Latest Cyber Headlines
All the headlines from our Cyber Topic Page, ordered by recency.
S&P: 2023 Marked Stall of Rapid Growth in US Cyber Insurance
May 22 2024 // S&P Global Market Intelligence weighed in on the U.S. cyber insurance marketplace, reporting that premium dipped in 2023 to end several years of rapid growth. The overall 0.7% decline in cyber insurance direct written...
Cyberattacks Over Work Email Most Used; Ransomware Hits Victims Hard: Arctic Wolf
May 21 2024 // Business email compromise is now the top method of cyberattack, according to a survey from cybersecurity firm Arctic Wolf. Of the 1,000 surveyed senior IT and cybersecurity decisionmakers from organizations in more than 15...
How Do Insurers Define Systemic Cyber Risk?
May 20 2024 // Systemic cyber risk is being discussed as a growing concern for insurers as technology advances and interconnectivity increases, but how is this risk defined? That may be one of its gray areas. “As you go through...
Fitch Ratings: US Cyber Premium Growth Slows in 2023
May 17 2024 // The U.S. cyber insurance market saw what Fitch Ratings called an unexpected 1% decline in direct written premiums in 2023 following a 160% increase from 2020 to 2022. According to Fitch Ratings’ U.S. Cyber Insurance...
SEC Updates Customer Data Hacking Rules for Wall Street
May 17 2024 // Wall Street’s top regulator on Thursday said it had updated rules to ensure investment companies and others work to detect and respond to hackers’ theft of customer data. The changes, approved unanimously by...
CyberTrust Massachusetts Launches Cybersecurity Services for Cities and Towns
May 17 2024 // The nonprofit CyberTrust Massachusetts recently launched cyber assessment and monitoring services to help cities and towns in the state address the trend of escalating cyber attacks, ransomware, infrastructure disruption...
Ransomware Frequency Up 64% on Remote Access Tools, Says At-Bay
May 16 2024 // A 64% jump in ransomware claims in 2023 is driven by an explosion in “indirect” ransomware incidents, up over 415% in 2023, with remote access tools accounting for 58% of attacks. The year-over-year increases...
People Moves: Front Street Re Appoints Fong as CEO; Carmichael Beazley’s New Head of US Cyber
May 16 2024 // Edison Fong Front Street Re, an operating subsidiary of Lexasure Financial Group Limited headquartered in Georgetown, Cayman Islands, appointed Edison Fong as CEO. Before joining Front Street Re, Fong was a director at...
Markets/Coverages: Coalition Enters Excess Cyber Insurance Market in Australia
May 15 2024 // Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it entered the excess cyber insurance market in Australia, enabling businesses to add a layer of risk management to their...
Santander Flags Data Breach Hitting Some Clients, All Staff
May 14 2024 // Banco Santander SA said data managed by an external party was accessed without authorization, affecting information of clients and staff. “We recently became aware of an unauthorized access to a Santander database...
Hospital Operator Ascension ‘Making Progress’ to Restore Systems After Cyberattack
May 14 2024 // Hospital operator Ascension said on Monday that it “worked around the clocked” over the weekend to handle a recent ransomware attack that disrupted operations. “We are focused on restoring systems safely....
VC Firm Accel Raises $650M to Invest in AI, Cybersecurity Startups in Europe, Israel
May 14 2024 // Venture capital firm Accel said on Tuesday it has raised a $650 million fund to invest in early-stage companies in Europe and Israel with a focus on artificial intelligence and cybersecurity. The new fund will be...
Hackers Behind MGM Attack Targeting Financial Sector in New Campaign
May 13 2024 // The hacking group accused of disrupting casinos and hotels at MGM Resorts International last year is engaged in a new campaign targeting banks and insurance companies, according to cybersecurity researchers. The group,...
White House to Push Cybersecurity Standards on Hospitals
May 10 2024 // The Biden administration intends to require hospitals to meet minimum cybersecurity standards after a single hack exposed the data of 100 million Americans. “We look to putting in place minimum cybersecurity...
Hospital Operator Ascension Warns of Suspected Cyberattack; Operations Disrupted
May 9 2024 // Hospital operator Ascension reported disruptions to its clinical operations on Wednesday due to a suspected cybersecurity incident and advised business partners to temporarily disconnect from its systems. Earlier this...
Cyber Startup Wiz Raises $1B in Private Funds, Valued at $12B
May 8 2024 // U.S.-Israeli cloud cybersecurity startup Wiz said on Tuesday it raised $1 billion in a private funding round that values the four-year old company at $12 billion. Wiz, which has raised $1.9 billion since its founding in...
US Indicts Leader of Prolific LockBit Ransomware Gang
May 7 2024 // The leader of one of the most prolific ransomware gangs was indicted and sanctioned by the US government on Tuesday, the latest effort by law enforcement authorities to crack down on rampant cybercrime. Dmitry Yuryevich...
Berkshire’s Jain on Cyber: ‘The Mindset Should Be You’re Not Making Money’
May 6 2024 // While describing cyber insurance as a “fashionable” and profitable business, Berkshire Hathaway’s head of insurance operations said aggregation and loss costs have kept the company away from the risk for...
Fitch: U.S. Cyber Insurers Saw Strong Profits, Slowdown in Premium Growth in 2023
May 6 2024 // The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, according to a Fitch Ratings...
Small Businesses See Stable Business Climate; Cite Cybersecurity as Top Threat
May 6 2024 // The first quarter Small Business Index, which measures small business owner confidence, is 62.3 – similar to last quarter’s score of 61.3 – reflecting a stable business climate. More small businesses see...
