Concerned about pandemic-related extra cyber activity, the rise in ransomware and recent cyber-espionage campaigns, the New York State Department of Financial Services (DFS) issued a cyber-insurance risk framework on 4 February 2021.
After describing the risks for insurers and concluding that insurers play a critical role in mitigating and reducing the risks of cyber-crime, the
One lesson for insurers from the COVID-19 pandemic is that carefully considered wording for potentially massive losses is essential. Cyber risk can lead to such losses.
Here are links to some of the articles we have written on cyber risk to remind you:
The cautionary warnings continue for insurers regarding the cyber risks that they underwrite. Although cybersure is seen as one of the major opportunities for the insurance industry, there are a number of risks including the increasing frequency of cyberattacks, the difficulty in pricing for the risks, and the fact that existing policies, including liability and
The Cyber Risk Management (CyRiM) Report 2019 shows that the economic damage to the world from a concerted global cyber-attack propagated by malicious email could range between $85 billion (least severe) to $193 billion (most severe).
Retail at least could suffer the highest total economic loss globally ($15 billion), followed by healthcare ($10 billion) and
A Florida court held that the insurer had no duty to defend a hotel operator’s information technology subsidiary against allegations that it was responsible for a hacking incident that exposed hotel customers’ credit card data because, under the general liability policy, there was no ‘making known to any person or organisation covered material that violates
Cyber-risk has become the most significant concern for today’s boards. How does a company protect itself and how does a board deal with it?
Cyber-risk forms an important part of an organisation’s risk management concerns. Wise companies have a chief risk officer or a special committee of the board that deals with this type of