cyber insurance
Insurance cover becoming impossible for Cyber Attacks
Insurance companies like Lloyd offer cyber insurance policies that cover a business from facing a business loss during a cyber-attack. However, in coming days, cyber attacks will become uninsurable, as per Mario Greco, the Chief of Zurich Insurance. Mario, who leads the Europe’s biggest insurance firms, predicted that digital attacks will lose their sheen with […]
Premium for Cyber Insurance has soared over the past few years
Cyber Insurance premiums are becoming dearer and the reason for such a rise is claimed to be sophistication in attacks that are making mitigation and recovery expensive. Most companies are showing laxity in following basic cyber security hygiene, leading to a surge in cyber-attacks and data breaches. Marsh’s Market Index shows the cyber insurance market […]
Lloyd’s excluding nation-state cyber attacks from Cyber Insurance
Lloyd’s London, one of the largest insurance services providers in the world, has disclosed that it is making amendments to its cyber insurance laws that will come into effect from March 2023. And as per the latest, all risks emerging from cyber attacks that are funded by nations will be excluded from the cyber insurance […]
What is not included in a Cyber Insurance Policy
Ever wondered what is covered and what is not in your Cyber Insurance Policy? If not, you better review the guidelines and inform all your C-level employees on strategies to cope with the losses that remain out of the cyber insurance cover. Next, any company offering a cyber policy will surely conduct a pre-check about […]
Cyber War now excluded from Cyber Insurance
For all those companies who are planning to renew their cyber insurance policy or are in a procedure to take one, here’s a piece of information that might interest you. Most of the Cyber Insurance companies have excluded ‘Cyber War’ consequences from their policies. And the term shall come into effect an immediate note, with […]
Insurance company says it will no longer cover state funded Cyber Attacks
Lloyd’s of London Insurance, simply known as Lloyd’s Insurance, has released a media update that it will no longer cover losses that were incurred because of cyber wars among nations. The company was also specific in its statement that its latest decision will also not cover damages incurred because of operational disruption caused by attacks […]
New Cyber Insurance Guidelines for New York businesses
After the SolarWinds cyber attack on Govt infrastructure, the government of United States seems to have taken Cybersecurity as a top priority to rectify any flaws that could make way to any future cyber attacks in the future. As cyber insurance plays a critical role in managing cyber risks, New York Department of Financial Services […]
Over 41% Cyber Insurance claims in 1st half of 2020 were related to Ransomware
Ransomware topped the cyber insurance claims in 1st half of 2020 and this was confirmed by a reported published by Coalition, a noted cyber insurance provider in North America. Nearly 41% of claims were related to loss incurred with the file encrypting malware, as there was a 260% increase in the frequency of ransomware attacks […]
Millions of UK Businesses lack a Cyber Insurance Policy
According to a survey conducted by Insurance firm Gallagher, millions of businesses operating in the UK lack basic cyber insurance coverage. And this indicates that business heads are either unaware of what repercussions could a cyberattack covey to them or how a cyber insurance policy could help them bailout from the consequences of a cyber-attack. […]
White House CIO slams Cyber Insurance Companies for encouraging ransomware
Theresa Payton, the EX CIO of White House has slammed Cyber Insurance companies for encouraging customers in bowing down to the demands of hackers and making the victims pay the ransom in exchange for a decryption key. “I am increasingly concerned on the practice followed by the insurance companies and would like the white house […]
