Cyber Insurance Blog

Given recent events in the Russia-Ukraine conflict, cyber warfare is at the front of many peoples’ minds. For years, Ukraine has been a target for Russian cyberattacks, with Russia-linked actors unleashing catastrophic malware against hundreds of targets. For example, the NotPetya cyberattacks in 2017 destroyed data from Ukrainian companies. In light of Russian cyberattack threats, U.S. officials warned about Russian…

It is no secret that cyber crime is only on the rise. As businesses continue to hand off essential business processes to their technology, their cyber risk exposure only increases. To fight this, the New York Department of Financial Services (NYDFS) posted a best practices report for insurance providers. In it, they require insurance providers to take seven steps to…

Buying Business Owners Policy coverages is a convenient, cost-effective way small businesses manage their risk. A Business Owners Policy (BOP) combines coverage for major property and liability risks. It costs less than buying each insurance coverage separately, and purchasers can often add additional coverages, which may yield more savings. But, there is a hidden downside that small business owners need…

“If it bleeds, it leads.” News media seem to follow this cliché when covering businesses’ cyber incident responses as much as when covering crime or traffic accidents. When large companies “bleed” millions of dollars paying a ransomware demand or recovering from a data breach, the cyber security incident makes headlines. But that coverage can leave the mistaken impression that small…

The escalating issue of cyber attacks is sounding alarms across organizations worldwide. A report sponsored by Apple and authored by MIT professor Stuart Madnick reveals a troubling uptick in ransomware incidents within the first nine months of 2023, surpassing the entire year of 2022. It’s not just the high-profile breaches grabbing headlines that are concerning; the more-frequent, less-notable attacks are…

What is Directors and Officers Coverage? Individuals on a company’s or an organization’s board are accountable for acting in the company’s or its clients’ best interests. This responsibility is called fiduciary duty. When it’s breached, individuals can be held personally liable for defense and settlement costs. Directors and Officers (D&O) Insurance is a liability policy covering the board of directors,…