cyber insurance coverage – РИСК-АКАДЕМИЯ – АНО ДПО ИСАР

U.S. Warns of Increased Risk of Ransomware Attacks Targeting the Healthcare Industry | Dechert LLP

riskacademy — Sat, 31 Oct 2020 20:50:49 +0000

On October 28, 2020, the Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and the Department of Health and Human Services (HHS) issued a joint cybersecurity advisory (the Joint Cybersecurity Alert) to warn the healthcare sector that there is “credible information of an increased and imminent cybercrime threat to U.S. hospitals and healthcare providers.”

The complete Joint Cybersecurity Alert provides specific details regarding this threat and can be found here.

Healthcare companies should be aware of the heightened risk of potential ransomware attacks targeting the sector. Below are some practical steps you can take right now to decrease the risk of attack and to be better prepared should your organization fall victim:

Review your cyber insurance coverage. Is it up to date and does it cover ransom?
Do you have a good incident response plan? If your company is still in WFH mode, be sure that all who may be activated in the event of an incident have a paper copy of the plan at home.
Do you have a way for senior management to communicate if your network systems are all down? We recommend setting up a secure texting…

Brokers report rising demand for cyber reinsurance: PartnerRe survey

riskacademy — Tue, 29 Sep 2020 10:25:45 +0000

Brokers are reporting increasing demand for cyber reinsurance in 2020, across the range of structures available in the market, the latest annual cyber insurance market survey from PartnerRe shows.

Bermuda headquartered reinsurance firm PartnerRe has surveyed the cyber insurance market in partnership with Advisen, speaking to 260 cyber insurance brokers and 190 cyber underwriters from across the globe.

The results of the survey suggest that understanding of cyber insurance coverage has improved dramatically in the last year, while consistency in terms of pricing and coverage offered has also improved.

At the same time, insureds are constantly requesting increased limits of coverage from their cyber insurers, suggesting that the market continues its trend of steady growth.

Managing potential aggregation risks in cyber underwriting is a key theme running throughout the survey results, with respondents saying that use of outside vendors to help them manage aggregation risks is expanding, while around 90% of the respondents said that aggregation management is a key determinant in cyber insurance underwriting and pricing decision making.

Rates are on the rise as well, with brokers…