A new security report released this week revealed a record-breaking $75 million ransom paid by a single victim to the Dark Angels ransomware gang earlier this year. The payment surpasses the previous highest known ransom of $40 million paid by insurance giant CNA to Evil Corp. The specific company involved has not been disclosed at the time of this writing. However, there are speculations that pharmaceutical giant Cencora ranked #10 on the Fortune 50 list, experienced a cyberattack in February
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The Year 2021 was on fraught with numerous cyber attacks and ransomware lead the list. Here is a look back at the biggest cyber incidents of 2021. Over the past couple of years, it has become hard to ignore that the digital life we all live in is completely exposed to cybercriminals. Hackers are happy to take almost any opportunity to make money or have fun, from creating free gym memberships for their entire family to hacking into the energy systems of different countries. Even though the ye
Recently, ransomware criminals claimed as trophies at least three North American insurance brokerages that offer policies to help others survive the very network-paralyzing, data-pilfering extortion attacks they themselves apparently suffered.
Cybercriminals who hack into corporate and government networks to steal sensitive data for extortion routinely try to learn how much cyber insurance coverage the victims have. Knowing what victims can afford to pay can give them an edge in ransom negotiati
The world has entered a new era of cyberattacks. There have been decades of viruses, breaches, and other forms of attack, last year saw increased hacker sophistication, the propensity to pay in ransomware cases, and a broad swath of geopolitical uncertainty conditions that hackers have found favorable.
The forecast for any organizations seeking or renewing cyber insurance is looking grim.
- 25% average premium increase.
- Ransomware/extortion coverage limitations-lower limits and coinsurance.
- Insu
One of the largest insurance firms in the US CNA Financial was reportedly hit by a “sophisticated cybersecurity attack” on 21 March 2021. The cyber-attack disrupted the company’s employee and customer services for three days as the company shut down “out of an abundance of caution” to prevent further compromise.
Founded in 1967, the Loews Corp subsidiary is among the top 10 cyber insurance companies and the leading 15 casualty and property insurers in the US. It employs about 5,800 workers and
