Tag: cyber insurance coverage

Chubb CEO says cyber insurance rates are inadequate

Marc
Cyber insurance rates - Cyber insurance on screen

Evan Greenberg stated that the premiums currently paid are not reflecting the catastrophe risk. Despite the fact that cyber insurance rates have been rising, they are still not yet an accurate reflection of the potential catastrophic effects that a widespread cyberattack could have, said Evan Greenberg, CEO at Chubb Ltd. According to Greenberg, even thought the prices are rising, it’s still low when compared to the risk. “The pricing environment is pretty good,” explained Greenberg as quoted in a Claims Journal report. “But … that is not addressing by itself…

Read More

School cyber insurance rates take off to new highs

H. Cutner
School cyber insurance - classroom

Vulnerability to ransomware attacks and virtual learning have presented some serious risks. Boards of education across the country are finding that they are suddenly facing school cyber insurance rates that are considerably higher than they had been in previous years. The recent rash of ransomware attacks across the United States have made schools costlier to cover. The result of the additional vulnerability and risk has been that premiums for school cyber insurance coverage have gone way up. This has been a difficult blow to many boards of education and independent…

Read More

Cyber insurance companies could lose $90 million to SolarWinds hack

G. Turner
SolarWinds Hack - Hacker - Computer

Insurers will need to foot the bill for many costs such as incident response and forensic services. The SolarWinds hack is expected to cost cyber insurance companies about $90 million total for covering forensic services and incident response services for compromised clients. That said, many experts are saying that this expense could have been significantly higher. “Although the SolarWinds attack is a cyber catastrophe from a national security perspective, insurers may have narrowly avoided a catastrophic financial incident to their businesses,” said BitSight director of insurance programs and partnerships, Samit…

Read More

Cyber insurance companies have faced substantial losses cutting into profitability

G. Turner
Cyber insurance company - business - laptops - report

Though this type of policy has become more popular, the risks and payouts have also risen. An increasing number of businesses have been contacting their local cyber insurance company to protect themselves against risks such as data breaches and hacks. That said, this market remains quite new and models are ever evolving. The risks have been rising in this area, placing a considerable amount of stress on this marketplace. According to one expert quoted by InsuranceBusinessMag, the cyber insurance company market is “under the most stress it’s been in recent…

Read More

Cyber crime rates soar as 43 percent of Americans have already been victims

H. Cutner
Cyber Crime Rates - Cyber Security

Nearly half of all people in the United States have been affected by cybercriminal activities so far. A new report based on a survey by ValuePenguin revealed that almost half – 43 percent – of Americans have been a victim of some kind of digital invasion, as cyber crime rates skyrocket. Though financial loss is a risk, consumers are also afraid of the misuse of their personal information. Almost half of all victims of cyber crimes are impacted by financial losses in some way. That said, the cyber crime rates…

Read More