suspected of being ransomware payments in the first half of this year, surpassing the total for all of 2020, according to a new Treasury Department report published Friday. Officials say the data, based on so-called suspicious activity reports that financial firms… Continue reading Suspected Ransomware Payments for First Half of 2021 Total $590 Million
Data Breaches Are Up 38% in Q2 2021: ITRC
Today, the Identity Theft Resource Center® (ITRC), a nationally recognized nonprofit organization established to support victims of identity crime, released its U.S. data breach findings for the first half (H1) of 2021. According to the data breach analysis, publicly-reported U.S. data breaches are up 38 percent in the second quarter (Q2) of 2021 (491 compromises)… Continue reading Data Breaches Are Up 38% in Q2 2021: ITRC
Ransomware Claims Are Roiling an Entire Segment of the Insurance Industry
The recent surge of ransomware attacks is upending the cyber insurance industry, pushing up the requirements and cost of coverage just as more companies need it. Ransomware attacks — in which cybercriminals take over an organization’s computer network and demand a payment to hand back control — have increased in frequency and severity over the… Continue reading Ransomware Claims Are Roiling an Entire Segment of the Insurance Industry
Pipeline Attack Stirs Debate on Whether Insurance Lures Hackers
The ransomware attack on Colonial Pipeline Co. that caused gasoline shortages along the U.S. East Coast also sparked a debate about whether cyber insurance helps protect against marauders — or attracts them. Some cyber-security experts say hackers target companies that have coverage, because they know the firms can pay ransoms. But others believe the blame… Continue reading Pipeline Attack Stirs Debate on Whether Insurance Lures Hackers
Hackers Target Schools in New Wave of Cyberattacks
Just as school was to start this semester, technology chief Tony Brooks rushed to his office in Athens, Texas. Colleagues said they were unable to access the school district’s network. He logged into his computer. A message popped up: “All your important files are encrypted!” “I immediately freaked out,” said Mr. Brooks. “I got my… Continue reading Hackers Target Schools in New Wave of Cyberattacks