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Category: Cyber Insurance

Cyberattacks on the rise amid COVID-19 – report

Cyberattacks have increased in number and severity since the onset of the COVID-19 pandemic, according to a new report by cyber insurance and security firm Coalition. Coalition’s H1 2020 Cyber Insurance Claims Report collected insights from incidents reported across the 25,000 small and mid-sized organizations the company serves across the US and Canada. “The changes organizations have implemented to facilitate remote work have given cybercriminals new opportunities...

Insurers look to curb ransomware exposure as U.S cyber rates rise

- U.S. insurers are ramping up cyber-insurance rates by as much as 25% and trying to curb exposure to vulnerable customers after a surge of costly claims, industry sources said. The changes follow a challenging year of hackers using malicious programs, known as ransomware, to take down systems that control everything from hospital billing to manufacturing. They stop only after receiving increasingly hefty payments. The...

4 in 10 Businesses Have Filed a Cyber Insurance Claim: Survey

Many businesses purchase insurance policies hoping they never have to use them. Unfortunately, that hasn't been the case with cybersecurity insurance. A recent Wells Fargo survey of 100 U.S. middle-market and large companies found that 85 percent say they have purchased cyber and data privacy insurance, while 44 percent have already filed a claim as a result of a breach. The report didn’t look into...

Majority of small businesses lack cyber security plans, could leave consumer information vulnerable

 A new survey released by a small business watchdog website shows nearly 80 percent of small businesses don't have a cyber security attack plan in place. "They're worrying about sales, marketing, operations. The cyber security side and making sure customer data and internal systems are protected is generally an afterthought," cyber security consultant David Schohl said. It's not just retailers. Schohl said any business that...

4 in 10 Businesses Have Filed a Cyber Insurance Claim: Survey

Many businesses purchase insurance policies hoping they never have to use them. Unfortunately, that hasn't been the case with cybersecurity insurance. A recent Wells Fargo survey of 100 U.S. middle-market and large companies found that 85 percent say they have purchased cyber and data privacy insurance, while 44 percent have already filed a claim as a result of a breach. The report didn’t look into...