Security News
AXIS Insurance and Elpha Secure announced a strategic partnership to provide cyber insurance and software protection to small businesses to help improve their cyber security. "Today's small businesses have a need for efficient, effective solutions to manage their cyber risks," said Dan Trueman, Global Head of Cyber and Technology at AXIS Insurance.
California-based cyber insurance firm Cowbell Cyber this week announced raising $20 million in a Series A funding round. Cowbell did not disclose a valuation for the latest funding round.
Cyber insurance provider Corvus on Wednesday announced that it has raised $100 million in a Series C funding round. To date, the company has raised a total of $147 million.
"In its early days, cyberinsurance coverage was offered through either expensive, highly manuscripted policy forms or cheap, sublimited endorsements to other policies," said Dan Burke, senior vice president at Woodruff Sawyer and Company, in his article Cyber 101: Understand the Basics of Cyber Liability Insurance. It's important to be realistic, in that cyberinsurance protects against the costs of cyber breaches, not the actual attack.
To select suitable cyber insurance for your business, you need to think about a variety of factors. Cyber insurance has developed significantly over the past decade, driven by the increasing threat landscape and expanding legislation.
External attacks on companies result in the most expensive cyber insurance losses, but it is employee mistakes and technical problems that are the most frequent generator of claims by number, according to a report from Allianz Global Corporate & Specialty. Growth of the global cyber insurance market fueling cyber insurance claims.
Think carefully about cyber insurance, says NCSC. But don't worry about buying off ransomware crooks
The National Cyber Security Centre has urged British businesses to think carefully when picking a cyber insurance policy - but won't say whether insurance that covers ransomware payoffs is a bad thing or not. Taking the form of seven questions for businesses published on the NCSC website, the latest guidance urges companies to ponder security-specific things when deciding what insurance policy to take out.
Travelers Europe has enhanced its cyber insurance product, Travelers CyberRisk, to provide more coverages and risk management solutions to strengthen customers' overall cybersecurity programs. "Our cyber product has always been more than just an insurance policy, with features such as access to experts who can help our customers navigate the stressful experience of a cyber event," said Davis Kessler, Head of Cyber for Travelers Europe.
"There is a lack of options for small and mid-size enterprises in need of higher limits for cyber insurance. When cyber coverage is delivered as an endorsement to broader policies, limits are too often too low to cover actual cyber incidents. Policyholders might also under evaluate expenses involved in the response and recovery post-breach. There is a need for greater education, insights and need for standalone products." One of the biggest problems in correctly aligning insurance cost with insurance coverage is the very nature of cyber insurance.
Cyber insurance and security provider Coalition this week announced that it has raised $90 million in equity capital. Founded in 2017, the San Francisco-based startup provides up to $15 million of cyber and technology insurance coverage to companies in all 50 U.S. states and the District of Columbia, and CAD $20M of coverage across all 10 provinces in Canada.