Insurers paid £197 million (US$259.2 million) in cyber claims in 2024 for UK businesses – a 230% increase, or £138 million (US$181.6 million) more than in 2023, according to the Association of British Insurers (ABI). Malware and ransomware alone accounted for 51% of all claims, up from a total of 32% of all claims in … Read more
Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it is offering Excess Cyber Insurance policies in Quebec along with a refreshed Excess offering across Canada. The refreshed Excess offering will enable Canadian businesses, now including those in Quebec, to add a layer of risk management to their cyber towers, Coalition said. … Read more
The New York State financial services regulator warns insurance companies, banks and other financial services institutions of the cyber risks associated with the growing use of third-party service providers (TPSP). Exposure to threats will continue to grow as reliance on technologies managed by TPSPs, such as cloud computing, file transfer systems, artificial intelligence, and fintech … Read more