Following two separate cyberattacks in eight months, The National Bank of Blacksburg is suing its insurance provider, which has determined that the bank’s computer and electronic crime rider does not apply.
Travelers introduces standalone cyberinsurance product
Travelers Europe has announced a new cyberinsurance product, further solidifying the company’s standing in a murky but increasingly important market.
BitSight raises $60M Series D funding
Cybersecurity ratings firm BitSight has raised $60 million in a Series D funding round led by Warburg Pincus.
Financial instutions’ losses from cyber could hit hundreds of billions
According to an IMF modelling exercise, losses to financial institutions from cyberattacks could reach hundreds of billions of dollars per year.
Who’s who on the cyberinsurance scene?
As the number of breaches resulting in multimillion dollar losses grows, the need for cyberinsurance is making itself evident – but many traditional insurers are still hesitant to enter the space.
Cyber-insurance. The “promising but problematic” child of the cybersecurity clan
“Cyber-insurance is the Next Big Thing”, the Deputy CISO of a telecoms company stressed earnestly at a recent threat intelligence forum. “Companies in the USA almost all have it. Soon, everyone will realise that they need cyber-insurance”
Warren Buffett: ‘Cyber is uncharted territory and it’s going to get worse, not better’
During Berkshire Hathaway’s annual shareholders meeting on Saturday, CEO Warren Buffett warned that there’s about a 2% risk of a $400 billion disaster occurring as a result of a cyber attack of other issue.
Cyber-attacks harming businesses that fail to plan financially
Lloyds Bank cyber event finds that only a third of businesses have a financial plan in place in the event of a cyber attack.
Insurance firms massively increase cost of cybercrime cover
Just when you thought dealing with cybercrime couldn’t get more expensive and complex, another industry is looking to nudge its way in: insurance companies.