28 Jun 2022

US watchdog is worried cyber insurance won’t cover ‘catastrophic cyberattacks’

The US Government Accountability Office (GAO) has warned that catastrophic cyberattacks are not receiving an adequate federal response, especially in that the cyber-insurance industry falls short when it comes to certain types of major attacks. The government spending watchdog warns that although the cyber-insurance market has risen and matured over

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11 Mar 2021

Cowbell Cyber raises $20 million, aims to build out its AI-drive cyber insurance platform

Cowbell Cyber, an innovative company seeking to build an artificial intelligence-driven cyber insurance platform, has reportedly raised $20 million in Series A funding to achieve its goal. The company currently services small and medium companies but has yet to take the next step towards being capable of working with larger

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28 Oct 2019

Ransomware, Mobile Malware Attacks to Surge in 2020

A recent study by Check Point predicts some of the major cybersecurity trends that will shape 2020. In terms of threats, the firm projects that 5G will play a major role in increasing the attack surface because it is bound to lead to a surge in Internet-of-things devices as well

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02 Oct 2019

Cyber risks are the top concern among businesses of all sizes

The latest edition of the Travelers Risk Index shows that cyber threats are now the top concern for businesses leaders, regardless of company size. 55% of all survey respondents said they were somewhat or very worried about cyber risk, which was higher than for any other type of risk. Companies

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20 Sep 2019

Study Reveals Most Expensive State for Cyber Insurance

In the United States, business cyber insurance costs $1,501 per year on average, which comes down to $125 per month, according to a new study by AdvisorSmith, which shows that state averages differ significantly. The study is based on data gathered between January and September of this year. The cheapest

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18 Sep 2019

Ransomware: Cyber-insurance payouts are adding to the problem, warn security experts

Cybersecurity experts are warning that cyber insurance payouts to ransomware victims will exacerbate the ransomware threat in the log run. After several reports in 2018 predicted the demise of file-encrypting malware, the threat made a staggering comeback this year with targeted attacks on businesses and dozens of local governments, especially

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17 Sep 2019

The Executive’s Guide to Cyber Insurance

This special report provides an overview of the dynamic trends underway in the cyber insurance market, including actionable information that executives can put to use right now in determining the right approach to using cyber insurance to transfer risk. The report also provides insights which can be of use to any tech firm seeking to partner with insurance companies to enhance services to the market. 

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03 Sep 2019

BEC overtakes ransomware and data breaches in cyber-insurance claims

Business email compromise (BEC) has become the most common reason for organizations to file cyber-insurance claims, a new AiG study[pdf] covering the EMEA (Europe, the Middle East, and Asia) region shows. Last year, 23% of all cyber-insurance claims were related to BEC. Ransomware accounted for 18% of claims, followed by data

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21 Jun 2019

Insured losses from a cyber catastrophe could reach billions

New figures[pdf] released by Kovrr show that a “cyber catastrophe” involving a disruptive cyberattack on a UK email service provider could result in around $3.25 billion in losses to be covered by insurance companies. Kovrr believes that insurance and reinsurance companies aren’t prepared for this scenario even though it is

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11 Dec 2018

Cyberattacks are increasing, and so is cyber insurance

“‘Cyber insurance is a growth market for the industry today,’ said Sasha Romanosky, an expert at the RAND Corporation, a private research organization. He estimated that the current market size is around $2 billion in the United States, which may seem like a small size for an industry worth an

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