36% of Corvus claims were related to fund transfer fraud in Q3 2022, hitting an all-time high and outpacing ransomware for the first time in a long time. Ransomware cyber insurance claims remain the most costly per incident, however.
A new report indicates that ransomware costs are being cut considerably due to better preparedness. And though cyber insurance claims spiked in early 2021 due to the Microsoft Exchange vulnerability, they have been on a steep downward trend since.
A new report from the Association of British Insurers (ABI) has tallied up the cyber insurance claims from 2024 and found that payout numbers more than tripled from those recorded in 2023, with a 230% year-on-year increase.
Cyber insurance firm CNA Financial potentially leaked clients’ data after being the victim of a sophisticated cyber attack that disrupted services. Data obtained may help hackers optimize targeting of firm’s customers.
AIG releases new cyber risk benchmarking model to quantify and score cyber maturity of clients, boosting cyber insurance and promoting metrics useful for the industry to evaluate the risks that organizations face in terms of cyber security.
In what is shaping up to be a major test case for the entire cyber insurance industry, Zurich Insurance is refusing to pay out a $100 million claim from Mondelez, saying that the ransomware attack was actually an act of “cyber war,” and therefore, is not covered by the policy.
Cyber insurance companies are choosing to settle things quickly with a ransom payment during ransomware attacks for fear of covering all the business interruption costs and delays of re-booting a company from scratch.
Cyber insurance providers will now incentivize clients to buy cybersecurity services and products under the new Marsh Cyber Catalyst program with first group of 17 services added this September.
Study found cyber losses stemming from cyber threats had grown almost six-fold, and firms are stepping up their cyber security spending by 39% to keep up with the increasing cyber attacks.
As major ransomware attacks continue to be an almost-weekly news item, companies up for policy renewal are getting an unpleasant surprise. Reinsurance broker Wills Re reports that cyber reinsurance rates are up by as much as 40% across the industry.
