cyber insurance News

U.S. Treasury Warns Cyber Insurers Against Paying Ransomware Demands

The U.S. Treasury Department is warning that individuals or businesses that help facilitate ransomware payments may be violating anti-money laundering and sanctions regulations. The warnings came in a pair of advisories, one from the Financial Crimes Enforcement Network (FinCEN) and …

U.S. Treasury Warns Cyber Insurers Payments to Hackers May Violate Sanctions

Cyber insurers and other financial institutions that facilitate payments to hackers to end cyberattacks risk running afoul of sanctions rules, the U.S. Treasury Department warned on Thursday. The warnings, which referenced malicious programs known as ransomware, came in advisories from …

Viewpoint: Scrutiny Undermines Argument that Cyber Insurance Encourages Ransomware

As the cyber insurance market continues to grow, it’s only natural to discuss its place in the battle against cyber-attacks, including ransomware, which has been a prevalent topic in recent months. Over the last several years, the cyber insurance market …

Insurers, Tech Firms Struggle to Keep Pace with Cyber Risks

Despite progress, carriers are still falling short in how they approach cyber insurance and also how they cover events when they happen. How can this be? The unique makeup of cyber risks continues to hold them back, according to experts …

Brokers Packaging Cybersecurity with Cyber Insurance

Insurance retailers are teaming up with tech wizards to sell cybersecurity along with cyber coverage as a means of trimming premiums and winning over customers in a vastly underserved market: small and mid-sized businesses. Coalition, a San Francisco managing general …

Catastrophe Scenarios Highlight Need to Better Understand Cyber Risk

As the cyber insurance market has continued its rapid growth, its loss vulnerabilities have become increasingly clear. A new report from Guy Carpenter and CyberCube Analytics has identified potential loss scenarios in the current market that run in the billions …

Cyber Insurers Need Loss Data to Properly Underwrite Risks

While there are “huge opportunities” on the horizon for the cyber insurance industry, cyber insurance underwriters still face the challenge of not having enough historical data to work with. “It’s really scary to underwrite something when you just don’t know …

Costs of Cyber Attacks Can Doom Small, Medium Firms: Chubb

The average price tag for a business to recover after a cyber attack is $400,000, which can be fatal for small-and-medium-sized enterprises (SMEs), according to a report published by Chubb. This hefty cost of repairing the business and its reputation …

Travelers Wants Review of Court Ruling on Crime Insurance Loss Involving Email Fraud

Travelers Insurance is seeking a full Sixth Circuit court reconsideration of its three-judge panel ruling that said the insurer’s crime insurance policy’s computer fraud clause covered a loss due to money transfer involving fraudulent emails. In seeking an en banc …

Fears of Hacking Increase Demand for Cyber Insurance

For companies and organizations, an attack by hackers can inflict financial losses, corporate embarrassment and legal action. For insurers jumping into the brave new world of cyber crime insurance, it’s free marketing for what could be a $10 billion opportunity. …