Loss Trends in Cyber Liability Insurance Webinar

1. The Rising Tide: Business Email Compromise and Ransomware Severity

Business email compromise, increasingly severe ransomware attacks like Dark Angel targeting public companies, and persistent wire fraud continue to be prominent cyber threats requiring stringent security measures.

2. The Coverage Spectrum: Understanding What's Protected Under Cyber Policies

Cyber liability policies typically cover ransomware attacks, system outages, business interruption losses, and associated costs for investigation, legal assessment, threat response, and customer communication.

3. The Daily Evolution of Cyber Threats: From Ransomware to Wire Fraud

Despite ransomware's media prominence, wire transfer fraud emerges as a leading cybersecurity threat, with companies falling victim to sophisticated scams including deepfake tactics that result in million-dollar losses.

4. The Data Collection Dilemma: Understanding Wrongful Collection and Its Impact

Wrongful data collection can make organizations liable for damages, highlighting the importance of implementing privacy by design principles and involving privacy officers in website technology decisions.

5. The Art of Deception: Breaking Down Wire Transfer Fraud Coverage

Wire transfer fraud is a form of cybercrime where criminals impersonate executives to request fraudulent wire transfers, sometimes using deep fake technology to make their impersonation more convincing.

6. The Relentless Wave: Major Software Attacks Show No Signs of Slowing

Cyber attacks on major software and high-profile targets are expected to persist, as evidenced by recent incidents.

7. The Price of Unpreparedness: Legal Consequences of Inadequate Cyber Coverage

Businesses without adequate cyber liability coverage risk bearing full financial responsibility for data breaches, potentially facing legal consequences from shareholders and other stakeholders.

8. Four Pillars of Risk: Key Factors in Cyber Insurance Underwriting

When underwriting cyber liability insurance, insurers must evaluate four key areas including organizational controls, risk management sophistication, external reputation, and overall business solvency.

9. First vs Third Party: The Two Faces of Cyber Liability Coverage

First-party cyber coverage protects against direct company losses including breach notification costs, forensic investigations, ransomware payments, and data restoration.

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