cyber insurance marketplace – РИСК-АКАДЕМИЯ – АНО ДПО ИСАР

The rise of ransomware – and the critical controls needed to combat it

riskacademy — Fri, 30 Oct 2020 14:43:46 +0000

As low-end cyber criminals increasingly joined the fray with RaaS schemes, the payouts they received encouraged sophisticated hackers to become more active with RaaS for large-scale windfalls. In recent years, ransomware attacks have become significantly more targeted, with criminals spending more time on research, reconnaissance, system penetration and system exploration before dropping the malicious code and demanding huge ransoms for decryption. This has resulted in a dramatic increase in the severity of cyber losses and has placed some pressure on the cyber insurance marketplace.

“The cyber insurance market has rallied around the need for more sophisticated ways to mitigate ransomware,” said Andy Maher (pictured above), head of large accounts, North America Cyber, AXIS Insurance. “The market is hardening in many lines of specialty insurance, but, in the cyber world it’s largely because of ransomware and the fact that small attritional losses aren’t so small anymore. From an underwriting standpoint, markets are taking a closer look at retentions and attachment points. If we’re seeing regular seven-figure…

Brokers who stand out with cyber will find this space ripe for the taking

riskacademy — Thu, 27 Aug 2020 09:25:44 +0000

Cyber insurance policies first entered the insurance marketplace back in the late-90s and at first covered liability from the hack of a third party. In the early 2000s, these policies evolved to cover breaches that impacted the insureds, though they had many exclusions and did not offer first party coverage, according to ProWriters. Eventually, the cyber insurance marketplace became more crowded with insurers offering their versions of standalone products as well as providing additional risk management and post-breach services to insurance buyers.

By this point in time – 20 years after the first policies came into existence – you’d think that most companies and individuals would be well-versed in the cyber risks facing their organisations, and have robust cyber insurance and cybersecurity measures in place to protect their networks and their bottom lines from the fallout of cyber-related incidents. Nonetheless, there is still tons of room for improvement, with the vast majority of chief information security officers reporting that they are unable to get the cyber coverage they need, according to a recent study by…