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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 https://www.propublica.org/article/the-extortion-economy-how-insurance-companies-are-fueling-a-rise-in-ransomware-attacks 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

‘Banana skins’ include tech and climate change

If only there was a Greta Thunberg for cyber..: Technology, cyber and climate change are the three most urgent risks facing reinsurers worldwide, respondents to a survey conducted by professional services firm PwC have said. Results of the Reinsurance Banana Skins 2019 survey were released yesterday to coincide with the 2019 Monte Carlo Reinsurance Rendez-Vous de Septembre. The reinsurance industry shared a number of top risks with the broader insurance response in PwC

Alarming Stats: Global cyber losses to reach $6 trillion in two years

Ouch. The good news is that there are some reasonably straightforward actions you can take to reduce the risk to your own organisation...: The cyber threat is producing some alarming statistics. A report by Aon found that annual global cyber losses are expected to reach $6 trillion  by 2021, with cybersecurity spending set to exceed $1 trillion cumulative in the five years leading up to 2021. The report released on Tuesday stated that organisations were starting to see th

Cyber: an evolving picture

The insurance of cyber risk is maturing, according to Aon...: [...] How do you see the cyber market evolving in the next year? For the standalone affirmative cyber market, we expect to see a slowing down and stabilising of the current rate of coverage innovation, as the market finds greater comfort in, and focus on, what it is and is not for. We expect to see increased take-up in a wider variety of regions and sectors such as marine and energy. We also expect greater cla

Starling Bank adds Digital Risks and CyberSmart to business marketplace

It's a generally good thing to introduce management of cyber risk as part of normal business activity so seeing a challenger bank introducing offers like these is welcome. However, as soon as I see 'GDPR compliant' I start to question the authenticity of the offer. I'll say it (yet) again: GDPR is not a series of rules you comply with...: [...] CyberSmart uses technology to identify digital weaknesses of businesses in less than 60 seconds, recommends fixes and helps companie

Comment: Counting the cost of cybercrime

Despite all the headlines, remarkably few payouts have actually been made. That looks set to change...: A recent report by the Association of British Insurers found that a surprising 99 per cent of claims made under cyber insurance policies held by its members were paid in 2018. Perhaps more surprising are reports that only 207 claims were made in 2018. Anecdotal evidence tends to show that the number of cyber breaches is growing exponentially, particularly as they bec

AIG Finalizing Transition to Affirmative Cyber Coverage Across Global Commercial Lines

Welcome clarification about what is, and what is not covered under your insurance policy. AIG is the 800lb gorilla in this space so expect to see others following their lead...: NEW YORK--(BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today announced that as of January 2020 virtually all of its commercial property and casualty insurance policies will begin affirmatively covering or excluding physical and non-physical cyber exposures, addressing market concer

BEC overtakes ransomware and data breaches in cyber-insurance claims

Despite all the talk of AI-driven cyber risk, Advanced Persistent Threat (APT) groups, and nation-state attacks, the relatively simple Business Email Compromise is what's really happening out there. Time to review your authorisation procedures and not just wave through charges because "the boss says so"...: Business email compromise (BEC) has overtaken ransomware and data breaches as the main reason companies filed a cyber-insurance claim in the EMEA (Europe, the Middle East

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