The cyber insurance market is growing rapidly in response to a growing demand for protection, driven by an increasing severity and frequency in data breaches. This is according to rating agency Moody’s, which explained that cyber risk has become a focus for corporate boards, regulators and government officials. Moody’s said that along with these policies, a number of insurers are offering valuable loss avoidance and risk mitigation services. However, in the US, where it claim

Three men have been indicted in a huge cyberattack that rocked JPMorgan back in 2014, but according to prosecutors their cybercriminal activities include many more well-known victims. In what Bloomberg reported as the largest cyber breach ever, two indictments were unsealed Tuesday (Nov. 10) tying three of the four suspects to the previously reported attacks on JPMorgan, E*Trade, Scottrade Financial Services and Dow Jones. The hackers are being charged with running a criminal

In a November 11, 2015 letter to other regulators, New York Financial Services Superintendent Anthony Albanese said that his agency has surveyed more than 150 banks and 43 insurers since 2013 and has begun conducting risk assessments of financial institutions. They have concluded that “robust regulation” is needed and he urged other state and federal authorities to collaborate on establishing a framework of cyber defenses for the financial sector. “First, although financial i