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Cyber insurance can still play a critical role in protecting a business during the interruption of a ransomware attack, as well as help cover potential ransom payments and/or associated legal fees.
Some of the country’s leading technology companies have committed to investing billions of dollars in strengthening cybersecurity defenses and in training skilled workers, the White House announced, following President Joe Biden’s private meeting with top executives.
The SolarWinds supply chain attack has, to date, impacted nine government agencies and as many as 100 private sector companies, according to some reports. By the time the full extent of the hack is known, it may be the most widespread security breach on record. But what does this mean for the organizations impacted and is it potentially insurable? In light of the massive cyberattack, we spoke to Seth Rachlin, Executive Vice President and Insurance Lead at Capgemini, to discuss the implications of this attack and the fast-growing cyber insurance market.
New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk.
New York’s Division of Financial Services (DFS) now requires Property and Casualty Insurers writing cyber insurance to comply with the Division’s Cyber Insurance Risk Framework to manage their risk.
Threat actors launched a cyberattack against the Texas Office of Court Administration, the IT provider for many Texas courts, and encrypted their computer systems with ransomware, leaving those systems useless. Cognizant, which has a large presence in Dallas-Fort Worth and is one of the world’s largest and most sophisticated providers of information technology services for other companies, was hit with ransomware with losses currently estimated between $50 million and $70 million.
