Cyber attacks

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.

In other news: Zurich releases cyber risk survey results; Hertz and Uber to add 50,000 Teslas to network; Amica selects Shift Technology.

The number of cyber insurance claims AGCS has seen has increased in the past few years, following along with general cyber risk trends. In 2020, the company received more than 1,000 in total, compared to 80 in 2016. This trend has continued into 2021.

Microsoft 365 customers are eligible for discounts on At-Bay cyber insurance if certain security controls are implemented like multifactor authentication and Microsoft Defender.

Many insurers are focused on ransomware risk protection even though other new vulnerabilities are emerging from remote work. Recent statistics point to a troubling increase in ransomware and phishing, web application attacks and other emerging cybercrime tactics.

Chief executives from across the business world are set to join President Joe Biden for a discussion Wednesday on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks.

The coronavirus outbreak is impacting the cyber risk landscape, with reports of maritime and offshore energy companies having faced a 400% increase in attempted cyber-attacks since the pandemic began.

Attackers are always growing smarter, more creative and more aggressive, and environments are always growing more complex.

Even though the threats emerging in the New Year won’t be any less intense, complicated or difficult to manage, 2020 is likely to be the year of simplified security.

Sometimes, in an attempt to gather data or introduce simplicity using a technology solution, businesses and brokers can inadvertently expose themselves to elevated levels of cyber risk.

Organizations are trying to balance their desire for new innovations with their need for strong cyber security, according to a new report from CompTIA, a technology industry trade association.