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Cyber Insurance Is Supporting the Fight Against Ransomware

A counter argument to the "Insurance encourages ransomware" statement that's often seen...: [...] And, those who have criticized cyber insurance have some important facts wrong: Ransomware victims are rarely targeted. Why would they be? Targeting victims takes time, research and money. A better strategy for attackers is to target a specific but widespread vulnerability that will quickly cause chaos and distribute links to ransomware to the maximum number of potential vi

Chubb: 2019’s ransomware attacks already outpacing 2018

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This is probably no surprise to anyone. I wonder if there's any study of resilience improvements in the light of this ransomware upsurge...: [...] According to the 2019 third quarter edition of Chubb’s Cyber InFocus Report entitled “Adapting to the New Realities of Cyber Risks,” the number of ransomware attacks for 2019 is already overtaking the total number of incidents in 2018. Citing the company’s previous Cyber Index report, the new report says that malware claims record

Survey Suggests Ransomware Broadening Perceptions of Cyber Risks

It seems that the message is (finally) getting through...: [...] Corporate risk managers are increasingly focusing on protecting their enterprises from business interruption after a series of ransomware attacks on government agencies highlighted the peril of losing access to their computer networks, according to a survey released by Zurich Insurance and Advisen on Thursday. “In the past, the most attractive targets were organizations with large databases of personally ide

Conveyancing Searches At Risk By Unprecedented Cyber Attacks

Real world experience and impact of cyber attacks...: [...] Councils across the UK are facing unprecedented numbers of cyber-attacks, with nearly half (49%) of local councils being targeted since the start of 2017, according to Gallagher – one of the world’s largest insurance broking, risk management and consulting services companies. Freedom of information (FOI) requests by Gallagher found that out of the 203 councils that responded, 101 had experienced an attempted cybe

Travelers Risk Index: Cyber Threats Are Top Overall Business Concern

Note the 'top' mitigations. This shows a woeful lack of application of best practise...: HARTFORD, Conn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced the results of the 2019 Travelers Risk Index, which found that cyber risks are the top concern among businesses of all sizes for the first time since the survey began in 2014. Of the 1,200 business leaders who participated in the survey, 55% said they worry some or a great deal about cyber risks,

AXA XL and Accenture Partner to Provide Cybersecurity Services to AXA XL Clients

AXA are reselling Accenture professional services. No mention of a reduction in premiums or increase in level of cover though...: [...] AXA XL will be able to offer its clients globally additional bespoke services, delivered by Accenture, that will help them understand and mitigate cyber risks. This will initially be done on an industry basis for the manufacturing, retail, healthcare and financial services industries among others, and will be expanded to cover the P&C in

Startup Cowbell Cyber Launches ‘Continuous Underwriting’ Platform

We tried to do something similar at BrownGlock a few years ago for the UK insurance market. At the time, the insurance companies were not ready to offer flexible premiums. I'll be interested to see if this takes off in the US...: [...] Cowbell's approach combines data from external sources — such as that pertaining to loss costs, business interruption, regulatory compliance, and the Dark Web — with internal data about an organization's current and ongoing security posture. I

Are Ransom Payments Supporting Terrorists?

Terrorist organisations look a lot like organised crime. If ransom payments were prohibited, it would deprive both of funds...: [...] There is an outstanding article, dated August 27, 2019, by Renee Dudley for Pro Publica with the title “The Extortion Economy: How Insurance Companies Are Fueling a Rise in Ransomware Attacks,” available at Dudley’s arti

BREAKING: City of Stratford paid over $75-thousand to have computer systems restored after cyber …

It's an interesting calculation; pay the ransom or attempt to restore by yourself (assuming you have viable backups). It looks like this city in the US fell back on its insurance and took the pay-up route...: The City of Stratford paid just over $75-thousand to have its systems restored following a cyber incident in April. That information is contained in a Question and Answer document the city released on Thursday afternoon detailing the attack. In a timeline also pro

Brokers Packaging Cybersecurity with Cyber Insurance

I started doing the same thing in the UK market several years ago. It seems to becoming fashionable...: [...] Insurance retailers are teaming up with tech wizards to sell cybersecurity along with cyber coverage as a means of trimming premiums and winning over customers in a vastly underserved market: small and mid-sized businesses. Coalition, a San Francisco managing general agent, last week announced that it will cut policy deductibles in half, up to $10,000, for custome