Woodruff Sawyer’s “2024 Cyber Looking Ahead Guide” covers the decline in pricing, cyber warfare, new SEC regulations, the emergence of personal liability for CISOs and AI’s impact on cyber risk.
Tag: ransomware
Cyberattacks Now More Likely than Fires or Thefts: Aviva
More than a fifth of businesses in the United Kingdom said they experienced a cyberattack in the last year, but perhaps even more surprising is the fact that cyberattacks are now more common than either physical theft or fire, according to a recent survey from Aviva.
Cyber Insurance Market Continues to Be Attractive as Ransomware Spikes: JP Morgan
Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an “attractive area with strong profitability and good exposure growth potential in the coming years.”
Hackers Hit Wall Street Arm of Chinese Banking Giant ICBC
A U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market.
2023 Ransomware Attacks Up More Than 95% Over 2022: Corvus Insurance Q3 Report
Corvus Insurance, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, today released its Q3 2023 Global Ransomware Report, which analyzes data from ransomware leak sites to track evolving trends.
Alliance of 40 Countries to Vow Not to Pay Ransom to Cybercriminals, U.S. Says
Forty countries in a U.S.-led alliance plan to sign a pledge never to pay ransom to cybercriminals and to work toward eliminating the hackers’ funding mechanism, a senior White House official said on Tuesday.
Resilience Report: Cybercriminals Uplevel Tactics to Deal with Lower Extortion Payment Rate
Ransomware is entering a new era, as cybercriminals have begun shifting their tactics to bypass security controls by hitting critical vendors and seeking larger targets for extortions, Resilience found in its Midyear 2023 Claims Report.
U.S. Plans to Push Other Countries Not to Pay Hacker Ransoms
The U.S. is pushing a group of governments to publicly commit to not make ransom payments to hackers ahead of an annual meeting of more than 45 nations in Washington later this month.
MGM Expects Q3 Profit to Take $100M Hit from Cyberattack
The recent cyberattack that caused many services at MGM Resorts International to be unavailable is expected to reduce its third-quarter profit by $100 million, according to the company’s 8-K filing on Thursday. The negative impact is expected predominantly in its Las Vegas operations but will have a minimal impact during the fourth quarter.
Ransomware Drives 12% Uptick in H1 Cyber Claims: Coalition
Cyber claims increased 12% in the first half of 2023 thanks in large part to a 27% increase in ransomware claim frequency, according to Coalition’s latest Cyber Claims Report.