ransomware attacks News

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. …

Insurers Cut Their Appetite for Cyber Cover as Ransomware Losses Mount

LONDON – Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks that left them smarting from hefty payouts. Faced with increased demand, major European and U.S. …

Biz Interruption, Recovery Costs Drive Financial Losses From Cyber Attacks: Report

During the COVID-19 crisis, global cyber attacks skyrocketed in a digital pandemic driven by ransomware, according to a report published by Allianz Global Corporate & Specialty (AGCS). Further, the report noted, business interruption and restoration costs are the main causes …

What Corporations Can Do to Avoid Ransomware Attacks

Allianz Global Corporate & Specialty (AGCS) has published a checklist of cyber risk management recommendations to help prevent ransomware attacks. “In around 80% of ransomware incidents, losses could have been avoided if the organizations had followed best practices. Regular patching, …

Aon Launches ‘Ransomware Defence’ to Address Cyber Insurability Challenges

Insurer Aon plc announced the launch of a new offering aimed at increasing the resilience of businesses in the UK and the Europe, Middle East, and Africa (EMEA) region, by addressing cyber insurability challenges. “Ransomware Defence” brings Aon’s cyber security …

Biden Administration Targets Crypto Pipelines in Fight Against Ransomware Attacks

The Biden administration plans a fresh campaign against ransomware attacks through sanctions to cut off criminals’ cryptocurrency pipelines, and it urged companies to report extortion attempts and better protect themselves from them. Deputy Treasury Secretary Wally Adeyemo told reporters that …

Russia-Linked Ransomware Group Hits Iowa Grain Cooperative, Violating Biden Warning

After a furious run of ransomware attacks in the first half of the year, President Joe Biden in July warned his Russian counterpart, Vladimir Putin, that Russia-based hacking groups should steer clear of 16 critical sectors of the U.S. economy. …

Tokio Marine Insurance Singapore Hit by Ransomware Attack

Tokio Marine Insurance Singapore Ltd. (TMiS), a subsidiary of Tokio Marine Group, announced it was hit by a ransomware cyber attack. Upon a detection of the attack, TMiS immediately took necessary measures including the isolation of the network to prevent …

U.S. Launches ‘Stop Ransomware’ Website; Offers Reward Up to $10M

The State Department will offer rewards up to $10 million for information leading to the identification of anyone engaged in foreign state-sanctioned malicious cyber activity against critical U.S. infrastructure — including ransomware attacks — and the White House has launched …

German Cyber-Security Watchdog Confirms Country’s First ‘Cyber-Catastrophe’

A district council in eastern Germany has declared a disaster after its computer systems were paralyzed by a hacker attack in what the federal cyber-security watchdog confirmed was the country’s first-ever “cyber-catastrophe.” Hackers knocked out the IT operations of the …