Cyber insurance premiums rise while availability falls amid growing threats

Cyber Insurance - Digital

Though the coverage has been around for about a couple of decades, the risks are skyrocketing. Cyber insurance isn’t new to business coverage offerings, but as data breaches, ransomware attacks and other risks rise, so are premiums, while availability is dropping. The coverage is meant to help businesses overcome losses associated with these digital events. Losses covered by cyber insurance can include everything from the cost of repairing the damage to systems and securing them, recovering lost business or disruptions, paying ransoms, rebuilding a reputation and even legal fees in…

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Cyber insurance market is stalling as risk rises

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

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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Are cyber insurance companies contributing to ransomware attack growth?

Cyber insurance companies - Security - ransomware

Certainly, they are not direct effort by insurers to boost cyberattacks, but a relationship has been proposed. It comes as no surprise to hear that ransomware attacks are on the rise, but new perspectives are connecting this trend with increasing the availability of products from cyber insurance companies. Essentially, the more organizations are covered against attacks, the more likely criminals are to be paid. As cyber insurance companies become more commonplace and companies and organizations better understand the importance of coverage, large policies are being purchased. As a result, when…

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