For the first time ever, cyber insurance is facing a hard market. Since the product line’s inception about twenty years ago, carriers, brokers, and policyholders have reaped the benefits of soft market conditions. Policies were cheap, and they provided generous …
With global tensions rising over Ukraine, the cutthroat competitiveness of the US financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks – or a third-party service provider – could imperil …
Hackers looted about $100 million from a so-called cryptocurrency bridge, again exposing a key vulnerability in the digital-asset ecosystem. Blockchain Harmony said in a tweet that the hack of its Horizon bridge, which lets people swap coins between different blockchains, …
Business leaders and cybersecurity experts are pushing the Biden administration to step up efforts to quell big hacks against US companies. In a joint statement June 7, several of the groups said a public-private initiative created by the US Cybersecurity …
It’s a crime that siphons untold billions from the economy — but many people have never heard of it. Business Email Compromise scams involve criminals hacking into email accounts, pretending to be someone they’re not and fooling victims into sending …
Kemper Insurance has proposed to settle a class action stemming from two data breaches in a deal valued at about $17.6 million. The dual breaches could have compromised the personal information of an estimated 6.1 million customers and employees. The …
Marsh McLennan announced the launch of its Cyber Risk Analytics Center, a resource that brings together the cyber risk data, analytics and mitigation expertise of its four businesses and other business, government and academic partners. The cross-enterprise center’s participants— Marsh, …
The U.S. Securities and Exchange Commission (SEC) has opened a broad inquiry into how Wall Street banks are keeping track of employees’ digital communications, three people familiar with the matter told Reuters. SEC enforcement staff contacted multiple banks in recent …
Singapore plans to review its strategy to further safeguard the country against cyber attacks, and may also revise its laws in this area. An updated strategy would give businesses and people better tools to deal with cybersecurity, Josephine Teo, the …
Cyber risk is becoming increasingly relevant to insurer credit ratings, according to a report from S&P Global Ratings. Overall, S&P said it has noted “more credit-relevant cyber events in the last six months than in the previous six years.” S&P …
