Increasingly prevalent cybersecurity threats were noted by U.S. businesses to be accompanied by mounting difficulties in securing cyberinsurance policies during a hearing before the House Homeland Security Committee's Cybersecurity and Infrastructure Protection Subcommittee.
Cyberinsurance claims increased 13% year-over-year in 2023, with the 10% rise in overall claims severity attributed to mounting ransomware attack claims during the first six months of the year, reports SiliconAngle.
Increasingly prevalent cybersecurity risks have prompted Bitsight and Moody's Corp., to collaborate and develop the new Implied Cyber Threat service aimed at strengthening cyber risk management efforts, SiliconAngle reports.
It’s more challenging for organizations to get cybersecurity insurance, and when they do manage to get insured the premiums are steep. It also turns out that not all policies cover ransomware, the leading cause of cyber insurance claims.
SecurityWeek reports that Merck and its insurers have reached a settlement for a $1.4 billion insurance claim filed by the U.S. multinational pharmaceutical firm under its "all-risks" coverage for the destructive NotPetya cyberattack in 2017.
Declining cyberinsurance provider exposures and organizations' failure to examine the fine print of their policies have been fueling growing disparities in cyberinsurance coverage, according to SiliconAngle.
