Erin Ayers

Jan 25, 2025 | advisen.com | Erin Ayers

By Erin Ayers, Front Page NewsHome Depot's liability insurers have no duty to indemnify or defend the retailer for losses stemming from a 2014 data breach, the U.S. Court of Appeals for the Sixth Circuit has decided, upholding a lower court's ruling. Home Depot suffered a high-profile cyber event in 2014, resulting in the compromise of "tens of millions" of customer payment cards and personal information.

Sep 24, 2024 | advisen.com | Erin Ayers

By Erin Ayers, Front Page NewsRansomware continues to drive cyber claim severity, with 64% of ransomware-related events resulting in a loss and a 411% increase in the financial costs tied to these attacks between 2022 and 2023, according to Resilience's Midyear Cyber Risk Report. Resilience observed fewer than 10% of its clients paying ransom to threat actors, but losses for the risk continue to rise due to recovery costs.

Aug 24, 2024 | advisen.com | Erin Ayers

By Erin Ayers, Front Page NewsCyber insurance has become a cybersecurity "best practice" and often helps many organizations effectively plan their proactive security spending, according to a recent survey from At-Bay Insurance and Omdia. Nearly three-quarters (72%) of security leaders surveyed say cyber insurance is "critical" to their organization, while 43% say cyber insurance requirements help direct cybersecurity spend.

Apr 27, 2024 | advisen.com | Erin Ayers

By Erin Ayers, Front Page NewsJust 20% of companies carried adequate cyber insurance to fully cover their financial losses after data breaches, with an average protection gap of 350%, according to research from CYE. A coverage gap of 350% leaves more than 75% of incidents uninsured, for an average uncovered loss of $27.3 million, CYE found in its analysis of 101 cyber events across several industries. More than 35% of companies studied experienced a gap of more than 100%.

Jan 3, 2024 | advisen.com | Erin Ayers

By Erin Ayers, AdvisenJust one unpatched software vulnerability can increase the likelihood of experiencing a cyber incident by 33%, according to Coalition's 2023 Claims Report, which also highlighted employee mistakes as "the greatest contributing factor" to cyber insurance claims.