Tag: cyber insurance policy

Casino Cyber Siege: How MGM and Caesars Attacks Highlight the Power of Cyber Insurance

David Derigiotis
casino cyber security Insurance

In late 2023, two of the most iconic names in the hospitality industry—MGM Resorts and Caesars Entertainment—fell victim to significant cyberattacks. These breaches underscore the growing threat of cybercrime and highlight a dramatic shift in the digital battleground. Beyond a simple wake-up call for cybersecurity measures, these incidents showcase the pivotal role of cyber insurance in mitigating financial and operational damages and providing a lifeline during the chaos of a cyber crisis. The Attacks: What Happened? MGM Resorts International Russian hacker group, ALPHV, infiltrated MGM’s systems with a crippling ransomware…

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Cyber insurance market is stalling as risk rises

H. Cutner
Cyber Insurance - Reinsurance

Insurers are facing tighter margins and larger losses as they place a greater reliance on reinsurance. As risks rapidly rise, cyber insurance companies are watching their losses rise and their margins tighten. At the same time, insurers are placing a heavier reliance on reinsurance to mitigate their own risks. Though the coverage is becoming essential for businesses, it is dropping in appeal for insurers. For many businesses, cyber insurance is becoming harder to find. In fact, even compared to just one year ago, it’s more difficult to find affordable coverage.…

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Treasury cyber insurance claims data gets gov watchdog nod

Marc
Cyber insurance Support

A Government Accountability Office to release report on the Treasury’s role in shaping market in the spring. The Government Accountability Office has shown its support for the Treasury Department’s rising data collection from cyber insurance providers regarding claims. The information collection occurs by way of a program permitting the government to help with payouts. The data collection is permitted because of a program making it possible for the government to help out with cyber insurance payouts to policyholders when a catastrophic event occurs. The Federal Insurance Office at the Treasury…

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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…

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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…

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