cyber risk
April 9, 2024
3 Ways to Improve Cyber Hygiene
Cybercriminals may target insurers because the company files contain sensitive policyholder information and they believe insurance companies have deep pockets to extort. Most insurers and insured business owners understand the gravity of falling victim to a cyberattack but may not prioritize good cyber hygiene in everyday practices, which could have devastating consequences. Cyber hygiene protects the...
March 21, 2024
Regulator Urged to Promote New Code for Cyber Governance
A recent survey conducted by Airmic revealed that a substantial majority (89%) believe that entities like the Financial Reporting Council (FRC) should champion the adoption of a newly proposed voluntary cyber governance code. The insight came from Airmic’s contribution to a consultation initiated by the Department for Science, Innovation and Technology (DSIT) on its draft...
March 7, 2024
Cybersecurity Tips for Tax Season
Tax season cybercrime is becoming more common, with an increase in tax fraud issues from February to April — prime tax season. Business email compromise and phishing attempts are widespread during these months. Small businesses send and receive a significant amount of financial and confidential information to their accountants or tax preparers. This type of...
November 6, 2023
The 2023 Cyber Year in Review
When everyone thinks of cyber, first-party ransomware claims spring to mind, but this year there has been a more significant rise in third-party liability claims driven by pixel and tracking software-related matters. As more U.S. states pass laws against the collection of personally identifiable information, tracking software claims have evolved. This new trend follows other data privacy trends that...
August 9, 2023
Closing the Gaps on Cyber Risks
Cyber risks are constantly evolving, and while there had been a lull in the frequency of ransomware attacks, that respite has clearly ended. In an interview last month on NPR, Jackie Burns Koven of Chainalysis, a blockchain data platform that provides insights on cyber risks and attacks, said that 2023 is shaping up to be...
May 18, 2023
Commercial Property Rates Increase, Cyber Rates Moderate
Commercial property and casualty insurance rates rose 8.8% in the first quarter of 2023 (up slightly from 8.0% in the previous quarter) as property outpaced all other lines at an average of 20.4%, according to the latest Council of Insurance Agents & Brokers (CIAB) market survey. As the market entered its 22nd consecutive quarter of...
July 15, 2022
2022 Midyear Market Outlook: Cyber Insurance
The past year has seen a rapidly hardening cyber insurance market as cyberattacks have surged in both cost and frequency. This increase in attacks has, in turn, resulted in a rise in cyber insurance claims and subsequent underwriting losses. Amid these market conditions, most policyholders experienced higher cyber insurance rates at their 2022 renewals, with...