Recent ruling in New Jersey involving the NotPetya attacks indicates that insurers may not be able to use "cyber war" clauses as an excuse to not pay out for remediation of ransomware attacks.
AIG is disputing a breach of contract lawsuit for not covering nearly $6 million in losses at SS&C Technologies. The insurer claims its cyber insurance policy do not cover brazen criminal attacks.
Given the growing prevalence of data breaches, evidence is building that many cyber insurance policies might be close to worthless, as insurance companies look for any excuse possible to avoid paying out the full amount of a claim.
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.
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.
Cyber insurers have struggled to assess and quantify the risk they are underwriting. The only way the cyber insurance industry will be able to support the market's growing demand is through trust and transparency built upon quantifying digital risk through sound data science principles.
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.
The private sector is increasingly turning to cyber insurance to at least mitigate some of the effects of hacking, however governments across the globe seem to have been slow to take advantage. Given the severity of the cyber threats, is it time for public sector agencies to leverage cyber insurance offerings?
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.
