Cyber insurance premiums have jumped 73% in the U.S alone. Greater specificity over what is (and what is not) covered has become a feature of many updated policies, as has the expectation that companies need to have greater cybersecurity hygiene in place in order to qualify for insurance.
Lloyd’s of London has issued a bulletin indicating that its cyber insurance products will no longer cover the fallout of cyber attacks exchanged between nation-states. This definition extends to operations that have "major detrimental impact on the functioning of a state."
If cyber insurance providers want to create a better system that can reduce claims and better protect their policyholders, they cannot ignore the biggest driver of cyberattacks – password security.
For the healthcare sector where 34% of all organizations were hit by ransomware last year, cyber insurance may seem like a good investment. However, this may give many organizations a false sense of security.
AXA made news earlier in the month for opting to drop ransomware payment coverage from new cyber insurance policies in France. Operations in Asia were subsequently hit by a ransomware attack.
AXA France, regional division of European insurance giant AXA Group and France's largest general insurer, has announced that it will no longer reimburse ransomware payments for customers within the country.
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.
New report from Allianz finds that cyber crime causes the most expensive insurance losses, but that internal failures are the most frequent overall reasons for cyber claims.
With number of cyberattacks climbing, having a cyber insurance with the appropriate coverage can make a difference between a company surviving an incident and shutting down because of it.
Most businesses are more vulnerable to emerging risks such as malware and ransomware attacks than traditional threats yet there are coverages gaps in their cyber insurance policy.