Ransomware Evolves to Affect Severity; BI Remains ‘Complicated’

CHICAGO—There is “no honor amongst thieves” when it comes to ransomware.

During a panel on claims developments here at Advisen’s Cyber Risk Insights Conference, CNA Insurance cyber industry leader Brian Robb said ransomware attacks have evolved. At the start of the ransomware trend, organizations that paid up would receive encryption keys to get data back.

Now, said Robb, there have been situations in which the thieves only returned a partial encryption key following payment, and then asked for more cryptocurrency.

Read more at https://www.advisenltd.com/ransomware-evolves-to-affect-severity-bi-remains-complicated/

Chad Hemenway, Ransomware evolves to affect severity; BI remains ‘complicated’ (May 24, 2018).

This story in an excerpt of the original. The content originally appeared in Advisen Cyber Front Page News.

Business Interruption Losses Increasing in Frequency, Severity, Allianz Report Finds

Corporate risk managers cite business interruption as the most significant risk they face these days, due to the interconnected nature of systems, industries, and supply chains, according to a new report, “Global Claims Review 2015: Business Interruption In Focus,” from Allianz Global Corporate & Specialty (AGCS).

AGCS found that business interruption losses now account for the majority of nearly all large property insurance claims, at an average of $2.38 million, 36 percent higher than the related average direct property damage loss. In the last five years, BI claims have been a primary loss driver for large losses following fires, storms, floods, and earthquakes, according to AGCS’ review of over 1,800 large BI claims from 68 countries.

Read more at http://www.advisenltd.com/2015/12/10/business-interruption-losses-increasing-in-frequency-severity-allianz-report-finds/

Ayers, Erin. ‘Business interruption losses increasing in frequency, severity, Allianz report finds’. ©2015 Advisen Ltd. 18 December 2015.