Competition has been increasing in the cyber insurance market, leading to a "moderate" decrease in insurance premiums after several years of rate increases. So reports Moody's Ratings, which said that the changes were driven by an influx of new players that is likely to continue.
The CrowdStrike outage exposed recovery challenges, highlighting cloud systems' resilience over physical infrastructure. Jonathan Hatzor, co-founder and CEO of Parametrix, advises CIOs and CISOs on strategies that can effectively manage, mitigate and transfer risks.
The global IT outage triggered by a faulty CrowdStrike software update could lead to $400 million to $1.5 billion in payouts to cyber insurance policyholders, although the nonstandardized language used for such policies will make determining final losses a "lengthy process," analysts say.
Erik Decker, CISO, Intermountain Health, and Erik Hart, CISO, Cushman & Wakefield, discuss how proactive risk management strategies safeguard business continuity, enhance resilience and help mitigate cyberthreats effectively.
Keith Bergin, vice president of corporate claims at Tokio Marine HCC, explains how cyber insurers evaluate security measures such as MFA and administrative access control, and describes the integration of threat intelligence and pre-breach services to enhance policyholder security.
As cyberattacks continue unabated and the cost of ransomware increases, insurance claim payouts exceed insurance premiums. The insurance industry can’t sustain these conditions and is working to right the ship.
In this paper, we explore the state of cyber risk insurance and how insurers react to the current...
The vetting and purchase of appropriate cyber insurance can appear to be an overwhelming task for even the most accomplished executive. Understanding that "cyber insurance" is not a legal term, nor even a standard insurance industry term, this conundrum can seem even more onerous. However, with a little background...
The booming cyber insurance market is a reaction to the explosion of cyberattacks and data breaches in the last few years. In 2021, attacks increased 50%, much more than businesses or insurers expected or budgeted for.
Given that most cyber incidents involve compromised credentials, it’s no wonder insurance...
Generali Poland’s innovative approach to cyber insurance includes an anti-phishing initiative and market education efforts to enhance cyber resilience. Learn how these measures aim to support small and medium-sized businesses in Poland - and bridge the knowledge gap in cybersecurity.
In the latest weekly update, ISMG editors discussed key takeaways from RSA Conference, the surge in synthetic ID fraud in the auto lending industry, and a new initiative by the U.K.'s National Cyber Security Center and major insurance associations to combat ransomware threats.
A coalition of cyber insurance associations has pledged to back fresh government cybersecurity guidance designed to help victims avoid ever paying a ransom as part of an ongoing push to reduce ransomware's profitability for criminals, in part by improving organizations' resilience and recovery.
The Conservative government of British Prime Minister Rishi Sunak says it won't champion a reinsurance plan for cyber insurance similar to flood insurance, telling a parliamentary committee it doesn't want to "damage competition." Global ransomware payments surged to record levels during 2023.
Merck & Co.'s proposed settlement with insurers over a $1.4 billion claim related to the NotPetya attack will change the language the insurance industry uses to exclude acts of war in its policies, and organizations need to consider how those changes affect risk, said attorney Peter Halprin.
A proposed settlement has been reached between Merck & Co. and several insurers that were appealing a 2023 court decision saying the insurance companies could not invoke "hostile warlike action" exclusions in refusing to pay drugmakers' claims filed after the 2017 NotPetya cyberattack.
Senior analyst Alla Valente discusses Forrester's "Predictions 2024: Cybersecurity, Risk and Privacy" report, which outlines five predictions to help security, risk and privacy leaders prepare for the coming year. She also discusses the significance of governance and accountability in the use of AI.
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