Insurance
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 and cybersecurity, the parallels are clear
This post was originally published here by shaane syed. It’d be awfully nice not to need car insurance. Or homeowners insurance. Or fire insurance. These added expenses don’t increase the value of your car or home, and there’s a good chance you’ll never use them. The money you pour into insurance is arguably even being […]
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 […]
ECMC spends $10 million to recover from a Cyber Attack!
Erie County Medical Center has made it official that it has spent $10 million to recover from a cyber attack. The hospital authorities disclose that half of the amount was spent on purchasing new computer hardware, software, and assistance needed to respond to the cyber attack. And the other half represents the incurred additional expenses, […]
Ohio County buys $200,000 insurance policy against Cyber Attacks
The Ohio County which includes the capital city of Columbus has decided to buy $200,000 worth cyber insurance policy against cyber attacks. The decision was to take in wake of increase in cyber threats on a global note. Security experts of the county say that the new spending on insurance will help in improving internal […]
FedEx repents for not having Cyber Insurance against Cyber Attacks
FedEx, an American multinational Courier delivery service has openly confessed to media sources that it now repents for not having a cyber insurance cover for its digital assets against cyber attacks. The confession was made as soon as the company learned that the disruption in services of its TNT Express unit following a cyber attack […]
Lloyds says cyber attack cost could be as much as worst natural disasters
Lloyds, a British retail, and commercial banking firm have warned that a serious cyber attack could cost the global economy a $120 billion loss- much worse than the loss incurred by natural disasters likes Katrina and Sandy. Reacting after the Wannacry and NotPetya Ransomware attack, the London based financial services provider recently released a 56-page […]
Next Wannacry and Petya Ransomware Cyber attack could cost insurers $2.5 Billion
Ransomware attack dubbed as ‘Wannacry’ which hit more than 250,000 computers across 150 countries in May this year did not cost much to cyber crime insurers when the claims ratio is taken into account. But CFC Underwriting estimates that another attack of Wanna cry or Petya or a combination of both can cost cyber insurers […]
Ransomware attacks surge Cyber Insurance claims
A research carried out by UK based Insurance company named CFC Underwriting says that ransomware attacks now account for almost a quarter of insurance claims. The data compiled as a report by the insurer says that a year ago, ransomware accounted for just over a tenth of cyber insurance claims. But now the figure has […]
