Cyber Insurance Blog

Financial services companies—banks, credit unions, investment firms, insurance companies, and others—make enticing targets for cybercriminals. Globally, only the manufacturing sector sees more cyber attacks than the financial industry does. The New York Department of Financial Services (NYDFS) established cyber security requirements for financial services companies in 2017. Since then, the cyber security landscape has changed. So have the steps financial…

Per the nonprofit Identity Theft Resource Center (ITRC), 2,116 data breaches had been reported nationwide this year through September. That figure breaks the previous annual record of 1,862 data breach reports in 2021. Zero-day attacks against the widely used MOVEit file transfer protocol account for a dramatic number of breaches. “So far in 2023,” the ITRC stated, “344 U.S. organizations…

The last few years have been turbulent for the Cyber Insurance market. The COVID-19 pandemic spurred a rise in cyber attacks. Businesses’ rapid adoption of remote work drastically increased the attack surface. Russia’s invasion of Ukraine heightened fears of cyber warfare waged through malware and distributed denial-of-service (DDoS) attacks. Several spectacularly costly cyber incidents cut into Cyber insurers’ profitability. These…

When claims against a business’s management arise, costly legal expenses and financial losses can follow. Management Liability Insurance (or Management and Professional Liability Insurance) protects managers, executives, directors, and organizations’ other high-ranking personnel from these actions and their associated expenses. Four Key Lines of Management Liability Insurance Management and Professional Liability Insurance encompasses four key types of coverage. 1. Employment…

The word “casino” brings to mind an atmosphere of thrilling games, dazzling lights, and fortunes won or lost at the toss of a die. But recently, it became the backdrop for a real-life drama when a cyber attack crippled the operations of MGM Resorts International, one of the world’s largest gambling conglomerates. The MGM cyber attack should serve as a…

We live in an era brimming with gadgets, algorithms, and vast amounts of data—a digital world more complex than ever before, where technology steadily weaves its way into our personal and professional lives. In this context, “digital literacy” isn’t just a trendy catchphrase; it’s about having the essential skills that let you make the most of digital technologies like internet…