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The RansomHub cybercriminal hacking group followed through on threats to share sensitive records stolen from Change Healthcare, despite the firm allegedly paying a $22 million ransom.
The 2024 Cybersecurity Benchmarking Survey shows top cyber concerns for insurers and policyholders.
Insurers now issue stricter policy language and insert more sub-limits and exclusions into cyber coverage.
Protecting their property may be more expensive and complicated than it used to be.
Considering all of the personal identifiable information insurers collect and store, cyber safeguards are imperative.
Review five ways businesses can actively address growing cyber risks.
In addition to ransomware, insureds must contend with social engineering, online scams, state-sponsored attacks and more.
The U.S. saw 43% of global ransomware attacks from July 2022-June 2023, according to Malwarebytes.
Ransomware claims increased 38% between Q4 2022-Q1 2023, according to Aon.
The coverage provisions in the policy were not at issue. The case turned solely on the application of the 'hostile' or 'warlike' exclusion.