Cyber Claims and Urgent Matters
In the event of a cybersecurity breach, data privacy incident, or any other cyber-related event, immediate action is crucial. Timely reporting can significantly mitigate potential damages and ensure proper coverage activation.
For Urgent Matters:
1. Contact Your Insurer Immediately
- Notify your insurance carrier using the contact information in your policy documents.
- This should be your first action to initiate the claims process.
2. Why Rapid Reporting is Critical
- Facilitates swift response and containment
- Ensures compliance with policy terms and conditions
- Maximizes the effectiveness of your cyber insurance coverage
For Less Urgent Matters:
- Email: insure@aragonway.com
- Phone: 561-830-3360
- Our team is available to provide support and guidance throughout the claims process.
Other Business Insurance Claims
For all non-urgent claims related to other types of business insurance:
- Contact us at insure@aragonway.com or call 561-830-3360.
- Our dedicated team is committed to assisting you throughout the claims process.
Remember, your prompt action in reporting incidents can make a significant difference in the outcome. If you need any clarification or support in navigating the claims process, don’t hesitate to reach out to our experienced team at Aragon Way.
Phone Number
1-561-830-3360
Email Address
All Inquiries
insure@aragonway.com
Claims:
claims@aragonway.com
Address
Aragon Way, Inc.
d.b.a. Aragon Way Insurance
1546 Corbison Point Place
Jupiter, FL 33458
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Chubb: What is Cyber Insurance
Tokio Marine: 2023 Cyber Report
Tokio Marine HCC
2023 Cyber Report
The 2023 Cyber Report by Tokio Marine HCC’s Cyber & Professional Lines Group provides a comprehensive overview of the current state of the cyber insurance market and emerging trends in cyber threats.
Market Growth and Profitability
The cyber insurance market has experienced rapid growth, with US direct written premiums increasing from $2.2 billion in 2019 to $7.2 billion in 2022. This growth was driven by increased demand and higher rates in response to the ransomware epidemic. The market saw significant price increases, with rate changes peaking at 130% in Q4 2021.
Profitability in the cyber insurance market improved substantially in 2022, with the total cyber loss ratio dropping 23 points to 44.6%. This improvement was attributed to changes implemented by insurers and a temporary reduction in ransomware activity.
Cyber Loss Drivers
Ransomware remains the primary contributor to cyber losses, although there was a notable decrease in both frequency and severity of attacks in 2022. The FBI reported a 36% drop in ransomware incidents from 2021 to 2022.
Business Email Compromise (BEC) fraud and data breaches are significant loss drivers. The average BEC fraud loss was $125,000 in 2022, while ransomware losses were three to four times that amount.
Recent Trends
The first half of 2023 saw a sharp increase in ransomware activity, nearly reaching 2021 levels. Privacy litigation has also increased, particularly related to website tracking technology and biometric information collection.
Attack Vectors and Prevention
Leading ransomware attack vectors include remote access exposure, exploitation of common vulnerabilities and exposures (CVEs), phishing, and using valid credentials. The report emphasizes the importance of proactive detection and alerting about critical vulnerabilities to reduce the incidence of ransomware attacks.
Widespread Cyber Events
2023 has seen a return of large-scale cyber events, including:
1. The exploitation of file transfer software (MOVEit, GoAnywhere MFT, PaperCut) by the ClOp ransomware group.
2. Wide-scale exploitation of VMWare ESXi instances.
3. A major attack on cloud service provider Rackspace.
4. A supply-chain compromise of 3CX’s DesktopApp by North Korea, targeting cryptocurrency companies.
Future Outlook
Tokio Marine predicts continuing significant ransomware activity and widespread cyber events in 2023 and beyond. It emphasizes the need for the cyber insurance market to remain vigilant and maintain robust pricing and security control requirements despite recent profitability improvements.
While 2022 saw a temporary reduction in cyber threats and improved profitability for insurers, the first half of 2023 indicates a return to high levels of cyber risk. The evolving nature of cyber threats underscores the importance of continued adaptation and vigilance in the cyber insurance market.