Increasing cyber insurance claim frequency and severity have generated a volatile risk environment in recent years, with most policyholders facing continued premium hikes. Fortunately, the segment experienced underwriting profitability in 2022, allowing for conditions to soften during 2023. Yet, many insureds are still experiencing coverage restrictions, scrutiny from underwriters regarding cybersecurity practices and exclusions for…
Environmental, social, and governance (ESG) factors are often considered by socially conscious investors when evaluating companies on sustainability and social conscientiousness. While ESG metrics can be hard to measure, the risks surrounding them are increasing. As consumer, investor, and shareholder action increasingly focus on ESG, companies and their directors and officers (D&Os) must proactively address…
Evolving technology, increasing threat vectors, and growing attacker sophistication have continued to drive up both the frequency and severity of cyber incidents, resulting in an ongoing rise in cyber insurance claims and subsequent underwriting losses. Amid these market conditions, most policyholders experienced higher cyber insurance rates throughout 2022. In addition to increased premiums, insureds…
Criminals prey on unfortunate circumstances, seeking to capitalize on victims during times of panic and hardship. Unfortunately, the coronavirus disease 2019 (COVID-19) pandemic is no exception. The Cybersecurity and Infrastructure Security Agency (CISA), part of the U.S. Department of Homeland Security, told individuals to be vigilant about scams related to COVID-19. Cybercriminals have been known…
In 2017, Equifax, one of the largest credit reporting agencies in the United States, was the victim of a massive cyber attack—an attack that compromised the personal information of approximately 147 million people. On July 22, 2019, the company agreed to pay at least $575 million—and up to $700 million—as part of a global settlement…
Researchers warn the attack would allow potential hackers to steal sensitive information stored on your RAM. Security researchers have discovered a flaw with nearly all modern computers that allow potential hackers to steal sensitive information from your locked devices. The attack only takes about five minutes to pull off, if the hacker has physical access…
Recently, researchers at Talos—a cyber intelligence unit of Cisco—warned consumers of malware (malicious software) that specifically targets networking devices. The malware, which is known as VPNFilter, impacts an estimated 500,000 routers worldwide, particularly targeting devices from the following manufacturers: Linksys MikroTik Netgear QNAP TP-Link Once on your equipment, the malware could…
The WannaCry ransomware that has spread across 150 countries since Friday has appeared to slow down, but employees starting the workweek should be careful, as the effects in the United States are yet to be determined. WannaCry locks users out of their computers by exploiting a vulnerability in outdated versions of Microsoft Windows. It…