Merck & Co.'s proposed settlement with insurers over a $1.4 billion claim related to the NotPetya attack will change the language the insurance industry uses to exclude acts of war in its policies, and organizations need to consider how those changes affect risk, said attorney Peter Halprin.
A proposed settlement has been reached between Merck & Co. and several insurers that were appealing a 2023 court decision saying the insurance companies could not invoke "hostile warlike action" exclusions in refusing to pay drugmakers' claims filed after the 2017 NotPetya cyberattack.
Senior analyst Alla Valente discusses Forrester's "Predictions 2024: Cybersecurity, Risk and Privacy" report, which outlines five predictions to help security, risk and privacy leaders prepare for the coming year. She also discusses the significance of governance and accountability in the use of AI.
In the first half of 2023, cyber insurance claims frequency increased by 12%, all whilst claims severity increased by 42%. What exactly is causing this sudden shift in the market?
Join this upcoming webinar to learn more on:
The trends driving cyber insurance to increase & lessons from 2023;
Businesses have long relied on cyber insurance policies as a hedge against the cost of cyberattacks, including loss of sensitive data, consequences of its public disclosure and lost business from downtime and data loss. In this virtual conference, our insurance and cybersecurity industry panelists will explore the...
In the ever-evolving battlefield of cybersecurity, merely detecting and responding to threats is no longer enough. It's time to adopt a proactive approach and accelerate your organization's cyber resilience.
Check out this whitepaper to learn how to unveil powerful strategies to move beyond traditional detection...
Chicago-based CommonSpirit is still waiting to hear back on its insurance claim for an October 2022 ransomware attack, but the hospital chain said disruption of some facilities and "significantly" hampered billing and collection activities contributed to a $1.4 billion operating loss for the year.
To some extent, ransomware has become like COVID-19 - a threat we all need to learn to live alongside. But Aaron Bugal, field CTO of Sophos, says there is still much that security and technology leaders can do to reduce their risk by addressing activity that often precedes a ransomware attack.
According this report, the rate of ransomware attacks has remained steady. Sixty-six per cent of research respondents said their organization was hit by ransomware in the previous year. With adversaries now able to consistently execute attacks at scale, ransomware is arguably the biggest cyber risk facing...
According to the latest Sophos State of Ransomware report, there is a ransomware pandemic infecting businesses across the Asia Pacific region.
Ransomware is like COVID-19 – a threat that all businesses need to learn to live with.
In this e-book, Sophos’ Field CTO for Asia Pacific Aaron Bugal discusses with...
It is increasingly important for healthcare entities to carefully examine their cyber and other insurance policies to see what risks are covered in the event of a cyber incident, especially as the threat landscape continues to evolve, said attorney Peter Halprin, a partner at law firm Pasich LLP.
In the latest weekly update, ISMG editors discuss the shifting dynamics of cyber insurance, why APAC is approaching privacy regulations around emerging technologies, and how U.S. authorities charged the co-founders of cryptocurrency mixer Tornado Cash with money laundering.
The cyber insurance landscape has evolved significantly over the last 10 to 15 years. Initially, renewals were relatively straightforward, but with the rise of cyberthreats such as ransomware, the market has shifted dramatically to reduce risk exposure.
Fears that cyber insurance coverage drives companies into paying ransomware demands more easily than not appear unfounded, concludes a British think tank study that also suggests insurers should do more to enact corporate discipline. Cyber insurance has been dogged by accusations of moral hazard.
Cyber insurance companies gather a lot of information on the cost of breaches, but security organizations need to know the bigger picture. Jack Jones, chairman of the FAIR Institute, discussed identifying risk and evaluating overall costs with the FAIR model.