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Trigger Warning: Cyber Policy Wordings to Impact Coverage for Tech Outage

Insurance Journal

Industry stakeholders continue to try to get a grasp of the implications from last week’s massive technology outage affecting motley industries around the world, but the theme of policy language is reoccurring for a cyber insurance industry not known for …

Cyber 299
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Cyber Security and Risk Mitigation

Insurance Journal

Security leaders should be exercising every available option to upgrade their security posture, and cyber insurance policies could make or break the resiliency for many organizations across nearly all industries — K-12 education, retail, healthcare, manufacturing and more. Just last …

Cyber 298
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Pirates Invade Tampa! Is an Invasion Covered Under a Commercial Insurance Policy?

Property Insurance Coverage Law

Is an Invasion Covered Under a Commercial Insurance Policy? where I gave a short explanation of the day: Tampas Mayor refused to hand over the keys to the city on Tuesday to … The post Pirates Invade Tampa! appeared first on Property Insurance Coverage Law Blog.

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Tech Sector Sees Softer Insurance Market but Less Comprehensive Policies

Insurance Journal

Embroker’s 2024 Business Insurance Index: Tech Sector found average errors & omissions/cyber premiums … A softer-than-expected market kept insurance premiums for technology companies down or flat in some lines in 2024, according to a new report from business insurance platform Embroker.

Policy 243
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Fortune 500’s Insured Losses for CrowdStrike Could Reach $1 Billion: Parametrix

Insurance Journal

The portion of the loss covered under cyber insurance policies … The total direct financial loss facing the US Fortune 500 companies, excluding Microsoft, from the CrowdStrike outage on July 19 is $5.4 billion, modeling and insurance services firm Parametrix estimates.

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Cyber Risk: West Virginia OIC Plans to Dispose of Older Workers’ Comp Files

Insurance Journal

The West Virginia insurance commissioner’s office has adopted a new policy: It will soon begin destroying workers’ compensation claim files that are 10 years old or older. “Given increasing cybersecurity concerns and the type of information contained in the closed …

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Markets/Coverages: Chaucer Offers Nuclear Power Stations Insurance for Cyberattacks

Insurance Journal

Chaucer has launched a new nuclear insurance policy that provides nuclear power plants (NPP) with insurance cover for cyberattacks. Called CyNuC, the malicious act cyber insurance policy was developed specifically by Chaucer’s Lloyd’s Syndicate 1176 in conjunction with the insurer’s …

Cyber 245