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 Europe has announced a new cyberinsurance product, further solidifying the company’s standing in a murky but increasingly important market.
According to an IMF modelling exercise, losses to financial institutions from cyberattacks could reach hundreds of billions of dollars per year.
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.
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.
Lloyds Bank cyber event finds that only a third of businesses have a financial plan in place in the event of a cyber attack.