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Cyber Insurance: Higher Premiums, Limited Coverage

Data Breach Today

GAO Report Summarizes Market Trends The increasing number of cyberthreats, especially ransomware attacks, is leading some cyber insurers to raise premiums and limit some coverage in hard-hit sectors, such as healthcare and education, according to a report from the Government Accountability Office.

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Insurance and Ransomware

Schneier on Security

Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals.

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U.S. Treasury Department Seeks Public Comment On Potential Federal Cyber Insurance Program

Data Matters

Treasury Department is seeking public comment on the need and scope for a potential federal insurance response to catastrophic cyber incidents, akin to the one put in place for terrorism insurance after the attacks of September 11, 2001. The request, published by the Federal Insurance Office (FIO) in the U.S. Background.

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Why Cyber Insurance is Essential in 2022

IT Governance

One of the most common ways to mitigate the risk of a cyber security incident is cyber insurance. These activities aren’t typically included in standard business insurance policies, which tend to only cover costs related to technical issues, such as corrupted hard drives and lost devices. The benefits of cyber insurance.

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How Much Cyber Liability Insurance Do You Need?

IT Governance

Cyber liability insurance helps organisations cover the financial costs of a data breach. Without insurance, organisations spend £3.6 By purchasing cyber liability insurance, organisations gain the resources they need at a fraction of the cost. What does cyber insurance include? First-party vs third-party insurance.

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Lloyd’s Will No Longer Include Nation-State Attacks in its Cyber Insurance Policies

IT Governance

Lloyd’s of London has announced that its insurance policies will no longer cover losses resulting from certain nation-state cyber attacks or acts of war. In a memo sent to the organisation’s insurance syndicates , Underwriting Director Tony Chaudhry said that Lloyd’s remains “strongly supportive” of policies that cover cyber attacks.

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Examples of IBM assisting insurance companies in implementing generative AI-based solutions  

IBM Big Data Hub

This approach can accelerate speed-to-market by providing enhanced capabilities for developing innovative products and services, facilitating business growth and improving the overall customer experience in their interactions with the company.