Cowbell’s Post

Cyber In Focus Cyber extortion, data loss and cyber-attack continue to be ranked as the top 3 risks facing Directors’ and Officers in our Global Directors’ and Officers' Liability Survey Report. https://on.ft.com/3v1QJj4

Join Lockton Re’s Oliver Brew as he moderates the #CyberRiskSummit’s ‘Hit Parade’ panel on ‘The Last Three Big Cyber Events’. The discussion will include insurance, legal and PR challenges, and common themes and future predictions of the Cyber market. #Reinsurance #Cyberrisk https://lnkd.in/gTdhgxVb  

Do you want to safeguard your future? Join Neil Brown, Assistant VP of Private Client Services, for a must-attend webinar on September 17. Discover how insurance can shield you from cyber threats, identity theft, and extreme weather—protecting your digital and physical assets. Don’t miss out on insights that could make all the difference, register through the link: https://shorturl.at/k2woI

You can always count on the team at Cadence to do more than just asset management. Join their next webinar for an interesting session on other areas of risk - cyber security, identity theft and more.

For those of you that are interested, some of my thoughts on fraud and scam management practices and some of the more recent solutions/innovations that we have been working on. Happy Friday!

Next week these BOXXers will be at #RiskWorld in #SanDiego! If you are attending and want to learn how BOXX provides the most effective combination of cyber threat prediction, prevention and cyber insurance coverage through our Cyberboxx products, BOXX Solutions and BOXX labs, connect with Vishal, Phil, Neal or Brian directly. #RIMS #BOXXInsurance #CyberInsurance

In this Help Net Security video, #Optiv's Dara Gibson discusses the state of cyber insurance and expectations for 2024, including #Ransomware being at the forefront of claims. #OptivNews

We’ve compiled and analyzed all of our claims data from last year, and we’re ready to share it with you. 📊 Scroll through the 2024 Cyber Claims Report to learn about changes in overall claims frequency and severity and a breakdown of our most common claims types—ransomware, business email compromise, funds transfer fraud, and “other.”

Check out our latest cyber claims report. It's a worthwhile read. Key takeaways of 2023 • Cyber claims increased year over year (YoY). Overall frequency continued to trend upward. Although overall severity decreased in the latter half of the year, it was not enough to offset the first-half spike primarily driven by increased ransomware claims. • Cyber claims originated in the inbox. More than half of all claims were business email compromise (BEC) or funds transfer fraud (FTF), highlighting the importance of email security as a key aspect of cyber risk management. • As ransomware payments hit $1 billion globally, Coalition ransomware severity dropped 54%. Ransomware frequency, severity, and demands dropped in the second half of the year after a surge in the first half, though severity is still up year over year. • Businesses using select boundary devices were at greater risk. Firewalls, virtual private networks, and other devices can help reduce cyber risk. However, boundary devices with known vulnerabilities increased the likelihood of a business experiencing a cyber claim.

'Is cyber at an inflection point?' Jacob Ingerslev SVP of Underwriting, Cyber & Tech joined top industry leaders on Insurance Business America IBTV Cyber Executive Insights roundtable to discuss the latest developments in the cyber market. #TMHCC_Cyber #CyberInsurance #IndustryInsights Catch the latest insights here: https://shorturl.at/7UdBy