cyber insurance
November 19, 2024
The Role of Coinsurance and Sublimits in Cyber Insurance
Cybercriminals increasingly use sophisticated methods to infiltrate businesses’ computer systems and networks, putting sensitive data and personally identifiable information at risk. With cyberthreats evolving in scope and complexity, businesses of all sizes and industries face potentially devastating financial and reputational damages. To manage these risks, leaders should adopt robust cyber defenses and follow cyber hygiene...
May 1, 2024
2024 Saw the Highest Q1 Ransomware Activity on Record
The first quarter of 2024 was the most active Q1 ever recorded on ransomware leak sites, a new study from Corvus found, with 1,075 victims reported. Though this is down from a peak of 1,278 victims in Q3 2023, it is a 21% increase from Q1 2023. The industries that are most frequently targeted by ransomware groups has remained pretty...
April 25, 2024
Email Is Where Most Cyber Insurance Claims Originate
This past year saw cyber insurance claims frequency up 13% year-on-year and claims severity increased 10%, according to Coalition’s 2024 Cyber Claims Report. Funds transfer frauds (FTF) and business email compromises each accounted for 28% of cyber insurance claims in 2023, according to Coalition, Inc. Ransomware accounted for 19% of claims, while other events such as...
February 29, 2024
The Human Firewall: How Employees Can Find Empowerment in the Fight Against Cybercrime
You’ve been hacked. It’s a sentence that can stop any organization dead in its tracks. And the potential of a breach has cemented itself as one of the most devastating risks an organization could endure. An estimated 2,200 cyberattacks occur each day, equivalent to one attack every 39 seconds. This surge in cybercrime carries an astronomical...
October 11, 2023
Insurance Innovation Necessary Amid New Digital Risks
In its latest sigma study, Swiss Re Institute finds that potential digitalization benefits across countries and throughout the insurance value chain are far from exhausted. According to the reinsurer’s “The economics of digitalization in insurance” sigma report, digitalization is a source of new growth, new risks, and new efficiencies for the insurance industry. Digital value creation has...
June 27, 2023
Why Predicting the Future of Cyber Insurance is So Difficult
Cyber insurance is here to stay, but the rapid pace of development of technology and other external factors mean that accurately predicting what the market and products will look like in 10 years’ time could be anyone’s guess. This was the message from Shannan Fort (pictured), McGill & Partners partner – financial lines, cyber, who...