article thumbnail

Major Cyber Insurance Overhaul Begins Now

Lohrman on Security

From Lloyd’s of London to the new National Cybersecurity Strategy, the future of cyber insurance is evolving fast. What do you need to watch?

article thumbnail

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Insurance Coverage for NotPetya Losses

Schneier on Security

Tarah Wheeler and Josephine Wolff analyze a recent court decision that the NotPetya attacks are not considered an act of war under the wording of Merck’s insurance policy, and that the insurers must pay the $1B+ claim. Wheeler and Wolff argue that the judge “did the right thing for the wrong reasons.”

Insurance 289
article thumbnail

CyberSecurity Is Not Enough: Businesses Must Insure Against Cyber Losses

Joseph Steinberg

Ironically, while many larger enterprises purchase insurance to protect themselves against catastrophic levels of hacker-inflicted damages, smaller businesses – whose cyber-risks are far greater than those of their larger counterparts – rarely have adequate (or even any) coverage. Insurance is, therefore, always needed.

Insurance 354
article thumbnail

Organizations Reassess Cyber Insurance as Self-Insurance Strategies Emerge

Dark Reading

Risk reassessment is shaking up the cybersecurity insurance market, leading some organizations to consider their options, including self-insurance.

Insurance 134
article thumbnail

13 Important Considerations When Obtaining Cyber Liability Insurance

Joseph Steinberg

While leveraging cyber-liability insurance has become an essential component of cyber-risk mitigation strategy, cyber-liability offerings are still relatively new, and, as a result, many parties seeking to obtain coverage are still unaware of many important factors requiring consideration when selecting a policy.

Insurance 264
article thumbnail

Where Next for Government in the Cyber Insurance Market?

Lohrman on Security

Cyber insurance is only getting more expensive, and the market is changing dramatically, with more changes to come. So what trends will drive adoption, rates and the wider future of cyber insurance?