cyber risks News

Cyber Insurance Market Growing Slower Than Expected: Allianz

The tiny market for cyber insurance has been slower to develop than generally anticipated, a member of Allianz’s board said in an interview. The European market for cyber insurance currently has a premium volume of around 200 million euros ($224 …

FM Global Includes Top 3 Business Risks in Global Resilience Index

FM Global has expanded its Global Resilience Index to include insights around three of the top risks facing businesses: cyber attack, natural hazards and supply chain failure. The interactive, online index ranks 130 countries and territories by their enterprise resilience …

Cyber Security Expert Leonardo to Offer Anti-Ransomware Weapon

When a wave of ransom-requesting cyber attacks hit computers across the globe earlier this month, Leonardo SpA cyber-security experts had already warned clients that a larger-than-usual strike was about to hit. Now, the company is set to roll out a …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Novae Expands Cyber Team with Appointment of Quick from IBM

Novae Group plc, the specialist listed Lloyd’s insurer, announced that Stuart Quick has joined its cyber team as breach response and cyber operations manager, reporting to Dan Trueman, head of cyber and chief innovation officer. Quick was previously a managing …

European Cyber Police Hunt for Culprits of Global Ransomware Attack

Days after the global cyber attack, U.K. police are trying to figure out whether it was an established network of criminals, state-backed hackers or bored teenagers that crippled the country’s health service. The malware campaign affected more than 200,000 computers …

WannaCry Ransomware Hackers Threaten to Release More Malicious Code

Governments turned their attention to a possible new wave of cyber threats on Tuesday after the group that leaked U.S. hacking tools used to launch the global WannaCry “ransomware” attack warned it would release more malicious code. The fast-spreading cyber …

Some Firms Opt to Pay Hackers’ Ransoms, but Fail to Recover Data: Opinion

Behind the rise of ransomware lies the rise of bitcoin, the virtual currency of choice for hacker blackmailers who steal huge amounts of sensitive data. That doesn’t mean bitcoin is inherently to blame, but it does suggest that business has …

Firms Hit by Cyber Attack Could Face Lawsuits over Lax Security: Legal Experts

Businesses that failed to update Microsoft Windows-based computer systems that were hit by a massive cyber attack over the weekend could be sued over their lax cyber security, but Microsoft Corp. itself enjoys strong protection from lawsuits, legal experts said. …

Many Non-U.S. Firms May Be Uninsured for Recent Ransomware Attack

Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say. A massive ransomware worm …