Eastern European criminals are targeting dozens of U.S. hospitals with ransomware, and federal officials on Wednesday urged healthcare facilities to beef up preparations rapidly in case they are next. The FBI is investigating the recent attacks, which include incidents in Oregon, California and New York made public just this week, according to three cybersecurity consultants… Continue reading A Wave of Ransomware Attacks Strike U.S. Hospitals
Tag: cyber risks
Willis Re Survey Finds COVID-19 Fuels Cyber Losses
Risk professionals believe the overall level of cyber attacks will increase as a result of COVID-19. Of nearly 1,000 respondents to Willis Re’s 2020 Cyber Risk Outlook survey, 86% believe frequency will increase, and 54% believe severity will rise, according to the annual, global survey by the reinsurance division of Willis Towers Watson, a leading… Continue reading Willis Re Survey Finds COVID-19 Fuels Cyber Losses
Aon Acquires Cytelligence, Strengthening Cyber Security Offering
Aon plc, a leading global professional services firm providing a broad range of risk, retirement and health solutions, announced today the acquisition of Cytelligence Inc, a Canadian-based cyber security firm that provides incident response advisory, digital forensic expertise, security consulting services and cyber security training for employees to help organizations respond to cyber security threats… Continue reading Aon Acquires Cytelligence, Strengthening Cyber Security Offering
Cyber Leads Global Business Risks for First Time: Allianz Risk Barometer 2020
For the first time ever, Cyber incidents ranks as the most important business risk globally in the ninth Allianz Risk Barometer 2020, relegating perennial top peril Business interruption (BI) to second place. Seven years ago, cyber ranked 15th with just 6% of responses. Changes in legislation and regulation (#3 with 27%) and Climate change (#7… Continue reading Cyber Leads Global Business Risks for First Time: Allianz Risk Barometer 2020
New York Fed Paper Warns a Cyberattack on Banks Could Cause Major Disruption
A well-planned cyberattack on the U.S. banking system could have a devastating effect on U.S. financial stability, according to new research from the Federal Reserve Bank of New York. In a paper termed a “pre-mortem analysis” that was released Monday, bank analysts Thomas Eisenbach, Anna Kovner, and Michael Junho Lee looked at how banks would… Continue reading New York Fed Paper Warns a Cyberattack on Banks Could Cause Major Disruption
The Hartford Enhances Cyber Service Offerings with the Addition of Two New Partnerships
The Hartford has expanded the range of services designed to protect customers from the costly risk of cyber-attacks. The new additions to The Hartford Cyber Center include detection of digital risk exposure across the dark web from Terbium Labs®, as well as a custom product that uses BlackBerry’s CylancePROTECT® artificial intelligence (AI) and machine-learning software… Continue reading The Hartford Enhances Cyber Service Offerings with the Addition of Two New Partnerships
Fitch Ratings: Silent Cyber Assessment Key to Managing Evolving Insurance Risk
Property and Casualty (P/C) insurers are gradually gaining sophistication in measuring risk aggregations and modeling potential losses from catastrophic cyber events, but efficacy of this analysis is inhibited by exposure to non-affirmative or “silent” cyber risk, Fitch Ratings says. Many insurers now view cyber insurance as an attractive source of premium growth and profits. However,… Continue reading Fitch Ratings: Silent Cyber Assessment Key to Managing Evolving Insurance Risk
Marsh Enhances Cyber Risk Consulting Capabilities
Marsh, the world’s leading insurance broker and risk adviser, has announced the launch of an enhanced suite of cyber risk quantification consulting capabilities that offer clients new insight into the impact of their cybersecurity investments. The enhanced consulting capabilities are powered by Blue[i] Cyber, a new cyber risk analytics engine that integrates Marsh’s market-leading cyber… Continue reading Marsh Enhances Cyber Risk Consulting Capabilities
Identity Theft Coverage Could Evolve Into Standalone Personal Cyber Insurance: AM Best
As technology proliferates further into individuals’ lives, the role of identity theft insurance as a supplemental product could evolve as personal cyber risks become more of a threat, according to a new AM Best report. A new Best’s Special Report, titled, “Identity Theft Coverage Continues to Evolve,” states that in its current form, identity theft… Continue reading Identity Theft Coverage Could Evolve Into Standalone Personal Cyber Insurance: AM Best
Brit Announces Launch of E-trading Cyber Portal
Brit Ltd (“Brit”) is pleased to announce the launch of its online platform for cyber risks. The e-trading portal will launch in both the UK and the US targeting SMEs in both regions. The portal will give brokers an agile, user-friendly outlet for Brit’s leading cyber underwriting capabilities, allowing them to quote and bind in… Continue reading Brit Announces Launch of E-trading Cyber Portal