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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.
The 2019 Travelers Risk Index has found that cyber risks are the top concern among businesses of all sizes for the first time since the survey began in 2014,
Seven in 10 senior financial executives at the world’s largest companies believe their insurer would cover most or all of the losses their company would incur in a cyber attack. Many of the losses they foresee, however, are rarely covered by insurance.
Specialist insurer Beazley has collaborated with Marsh, a leader in insurance broking and innovative risk management solutions, to provide cyber insurance cover and breach response US manufacturers.
