Cyber attacks

Digital Insurance asked ChatGPT what areas insurance carriers should prioritize related to cybersecurity.

While ransomware group Alphv/Blackcat claims to have orchestrated the incident, title insurance company Fidelity National Financial has not yet stated whether confidential data was compromised.

A cyberattack at 12 MGM Resorts became a textbook case for cyber liability insurance.

The cost of a data breach has risen 15% over the last 3 years, and ransomware costs have jumped 13% in the last year.

The insurer detected unusual activity in the network last week.

Artificial intelligence is providing insurers with the tools they need to accurately model cyberattack scenarios and develop more precise risk assessments.

The "Active Cyber Risk Model," would give insurers an overview of their potential losses as a way to better target sales of their policies.

The cyber insurance market is primed for growth

A standalone cyber policy is now a must-have for more and more small businesses, and even large enterprises.

Hacks of banks, credit unions and insurance companies compromised the data of millions of consumers, who filed a flurry of class actions in response.

Attacks pose acute financial threats and longer term reputational and legal risks, analysts said.

About 1,000 patients have already had deeply personal data revealed on dark web forums, according to Medibank.

A good cyber insurance policy should cover ransomware incidents.

Compromised email, ransomware continue to increase

Progress on cybersecurity measures lowers insurance market risks and stresses.

Market pressures, increasing threats and low awareness dragging on efforts

Insurance organizations must identify where true exposure and business risk hide.

After reviewing the claims data from 2019 to 2021, Embroker uncovered some interesting trends and shifts that can help insurers predict the types of claims that businesses will most likely continue to see in 2022.

Russian digital warfare against Ukraine and potentially other nations as part of its invasion is prodding cyber insurers to beef up language protecting them against losses, and has left policyholders uncertain about the extent of their coverage.

Digital Insurance spoke with Thomas Kang, the North American head of cyber technology and media for Allianz Global Corporate & Speciality about cyber insurance trends and challenges ahead for the industry.