Ransomware

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.

While only 48% of startups believe they are likely to face a data breach or ransomware attack, the actual number affected is much higher.

Ransomware attacks soared last year, pushing demand for coverage after the pandemic-induced work-from-home era also made remote workers more vulnerable to digital attacks.

A consortium of financial companies said premiums are rising despite a relatively low level of overall risk, causing some banks to reconsider their policies.

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

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.

One way that digital is supporting cybersecurity is with the use of enterprise password management software.

Digital Insurance spoke with Steve Prymas, the chief insurance officer of Embroker, a digital insurance platform, about new products, cybersecurity and digital transformation within the industry.

A recent study shows cyber incidents, business interruption and natural catastrophes are the most important global business risks for companies in 2022.

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.

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.

It’s no accident that we’re seeing cities become targets. These organizations are traditionally viewed as being slower than the herd.

The state of ransomware demonstrates that no organization, municipality or person is immune and that the threats are getting worse.