Beazley, a UK insurance company contracted with Lloyd’s of London, has launched the market’s first cybersecurity catastrophe bond for a total payout of USD 45 million (GBP 37 million), should claims exceed USD 300 million. The catastrophe bond is intended to protect insurers like Beazley from massive cyber payouts, which have increased exponentially in recent years due to the rise in cybercrime.
Despite the increase of major cyber-attacks and data breaches, cybersecurity only temporarily receives serious attention from the board. Some companies have still managed to make cybersecurity a top board priority. Here’s how to make a cybersecurity a priority for the board.
When your company has been hit by a crippling ransomware attack, you’re forced to make a very tough decision: Pay the ransom or not?
The need for cyber insurance is gaining traction across all levels of business. But are the policies currently available adequately addressing these needs?
