Tag: cyber insurance

Your Quick Guide to the Day’s Top Insurance News Headlines

Live Insurance News
Insurance news short stories this week

Lemonade’s Car Insurance Waitlist Reaches 700K Lemonade, a leader in the insurtech sector, announced an impressive milestone with 700,000 customers on the waitlist for its car insurance offerings. The service, which is only available in select areas, has generated significant consumer interest due to its tech-driven, user-friendly approach. Lemonade’s business model heavily relies on artificial intelligence to streamline every aspect of the insurance process, from underwriting to claims settlement. This innovation continues to disrupt traditional insurance practices, highlighting the growing appeal of modernized, hassle-free coverage options. To Read More About…

Read More

Addressing the Skills Gap in Cyber Risk: How Insurers & Brokers Can Bridge the Divide

David Derigiotis
Cyber risk

Cyber technology may be soaring, but with innovation comes vulnerability. With threats evolving in tandem with new technology, insurers and brokers increasingly need specialized knowledge in assessing and managing cyber risk. Acquiring this knowledge may sound easier in theory than reality. One of, if not the biggest, hurdle to overcome is bridging the significant skills gap in cybersecurity expertise. Across the insurance industry, this gap has led to challenges in effectively underwriting and communicating cyber risks for insurers. For brokers, this gap is both a challenge and an opportunity. By…

Read More

Ransomware: To Pay or Not to Pay

David Derigiotis
Ransomware: To Pay or Not to Pay

When one threat actor group is taken down another one appears in its place ready to devastate organizations. The number one cyber threat? Ransomware. By 2031, ransomware will cost victims an annual total of $265 billion. Until recently, the largest ransomware payment was $40 million by CNA Financial to regain control of their systems. Now, Dark Angels—one of the top cyber threat groups to watch—broke the record for the largest ransomware payment by almost double the largest payment at $75 million. With ransomware attacks increasing and becoming more costly, the…

Read More

Flow Specialty Emerges from Capitola Insurance Rebrand with New Leadership and Enhanced Capabilities

Live Insurance News
Insurance news

Backed by Munich Re Ventures and Lightspeed Venture Partners, the newly rebranded Flow Specialty (formerly Capitola Insurance) sets a new standard in the specialty wholesale insurance market. Integrating human expertise with advanced artificial intelligence (AI), Flow Specialty offers faster quotes, transparent communication, and reduced costs, providing unmatched service and access to premier markets. Enhanced Offerings for a Dynamic Industry Flow Specialty tailors its solutions to meet the unique needs of retail agents and carriers with a focus on: Professional Liability Insurance: Broad access across various markets catering to companies with challenging renewal…

Read More

Cybersecurity insurance popularity but some companies face denials

H. Cutner
Cyberattacks insurance companies

There are a number of common reasons that are causing insurers to deny coverage to a business. While it has become clear to the majority of companies that cybersecurity insurance can provide vital protection against financial hardships caused by cybercriminals. As a result, demand for coverage has skyrocketed in recent years. Unfortunately, many interested companies have found themselves denied coverage. Despite increasing interest in cybersecurity insurance, the simultaneous rise in threats have forced insurers to be more hesitant to provide coverage. There are several common reasons that a business might…

Read More

Cyber insurance coverage critical as Homeland Secretary warns over ransomware

Marc
Cyber insurance coverage - cyber security

DHS Secretary Alejandro Mayorkas said coping with ransomware will become a top priority. Cyber insurance coverage importance has never been clearer than it became when Department of Homeland Security (DHS) Secretary Alejandro Mayorkas warned that dealing with ransomware will become a top priority. This has only underscored the rising threat of cyberattacks and the data-scrambling malicious software. Ransomware is a type of malicious software that locks an individual, company, organization or government out of its files and networks until a payment is made. This type of attack has been rapidly…

Read More

Deep fake insurance losses will test cyber policies, cautions CyberCube

H. Cutner
Deep fake insurance losses - artificial intelligence - mask

A cyber analytics specialist is cautioning of the danger and cost of these videos and audio files. CyberCube, cyber analytics specialist, is cautioning the industry that deep fake insurance losses may test the strength of insurers selling cyber coverage. It pointed out that these videos and audio files are increasingly found in cyberspace and could cause a major threat to covered businesses and their insurers alike. According to the report, the threat could become a major one within the next couple of years. This technology provides cyber criminals with powerful…

Read More