Tag Archive for: insurance

Cyber Security Insurance Market Trends Report 2023-2030 | 116 Pages Report

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[116 Pages Report] “Cyber Security Insurance Market” Market Size, Share and Industry Trends Analysis Report By Applications (Healthcare, Retail, BFSI, IT and Telecom, Manufacturing),Types (Small Medium Enterprises (SMEs), Large Enterprises, ), By Regional Outlook and Forecast, 2023-2030. The report presents the research and analysis provided within the Cyber Security Insurance Market Research is meant to benefit stakeholders, vendors, and other participants in the industry. The Cyber Security Insurance market is expected to grow annually by magnificent (CAGR 2023 – 2030).

Who is the largest manufacturers of Cyber Security Insurance Market worldwide?

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  • AON
  • AIG
  • Chubb
  • AXA XL
  • Zurich Insurance
  • Berkshire Hathaway

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Short Description About Cyber Security Insurance Market:

The Global Cyber Security Insurance market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2030. In 2022, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

The global Cyber Security Insurance market size was valued at USD Million in 2022 and will reach USD Million in 2028, with a CAGR of Percent during 2022-2028.

The Cyber Security Insurance market report covers sufficient and comprehensive data on market introduction, segmentations, status and trends, opportunities and challenges, industry chain, competitive analysis, company profiles, and trade statistics, etc. It provides in-depth and all-scale analysis of each segment of types, applications, players, 5 major regions and…

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Experts Discuss Cyber Risk, From Law Enforcement to Insurance Claims

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To combat cyber activity, law enforcement agencies in the United States and abroad interact to exchange information about their cyber adversaries. The FBI maintains 56 field offices, each with a multiagency cyber task force manned with investigators, special agents, intelligence analysts, digital forensic technicians, and more, all with a focus on helping victims of cybercrime. These offices work with the Intelligence Community, the National Cyber Investigative Joint Task Force, and cyber assistant legal attachés to protect national security against cyber threats worldwide.

These agencies share intelligence information to keep the United States safe from cyber threats, and they also aim to develop relationships with private sector companies to share information about cyber activity before an attack occurs. Therefore, it’s important for the agencies to develop relationships with companies in the private sector. The agencies can deploy their cyber action teams within hours, domestically and globally, to assist companies onsite when a major incident or attack does happen. 

“If … a private sector company is about to get hit by a ransomware attack or by any other type of intrusion, we want to get out there immediately and let that victim know how they can best mitigate that attack,” said Scott. “We only can do that if we have the relationship built, and the better we do that ahead of time, the stronger those relationships are.”

As a success story, Scott discussed how the agencies worked as a team and shared information to take down the HIVE ransomware group. Hive was a ransomware variant that was a threat worldwide. In July 2022, the team gained persistent access to Hive’s control panel, which enabled the team to get the decryption key. Having that, the team was able to reach out and provide assistance to victims as they were being victimized by Hive. They responded to 1,500 victims in 48 states and 88 countries, preventing an estimated loss of $130 million to victims.

The FBI had always estimated that only 20% to 25% of cyber victims report a cyber incident. As a result of the team’s interaction with Hive victims, the FBI was able to substantiate that percentage.

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Coverage Challenges in Ransomware Claims: Cyber Insurance Policies and Trends in Denials | Kohrman Jackson & Krantz LLP

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A consistent pattern emerges in data breach and cyber-attack cases when companies turn to their insurers for coverage after such incidents. Whether they possess specialized cyber insurance or not, insurers often decline claims, citing various reasons such as failure to provide timely notice, failure to mitigate costs, employee misconduct or criminal activity leading to the breach, or attributing the losses to a party not covered by the policy. This holds true for both General Casualty or Liability policies (GCL) and specialized cyber liability insurance policies, covering damage to electronic assets.

On December 22, 2022 the Ohio Supreme Court in EMOI Servs., L.L.C. v. Owners Ins. Co. ruled that an Ohio medical billing company’s cyber insurance policy did not cover a ransomware claim for damages because the insured could not demonstrate that there was “physical harm or damage” to the computers which housed the data, as required by the terms of the policy. The electronic policy noted that the coverage included:

“When a limit of insurance is shown in the Declarations under ELECTRONIC EQUIPMENT, MEDIA, we will pay for direct physical loss of or damage to “media” which you own, which is leased or rented to you or which is in your care, custody or control while located at the premises described in the Declarations. We will pay for your costs to research, replace or restore information on “media” which has incurred direct physical loss or damage by a Covered Cause of Loss. Direct physical loss of or damage to Covered Property must be caused by a Covered Cause of Loss.”

The insured argued that since the ransomware made the data inaccessible and unusable, the media suffered damage covered by the policy language. However, the Ohio court disagreed.

EMOI Servs., L.L.C. v. Owners Ins. Co. Case Overview

EMOI is an Ohio-based company assisting hospitals with medical billing, resulting in the handling of personal data, financial data, and Protected Health Information. In September of 2019, EMOI was the victim of a ransomware attack, where the attackers locked up files and demanded ransom. After obtaining a “test key” from the hackers to unlock a single data file,…

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The Franklin Mutual Insurance Group Notifies Victims of Recent Data Breach Following Ransomware Attack | Console and Associates, P.C.

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On July 13, 2023, The Franklin Mutual Insurance Group (“FMI”) filed a notice of data breach with the Attorney General of Vermont after discovering that an unauthorized party was able to gain access to FMI’s computer network. In this notice, FMI explains that the incident resulted in an unauthorized party being able to access consumers’ sensitive information. Upon completing its investigation, FMI began sending out data breach notification letters to all individuals whose information was affected by the recent data security incident.

If you received a data breach notification from the Franklin Mutual Insurance Group, it is essential you understand what is at risk and what you can do about it. As we’ve discussed in previous posts, to protect your privacy and prevent identity theft, companies have a legal obligation to keep your private information secure. Thus, when a company’s negligence causes or contributes to a data breach, victims may be able to hold the company financially liable through a data breach lawsuit. A data breach lawyer can help you learn more about how to protect yourself from becoming a victim of fraud or identity theft as well as discuss your legal options following the Franklin Mutual Insurance data breach.

What Caused the Franklin Mutual Insurance Breach?

The Franklin Mutual Insurance data breach was only recently announced, and more information is expected in the near future. However, FMI’s filing with the Attorney General of Vermont provides some important information on what led up to the breach. According to this source, FMI recently determined that an unauthorized actor was able to access the company’s computer system as a result of a ransomware attack. While FMI provides little background about what led up to the incident, it notes that the unauthorized access occurred on March 11, 2023.

In response, FMI terminated all unauthorized access, notified the FBI, and then launched an investigation into the incident. The FMI investigation confirmed that the unauthorized party accessed and downloaded consumers’ personal information that was stored on the company’s computer system.

After learning that sensitive consumer data was…

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