How Do Insurers Define Systemic Cyber Risk?
Systemic cyber risk is being discussed as a growing concern for insurers as technology advances and interconnectivity increases, but how is this risk defined? That may be ...
cyber risk News
Possibility of a Billion-Dollar Systemic Cyber Event ‘Is Real’
A systemic event and the threat it could pose to insurers' portfolios is not the million-dollar question but perhaps the billion-dollar question, according to Norman Niami, immediate past chairperson ...
Lockbit Hackers’ Swagger on Display After Police Leak Identities Online
One of the world's biggest criminal hacking gangs woke up on Tuesday to a startling discovery: Law enforcement, after taking over their main website on Monday, were now ...
The Art of Managing Cyber Risk for Museums
Cyber attacks are a concern for many industries, and the museum sector is no exception. As more museums and cultural institutions are using technology to display digital works, manage internal ...Ransomware Hackers Stole More Than $1 Billion in 2023
Ransomware gangs stole more than $1 billion in 2023, the largest amount ever recorded, according to a report published Wednesday by blockchain analysis firm Chainalysis ...
Underwriters Predict Continued Growth of Cyber Risks in 2024
Underwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer's annual survey of cyber insurance carriers found ...
Merck Settles Coverage Dispute With Insurers Over War Exclusion in NotPetya Attack
Merck & Co. Inc. has reportedly reached a deal with insurers over a closely watched coverage dispute related to a massive cyber attack in 2017. The New Jersey Supreme Court in July 2023 agreed to ...
Fundamentals for Cyber Carriers When Structuring Coverage
The cyber insurance industry is maturing and evolving rapidly following years of escalating cyber incidents and colossal payouts. With the vast financial implications of cybercrime, insurance ...
Costs of Small Business Cyber Attacks Are Down But Frequency Is Up, Says Hiscox
The less-than-encouraging news: Only 33 percent of U.S. small businesses consider cyber risk high or very high.
The somewhat encouraging ...
