Category Archives: Zurich Insurance

Why are cyber insurers incentivizing clients to invest in specific vendors?

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The cyber insurance industry is taking baby steps away from a long and messy infancy. For the hundreds of companies that offer policies, toddlerhood is here, and it means exerting more influence over how clients protect their networks and information. For years, headlines have fixated on how big firms like AIG and Zurich have been locked in legal disputes over specific claims, but insurers are now trying to be more proactive with customers. The smartest approach for everyone, they say, is to prevent breaches from happening in the first place. Key to that, and saving money, is trying to identify the products that are most effective. Marsh, the global insurance broker and risk adviser, last month published its first list of Cyber Catalyst-designated products, a tag given to 17 services that a group of insurance firms say its clients should consider, including offerings like FireEye’s Endpoint tool and CrowdStrike penetration testing service. Insurers for years have assessed security products, […]

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Shareholders allege FedEx covered up damages caused by NotPetya attack

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FedEx shareholders are accusing the company’s executives of failing to disclose the full extent of the NotPetya ransomware attack while also selling tens of millions of dollars worth of their own stock in the company, according to a lawsuit filed last week. Stock owners filed a lawsuit on Sept. 17 alleging that FedEx brass provided “materially false and misleading statements” about the ransomware attack that locked up systems at company subsidiary TNT Express more than two years ago. NotPetya wreaked havoc on corporate giants including Maersk, the British advertising firm WPP and the pharmaceutical conglomerate Merck. The White House blamed Russia for the attack, which caused more than $10 billion in damages and spurred a number of high profile lawsuits in the private sector. In this case, the suit alleges FedEx failed to inform its shareholders that TNT Express customers were abandoning the company in favor of other logistics providers […]

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Demand for cyber insurance grows as volatility scares off some providers

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There’s at least one part of the financial sector where hackers are good for business. Direct cyber insurance premiums grew to $2 billion last year, up 26 percent since 2015, according to figures published July 25 by Moody’s Investors Service. That figure represents less than 1 percent of premium insurance revenue in the U.S., but it’s clear the increasing claims over the past three years are driven largely by concerns about data breaches, distributed denial-of-service attacks and, perhaps most notably, ransomware. The problem, despite all the demand, is that some insurers are now re-thinking whether it’s in their best interest to keep offering the plans that help clients recover from devastating cyberattacks. Swiss Re Americas, a reinsurer that primarily backs governments and other insurance companies, is reluctant to embrace the cyber insurance market because of unpredictable, and expensive, attacks like the 2017 NotPetya incident, which the White House said caused $10 billion in […]

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Smashing Security #117: SWATs on a plane

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Why is Tampa’s mayor tweeting about blowing up the airport? Are hackers trying to connect with you via LinkedIn? And has Maria succeeded in her attempt to survive February without Facebook?
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Smashing Security #116: Stalking debtors, Facebook farce, and a cyber insurance snag

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How would *you* track someone who owed you money? What was the colossal flaw Facebook left on its website for anyone to exploit and hijack accounts? And what excuse are insurance companies giving for not paying victims of the NotPetya malware millions … Continue reading Smashing Security #116: Stalking debtors, Facebook farce, and a cyber insurance snag→