Ransomware attacks are causing a spike in cyber insurance rates as insurers need to cover ransom amount and recovery costs if hackers fail to make good on unlocking the compromised systems.
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.
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.
Marsh report shows that companies purchasing cyber insurance in 2019 more than doubled since 2014 as more and more companies are recognizing cyber threats as a critical business risk.
CPO Magazine sat down with Prashant Pai and Scott Stransky at Verisk to understand what companies should consider when shoring their cybersecurity defenses.
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.
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.
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?
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.
Every week, there seems to be a major new data breach that impacts millions. So it’s no surprise that personal cyber insurance are being offered by insurance companies, and the global market could be worth as much as $3.1 billion by the year 2025.
