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 […]
No more insurance reimbursements for Ransomware Attacks in France
French multinational Insurance Company AXA has publicly announced that it will not issue any reimbursements for the victims of Ransomware attacks in France. However, the company has clarified in its public statement that its new update is applicable only for new policies and will not imply for the ones that were taken before March 2021. […]
Insurance companies paying victims and propagating Ransomware
Ciaran Martin, the security specialist who led the National Cyber Security Center (NCSC) until August 2020, has claimed that insurance companies are paying back to victims who were targeted by a ransomware attack and paid a ransom to free up their data. As there is no legal barrier to curtail companies from paying ransoms, the […]
Ransomware claims have doubled in 2019 say insurers
As the year 2019 has passed, a London based Insurance Company Beazley Group says that the number of ransomware claims doubled last year as the spike in the malware attacks was more evident in healthcare, professional services, and financial sector. Till 2016 reports from our insurers on ransomware attacks were infrequent. But the dynamics changed […]
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 […]
