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Join the Cybersecurity and Incident Response Group on LinkedInUkraine War Has Insurers Worried About Cyber Policies – WSJ
Like most insurance policies, these have exclusions for acts of war. The aim is to protect insurers from claims tied to cyberattacks by governments, their militaries or groups that work for them. But a judge in New Jersey poked a hole in that exclusion last year in a ruling that essentially said a common acts-of-war […]
Cyberattacks spurring demand for cyber insurance: Moody’s | CFO Dive
Demand for cyber insurance has surged as companies respond to high-profile cyber attacks, increased regulatory scrutiny, mounting reputational risk and the need for protection against vulnerabilities among supply-chain counterparties, according to Moody’s Investors Service. “Cyber insurance has become an important component of companies’ risk management programs.” Source: Cyberattacks spurring demand for cyber insurance: Moody’s | […]
Cyber insurance isn’t helping with cybersecurity, and it might be making the ransomware crisis worse, say researchers | ZDNet
According to a research paper examining cyber insurance and the cybersecurity challenge by defence think tank Royal United Services Institute (RUSI), this practice isn’t just encouraging cyber criminals, it’s also not sustainable for the cyber insurance industry, which warns ransomware has become an existential threat for some insurers. “To date, cyber insurance has failed to live […]
Guest Post: Be Prepared: Costly Cyber Claims Could Lead to Higher Premiums in 2021 | The D&O Diary
The rarified place that cybersecurity insurance (“cyber insurance”) used to hold in the strata of the more “profitable” corporate insurance products is quickly closing, as significant losses are now more prevalent on the books of cyber insurance carriers. (And growing monthly.) Will higher cyber insurance premiums follow? Will limits of liability contract as cyber insurers closely […]
Cyber Insurance Purchases Will Surge With California Privacy Law
U.S. companies are turning to cybersecurity insurance to protect themselves from lawsuits and fines with enforcement of California’s landmark privacy law set to begin July 1, attorneys say. San Francisco-based Coalition, which calls itself the fastest-growing cyber insurance provider, got more than 2,000 requests for policies in December and January to protect against California law […]
Guest Post: Silent Cyber – Is it Deafening? | The D&O Diary
As many insurance industry observers know, one of the great concerns within the industry now is the possible impact of “silent cyber” – that is, the potential for cybersecurity-related coverage outside of purpose-built cyber insurance policies. In the following guest post, Umesh Pratapa takes a look at the silent cyber phenomenon…. via Guest Post: Silent […]
Seeking Insurance for Cybersecurity-Related Losses | The D&O Diary
Many of you probably saw the news this past week that Target has filed a lawsuit against one of its insurers over losses the company sustained in connection with the company’s 2014 data breach. The Target lawsuit is the latest in a series of high profile insurance battles in which companies are seeking to recoup […]
Insurer’s Bid to Dismiss Complaint Seeking Cyber Policy Coverage for Payment Instruction Loss Denied | The D&O Diary
One of the more challenging issues businesses must confront as wrongdoers have turned Internet tools into criminal devices has been the rising threat of payment instruction fraud, or, as it is sometimes called, social engineering fraud. Along with these crimes have come vexing questions of insurance coverage for the ensuing losses. Courts have struggled to […]
Cyber risk insurance is more than just insurance
Insurance companies such as Chubb are offering incident response services and security tools to help companies improve their cyber security posture and better cope with cyber attacks via Cyber risk insurance is more than just insurance.
Cyber insurance has changed incident response — for better or worse
… At a micro summit during Black Hat 2019 in August, experts described a booming market with an increasing number of competing insurance carriers and incredibly cheap policies for enterprises that need financial protection against cyberattacks. But the speakers also urged the infosec community to be aware of potential hurdles and drawbacks, including hidden exclusions […]
My Article Entitled Cyber Insurance Bespoke: Tips For Finding The Right Policy
In my recent article, entitled, Cyber Insurance Bespoke: Tips For Finding The Right Policy and excerpted from a series of articles I wrote at the request of the NASDAQ Governance Clearinghouse, I review some critical caveats and guidelines to consider when purchasing cyber insurance.
Cyber Insurance: How to Find the Right Policy — Nasdaq Governance Clearinghouse
A near certainty for public and private corporations is that, at some point, they will be subject to a cyber-attack. And what is indisputable is that cyber-attacks are almost always extraordinarily complicated and will require a host of costly responses. So it seems that for today’s risk-averse companies, the best way to gain insight into […]
Cyber Insurance: Why Your Company Needs It — Nasdaq Governance Clearinghouse
The time is now for stand-alone cyber insurance. The tensions between traditional insurance policies and data breach coverage have prompted the dawning of a new era of stand-alone “cyber insurance.” And this new era has only just begun. Global insurance broker Marsh LLC recently reported a 27% increase of stand-alone cyber insurance purchases by its U.S.-based […]
Cybersecurity insurance premiums expected to skyrocket | Washington Examiner
Insurance premiums for cybersecurity could grow to $7.5 billion in the next five years, according to a new report. The study, issued by PricewaterhouseCoopers, found that $2.5 billion was spent on cyberinsurance premiums in 2014, a year in which an average of 100,000 global cybersecurity incidents took place each day. Researchers found that the growing […]
Guest Post: Five Tips for Success in Cyber Insurance Litigation | The D&O Diary
Many insurance coverage disputes can be, should be, and are settled without the need for litigation and its attendant costs and distractions. However, some disputes cannot be settled, and organizations are compelled to resort to courts or other tribunals in order to obtain the coverage they paid for, or, with increasing frequency, they are pulled […]