As expected and announced by inside sources (See our earlier article here) the US Department of Treasury has published an updated Advisory on Ransomware (). Reiterating the danger that ransomware possess for the national security of the US, the advisory reads: Facilitating a ransomware payment that is demanded as a result of malicious cyber activities […]
Following up on the OFAC & Fincen advisories of last year and strongly worded messages from President Biden towards especially Russia in June, the US Treasury Department is apparently preparing to sanction “financial exchanges that facilitate delivery of illicit digitalpayments to hackers (, ). While these reports have not yet been officially confirmed, it appears
Apparantly new legislative Push: Is the USA on the way to ban Ransomware Payments? Read More »
After the surge of cyber crime during the COVID 19 pandemic, spearheaded by a surge in ransomware attacks, the renewals on January 1st 2021 were the by far most anticipated in the history of cyber insurance. With year-over-year price increases of roughly 30% across the board on 1/1 (), the market has indeed entered a
After the Biden Administration introduced a new executive order with guidelines to US businesses with regards to cyber security precautions and ransomware payments and fostering an exchange of threat intelligence (), the Australian Parliament saw a new bill introduced in June to mandate all entities that are affected by a ransomware attack to report it
Australian Ransomware Payments Bill proposes mandatory reporting for ransomware payments Read More »
In the context of economic welfare, the key fact of cyber insurance that sets it apart from likely any other insurance type is the possibility through efficient and economic incident response to limit and reduce damages acting as the equivalent of a fire brigade where there is no such service yet. However, as pointed out
A new report released by the Royal United Services Institute (RUSI), authored by Jamie McColl, Jason Nurse, and James Sullivan, analyzes the role of the cyber insurance industry as an enabler and facilitator for public policy makers aiming to increase the cyber maturity of a given economy (). The question of the role of cyber
AON released its annual report on the US Cyber Market based on the NAIC Cyber supplement fillings () . Compared to the earlier estimate of at 72%, AON estimates the 2020 US Cyber Loss ratio at a more benign 67%. The expense ratio, which is not directly reported in the NAIC fillings, but estimated as
Axa has for its French home market announced that it will temporally stop underwriting ransomware coverage in its cyber insurance policies (), waiting for clarification of the local French regulator with regards to the lawfulness of ransomware payments. While the ransomware related incident response expenses are still covered, the measure is limited to the French
First Major Cyber Insurance Carrier stops covering Ransomware Payments Read More »
Following up on our article on the most important cyber law developments of 2020, here are the most anticipated judgments and regulatory changes that are expected for 2021. While there has been little public development since the arguably most high profile cyber law cases of Merck and Mondelez were filed in 2018, the judgments could
2021 Cyber Law & Regulation Outlook Read More »
As cyber attacks have greatly increased during the COVID-19 pandemic, especially a sharp uptick in ransomware cases, 2020 saw the start of a litmus test for the entire cyber insurance industry.
2020 Cyber Law & Regulation Review Read More »
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