cyber insurance
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 […]
Insurance companies are insisting to pay ransom for ransomware attacks
Ransomware attacks are super- threatening to businesses these days as they can make or break a business with ease. And security researchers suggest that the only way to mitigate such cyber risks is to use backup files for disaster recovery and maintain a healthy Cybersecurity posture by using threat monitoring solutions. But nowadays, Insurance companies […]
Cyber Attack news trending now on Google
1.) Last week the media buzzed with reports that the New Jersey Borough of Palisades Park witnessed a financial drain out when $460,000 went missing from the Borough’s official bank account as a result of a fraudulent wire transfer. News is out this week that the Mariner’s Bank received $200,000 advancement for the insurance claim […]
Mondelez files $100m claim from Zurich Insurance for NotPetya Cyber Attack
Mondelez, the American Food, Confectionary, and Beverage Company has threatened Switzerland based Zurich Insurance with a lawsuit to pay the $100m penalty for refusing its claim for the damage caused by the NotPetya Cyber Attack. As insurance companies are tightening the rules related to the liability claims, this lawsuit will stand tall as a first […]
Cyber Attacks incur $100 billion losses to Financial Institutions
Cyber Attacks are bringing in $100 billion in losses to financial institutions(FIs) says a survey conducted by International Monetary Fund(IMF). This is due to the fact that FI’s play a vital role in procuring and handling funds. According to the IMF Staff Modeling Exercise report, hackers chose FI’s as easy targets due to the fact […]
Ransomware attacks surge Cyber Insurance claims in Europe
Ransomware attacks have surged cyber insurance claims in Europe says a report compiled by AIG, one of the largest cyber insurers on the globe. The data shows that the financial institution has received as many cyber claims last year as in the previous four years from companies operating in Europe, Middle East, and Africa. AIG […]
