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Internet crime complaints have surged, according to the FBI, with reported financial losses from 2018 through 2022 totaling $27.6 billion.
The number of victims of cyber extortion in the first three quarters of 2023 is already 33% higher than all of last year.
Many insureds don't have a full understanding of how this coverage works or why it's become essential.
Separate cyber insurance (as opposed to umbrella coverage) can be essential to recovering from a data breach.
While cyber is viewed as the top global risk, the ability to attract talent is becoming a bigger issue.
Ransomware and extortion-based attacks account for more than 80% of claims against standalone cyber policies.
Three major trends have dominated the cyber market in 2023 says Jaime Palumbo of Corvus Insurance.
Modern organizations need a strategy for navigating skyrocketing premiums and protracted underwriting periods.
Cyber insurance carriers are demanding that their clients do more to protect themselves against attacks.
The company prevailed before the New Jersey Appellate Division in its argument that it is not required to cover a personal injury claim because the injured person lived with the policyholder.