Insurance
Meeting the New Cyber Insurance Requirements
In 2023, there was a 72% increase in data breaches since 2021, which has previously held the all-time record. In response to this growing frequency of cyber threats, cybersecurity insurers have significantly revised their policies for businesses, making them more stringent and demanding in terms of risk mitigation and management. Insurers are now requiring businesses […]
Cost of state cyber attacks not to be covered under insurance says Lloyd
Bank of America has expressed its concerns over Lloyd’s recent policy decision to exclude cyber insurance coverage for large corporations hit by cyber attacks funded by adversary states. The decision to exclude such attacks from standard insurance policies is tentative, but the London-based insurance firm is sure that recent developments, such as the 2017 NotPetya […]
Congress to review Federal Cyber Terrorism Risk Insurance Program
A team of experts from the cyber arm of Congress is busy studying the costs involved when the critical infrastructure is targeted by cyber attacks. The objective is to reassess the coverage provided by the Federal Cyber Terrorism Risk Insurance Program( TRIP) in the event of cyber-terrorist activities on the IT infrastructure hosted by public […]
Cyber Attacks on Asian Ports cost $110 Billion
A survey conducted by London firm Lloyd says that the cyberattacks on Asian Ports could cost as much as $110 Billion which is equal to the loss borne by natural catastrophes in 2018. Therefore, covering commercial risks has become a lucrative earning option for insurance providers having businesses in Europe, Asia, and the United States. […]
Cyber Attack on State Farm Insurance
State Farm, an Illinois based Insurance and financial services provider have admitted that its database was victimized by credential stuffing cyber-attack where usernames and passwords of the company users were compromised. As a precautionary measure, the insurance company provider has notified its customers to reset their passwords, while it is keeping the affected count under […]
Simulated Cyber Attack on UK Bike Manufacturer by Hiscox
A simulated cyber attack was launched on UK Bike Manufacturer Brompton Bicycle by Bermuda based insurance company Hiscox. The reason- just to make the world and the SMBs realize how it feels on being attacked and the risks involved. The insurance company had to make a lot of efforts to conduct this activity and so […]
Cyber Insurance policies are marred by disputes
Cyber Attacks are said to be increasingly causing chaos between corporate companies and the insurance providers, raising questions about the significance of the policies which are being offered to cover their digital assets. According to a recent report from RBC Capital Markets, cyber insurance sales are evolving on a rapid note in a positive direction […]
Only 38% of UK firms are covered by Cyber Security Insurance
A survey conducted by Ovum on behalf of FICO Insurance claims that only 38% of firms in the United Kingdom have a cybersecurity insurance cover and rest of the 62% either have no coverage or doesn’t have a cover engrossing all risks. This discovery was made in a survey based on numerous interviews with senior […]
Liberty Insurance of South Africa becomes Cyber Attack Victim
South Africa based insurance company ‘Liberty’ has made it official that it became a victim of the cyber attack on Sunday. But the company’s CEO David Munro has assured that none of his firm’s customers have witnessed financial losses due to the possible ransomware attack. As per the details available to Cybersecurity Insiders, hackers capsized […]
Insurance company may pay $275 million for Merck Ransomware Cyber Attack
Drug maker Merck which experienced a ‘NotPetya’ ransomware attack in June this year could get an insurance cover of $275 million from the insurer. The estimate forecast was provided by Verisk Analytics Inc’s Property Claims Services(PCS) unit and the actual amount may vary in reality. Merck, on the other hand, is not interested in disclosing […]
