cyber claims News

Ransomware, Email Compromise Leading Causes of Cyber Loss: NetDiligence

Cybersecurity claims reported in recent years vary sharply, with larger claims reaching $500 million of data loss and smaller claims as low $1,000. NetDilligence released its annual report, which analyzes 10,464 claims from incidents between 2019 and 2023. The report …

Marsh McLennan Asks Court to Revisit Data Breach Ruling to Avoid Flood of Litigation

Marsh McLennan wants the Second Circuit appeals court to reconsider its August decision that overruled a district court and reinstated a former employee’s lawsuit against the company over a 2021 data breach. Marsh McLennan (MMC) asserts that the employee lacks …

Low-Tech Cyber Attacks Took Advantage of Fixable Vulnerabilities in 2022: Coalition

Outdated technology, poor software maintenance, and the dreaded clicking of a malicious link were most to blame for cyber insurance claims experienced by policyholders in 2022, according to a new report from Coalition. “Threat actors are forever looking for targets …

MGA CFC Underwriting Launches Tool That Calculates Ransomware Costs

CFC Underwriting, the specialist managing general agent, has released a new tool designed to help customers understand the potential cost of a ransomware attack to their business. “Ransomware threats are one of the most serious cyber threats facing modern businesses. …

Cyber Criminals Target Remote Workers and ‘Critical Infrastructure to Corner Stores’

The share of policyholders who filed a cyberattack claim jumped by 50% from the first half of 2020 compared to the first half of 2021, according to a new report by cyber insurer Coalition. An increasing number of attacks were …

As Cyberattacks Rise, Cyber Insurers Are Rethinking Their Business

The hacks came one right after another, sowing chaos at hospitals, idling America’s biggest gasoline pipeline, crippling a huge meat supplier and devastating hundreds of companies over the July 4 weekend. Now, insurers are reassessing the cyber business. With cyber …

Cyber Insurers Hike Rates But Worry About Pricing Long-Term As Losses Mount: Fitch

U.S. insurers offering cyber coverage have been implementing significant pricing and underwriting actions in 2021 in response to a spike in cyber claims, according to Fitch Ratings. Fitch predicts that immediate improvement is unlikely this year from these actions and …

With Claims Rising, Cyber Insurers Need More Than Sizable Rate Increases: Fitch

Cyber insurance underwriters are reporting substantially higher claims losses in 2020 than in prior years and as a result face increasing profit pressure. insurers will have to achieve both significant premium rate increases and tighter coverage terms in order to …

CFC Underwriting Taps Francis from Aon/Stroz Friedberg as Cyber Claims Director

CFC Underwriting, the London-based managing general agent that specializes in emerging risks, announced the appointment of Roger Francis as Cyber Claims director. Francis will lead CFC’s cyber claims and incident response organization, as well as oversee CFC’s cyber risk management …

State of the Cyber Insurance Market- Top Trends, Insurers and Challenges: A.M. Best

The cyber insurance market continues to grow and underwriting performance in this line remains strong, according to a new industry report. Direct premiums written for both standalone and packaged cyber policies grew about 12 percent in 2018 from $1.8 billion …