Insurance shapes how cyber risk is priced, transferred, and investigated, influencing breach costs, security incentives, and liability.
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Background for this topic.
Cyber insurance transfers some financial risk from security incidents to an insurer under a contract. Policies may cover first-party costs such as forensic investigation, system restoration, notification, and interruption of the insured’s business, as well as third-party privacy or security claims. Coverage depends on limits, deductibles, exclusions, and the policy’s definitions; regulatory penalties and ransom payments, for example, may be restricted or unavailable in some jurisdictions.
For security practitioners, insurance makes evidence of controls an operational and legal concern. Underwriting and claims may examine multifactor authentication, protected backups, logging, vulnerability remediation, access control, and tested incident-response plans. Inaccurate application answers or failure to meet policy conditions can reduce or invalidate recovery. During a claim, organizations may also share sensitive personal, technical, and investigative information with insurers, brokers, lawyers, and responders, requiring careful privacy, confidentiality, and evidence-handling practices.
Weekly headline count for the current query.
Aflac Japan has notified regulators that policy details and personal and banking information have been compromised
An attacker has exploited a zero day in Oracle Peoplesoft to gain access to the IT systems of the NAIC, the standard-setting association for the US federal insurance system
UK cyber-insurers paid 230% more to policyholders in 2024 than the year before
Scattered Spider has targeted VMware vSphere environments, exploiting retail, airline and insurance sectors
Insurance firm Allianz Life said that a threat actor accessed personally identifiable information of the majority of its 1.4 million US customers
Erie Insurance reveals suspected network breach and ongoing outage
Marsh says ransomware drove cyber insurance claims to second highest on record in 2024
Data from Resilience found that third-party attacks made up 23% of material cyber insurance claims in 2024, with ransomware attacks targeting vendors a major driver
This new independent non-profit was set up by the UK insurance industry to bring more transparency around cyber events
Insurance firm Markel Direct found that 69% of UK SMEs lack a cybersecurity policy, with a significant lack of basic cybersecurity measures in place across these firms
Claims on ransomware groups’ data leak sites reached an all-time high in November, with 632 reported victims, according to Corvus Insurance
An insurance employee has been handed a suspended sentence after illegally accessing personal information
New York State has agreed a $11.3m settlement from two insurance firms following the breach of the personal data of over 120,000 drivers in the state
Corvus Insurance highlighted the growing complexity and competition within the ransomware ecosystem, with the threat level remaining elevated
Panaseer claims 72% of security leaders are taking out personal indemnity insurance as board scrutiny increases
Cyber insurance claims in the UK have fallen by over a third between 2022 and 2024 as businesses refuse ransom payments
Insurance broker Howden says premiums are falling as security best practice takes hold
Insurance firm Marsh received over 1800 cyber claim reports from clients in the US and Canada in 2023, higher than any other year
Police, insurance and private sector security experts argue UK government proposals on ransomware payments could benefit the community
UK insurers and the National Cybersecurity Centre release new guidance to discourage ransomware payments by businesses