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In this Help Net Security interview, Michael Daum, Head of Global Cyber Claims for Allianz Commercial, discusses the significant rise in cyber claims in 2024, driven by an increase in data breaches and ransomware attacks. Daum highlights the need for b… Continue reading The future of cyber insurance: Meeting the demand for non-attack coverage
Cyber insurance is vital for companies mitigating cyber risks, but the industry still encounters significant challenges, including shifting policy requirements and uncertainty around coverage in the event of an incident. As cyberattacks continue to cau… Continue reading Facing the uncertainty of cyber insurance claims
Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents, according to Allianz. Cyber claims frequency exceeds €1 million The frequency of large cyber claims (>€1 million) i… Continue reading Data breaches trigger increase in cyber insurance claims
Cyber insurance is poised for exponential growth over the coming decade, but it remains a capital-intensive peril that requires structural innovation, according to CyberCube. The mid-range projection suggests that the US standalone cyber insurance mark… Continue reading Cyber insurance set for explosive growth
In a world where critical infrastructure networks are increasingly digitalized and interconnected, cyber risk is growing as a significant threat to our nation’s security, safety.
The post Lawmakers must incentivize cyber protection for critical infrastructure appeared first on CyberScoop.
Continue reading Lawmakers must incentivize cyber protection for critical infrastructure
Digitalization has evolved into a systemic risk for organizations – and, therefore, cyber insurers. With the global cost of cybercrime skyrocketing, something has to change. In this Help Net Security video, Vishaal Hariprasad, CEO at Resilience, discus… Continue reading Cyber insurance 2.0: The systemic changes required for future security
The change in premium rates is more likely to be the insurers’ correction than the insureds’ improvement in security.
The post Cyberinsurance Premiums are Going Down: Here’s Why and What to Expect appeared first on SecurityWeek.
Continue reading Cyberinsurance Premiums are Going Down: Here’s Why and What to Expect
Rising premiums and restrictive policies are creating uncertainty among American businesses about whether insurance policies will cover breaches.
The post US businesses struggle to obtain cyber insurance, lawmakers are told appeared first on CyberScoop.
Continue reading US businesses struggle to obtain cyber insurance, lawmakers are told
Cyber insurance policies are specifically designed to offer financial protection to organizations in the face of cyber attacks, data breaches, or other cybersecurity incidents. While they can provide a sense of security, it’s crucial to be aware … Continue reading Are you meeting your cyber insurance requirements?
A major shift in how cyber insurance works started with an attack on the pharmaceutical giant Merck. Or did it start somewhere else? In June 2017, the NotPetya incident hit some 40,000 Merck computers, destroying data and forcing a months-long recovery process. The attack affected thousands of multinational companies, including Mondelēz and Maersk. In total, […]
The post How will the Merck settlement affect the insurance industry? appeared first on Security Intelligence.
Continue reading How will the Merck settlement affect the insurance industry?