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Moody's Ratings: Cyber Insurance Competition Up, Prices Down

Data Breach Today

Credit Rating Business Says Cyber Insurance Market 'Poised for Significant Growth' Competition has been increasing in the cyber insurance market, leading to a "moderate" decrease in insurance premiums after several years of rate increases.

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Cyber Insurers Are Intensely Scrutinizing Healthcare Clients

Data Breach Today

As threat actors continue to evolve their attacks to circumvent security measures, cyber insurers are raising the bar for prospective healthcare security clients. Underwriters are increasing their scrutiny and adding new coverage requirements, said Chris Henderson of cybersecurity company Huntress.

Insurance 233
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How Cyber Insurers Evaluate Security Measures

Data Breach Today

Tokio Marine HCC's Keith Bergin on Cybersecurity Measures for Insurance Eligibility Keith Bergin, vice president of corporate claims at Tokio Marine HCC, explains how cyber insurers evaluate security measures such as MFA and administrative access control, and describes the integration of threat intelligence and pre-breach services to enhance policyholder (..)

Insurance 224
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Ransomware Hackers Steal Medical Insurance Data of 1M People

Data Breach Today

Young Consulting Says Health Data Exposed; Ransomware Group Leaked Stolen Data Young Consulting, which develops software for the stop-loss insurance market, is notifying 1 million individuals that their personal information was stolen earlier this year in a hack attack.

Insurance 259
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Insurers Drop Bid to Exclude Merck's $1.4B NotPetya Claims

Data Breach Today

and several insurers that were appealing a 2023 court decision saying the insurance companies could not invoke "hostile warlike action" exclusions in refusing to pay drugmakers' claims filed after the 2017 NotPetya cyberattack. A Settlement Has Been Reached. So, How Might This Affect Similar Cases?

Insurance 311
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CrowdStrike Outage Could Cost Cyber Insurers $1.5 Billion

Data Breach Today

billion in payouts to cyber insurance policyholders, although the nonstandardized language used for such policies will make determining final losses a "lengthy process," analysts say.

Insurance 222
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How the Merck Case Shapes the Future of Cyber Insurance

Data Breach Today

s proposed settlement with insurers over a $1.4 billion claim related to the NotPetya attack will change the language the insurance industry uses to exclude acts of war in its policies, and organizations need to consider how those changes affect risk, said attorney Peter Halprin. Merck & Co.'s

Insurance 258