October 23, 2023 at 10:02AM The Federal Trade Commission (FTC) and the National Association of Insurance Commissioners (NAIC) have emphasized the importance of cyber insurance as a way to protect against cyberattacks. However, simply suggesting cyber insurance is not enough. The government should ensure its availability and affordability, particularly for small businesses. Businesses should also … Read more
October 16, 2023 at 10:08AM The global cyber insurance market is growing rapidly, expected to reach $84.62 billion by 2030. However, many companies are uncertain about how much coverage they need, and insurers struggle to assess individual risk. This has led to significant losses in the cyber insurance market. Rates have spiked due to increased … Read more
October 13, 2023 at 04:59PM Progress Software plans to collect on its $15 million cyber insurance policy in light of the recent class action lawsuits and fines it faces due to security breaches caused by its MOVEit file transfer software. This large payout is likely to impact how insurers approach their businesses as premiums increase … Read more