Security News
Increasing numbers of senior ex-GCHQ people have called for laws preventing businesses using cyber insurance to buy off ransomware attackers - with the money merely perpetuating the criminals' business model. Marcus Willett, a senior cyber adviser with the International Institute for Strategic Studies and former GCHQ director of cyber, wrote at the end of March that the world needs "New laws establishing disincentives to pay ransoms to cyber criminals."
So-called cyber-attack insurance "Cannot be a substitute for better basic cybersecurity," the National Cyber Security Centre's chief exec has said in her first major speech since taking office. Lindy Cameron took over from founding CEO Ciaran Martin last summer and on Friday made her first public appearance since taking office.
A novel ransomware attack forced insurance giant CNA to take systems offline and temporarily shutter its website. "The attack caused a network disruption and impacted certain CNA systems, including corporate email," according to the statement.
While 2020 was one of the most challenging years for every business, those in financial services and insurance have fared better than most. While 74% of organizations across all sectors have now introduced DevOps, for example, this rises to 81% in financial services and 84% in insurance.
"There's a data gap in the cyber insurance industry. Specifically, there's a lack of objective cyber risk analysis, which makes it nearly impossible for insurers to accurately predict loss, set premiums, and protect insureds," said Goldman. "Trava exists to bridge that gap. Thanks to our partners at TDF Ventures, High Alpha Capital, and M25, we can accelerate the creation of an integrated cyber insurance company-one that collects, analyzes, and incorporates cyber risk data to provide better coverage for small and medium-sized businesses."
Insurance giant CNA has suffered a ransomware attack using a new variant called Phoenix CryptoLocker that is possibly linked to the Evil Corp hacking group. "On March 21, 2021, CNA determined that it sustained a sophisticated cybersecurity attack. The attack caused a network disruption and impacted certain CNA systems, including corporate email," CNA disclosed in a statement.
CNA Financial, a leading US-based insurance company, has suffered a cyberattack impacting its business operations and shutting down its website. CNA is considered the sixth-largest commercial insurance company in the USA, according to the Insurance Information Institute, and offers a wide range of insurance products, including cyber insurance policies.
San Francisco-based cyber insurance and security company Coalition has achieved unicorn status after raising $175 million at a $1.75 billion valuation. The latest funding round brings the total raised by Coalition to more than $300 million.
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.