June 2022 Broker Update

Updates to the Corvus Scan, lessons from Lincoln College, and more.

The world of cyber threats is constantly evolving — teenagers are relatively successful cybercriminals and a cardiologist has created a ransomware-as-a-service operation. It can be hard to keep up and focus on insurance. On the bright side, we’re back with another edition of Bird’s Eye to keep you in the loop on what’s happening at Corvus and elsewhere. Catch up on last edition or read the latest from our cyber insurance experts below.

What's New at Corvus 

Cyber risk is always evolving, and so are we. Our Corvus Scan report for policyholders is going to look a bit different now (for good reason). Rather than the findings grouped into eight sub-scores, they are now organized based on impact: Critical, High, Medium, and Low.

Why? We want policyholders to have a clear understanding of what security measures to prioritize. A summary at the top of the report will provide an immediate picture of how many issues are present, and which are most pressing to address. The critical issues are most likely to move the needle in your clients’  overall security. 

We’ve updated policyholders already so they’re aware of these changes, but we want to keep you in the loop.

📌 Less stress, Safer World: In May and June, we are offering free Corvus Scan reports to mental health and wellness focused companies. If you know of any organizations dedicated to keeping minds in tip-top shape, we’d love to give back. Learn more and request a scan. 

Cybersecurity Tips 

From VP of Risk + Response Lauren Winchester and CISO Jason Rebholz 

Lincoln College opened its doors the same year the Civil War ended. But it was a modern threat that shut the educational institution’s doors: ransomware. While other factors were at play (low enrollment, inflation, COVID-19), it was the work of threat actors in December that ultimately forced the college’s hand. 

Let’s look at the key takeaways from the Lincoln College incident:

  • Educational institutions are seen as a prime target for ransomware groups. Many are dealing with archaic systems that take a massive investment to update, making them a reliable victim. So far in 2022, 13 universities have publicly disclosed attacks.
  • Lincoln College’s registration systems, academic files, and fundraising efforts were all shut down and inaccessible. With the help of their cyber insurer and legal team, it took a month and a half to recover the lost data and get back up and running. The school’s president David Gerlach credits their cyber insurer for making their final Spring semester possible. 
  • Lincoln College, like other SMBs, faced financial limitations that prevented security improvements. Certain steps can vastly increase an organization’s chance of rebounding, including a robust backup strategy. For more information on what small businesses can prioritize on a budget, read our blog.

Threat watch: The latest alerts and guidance on vulnerabilities. 

On Your Radar

A roundup of recent commentary, analysis, and insights from our insurance experts

On-demand: Wingman Essentials 101

An introduction to our micro-cyber solution. Small businesses are feeling the pressure now more than ever. They’re not immune from threat actors, and need (adequate) protection. How can we meet their needs? 📹 Learn about our appetite, pricing, and how you can start quoting.

The hard market vs. small biz budgets. 

Premiums and risks feel higher than ever. When it comes to working with small businesses, does the cheapest option mean the best option? In an upcoming webinar, we’ll dive into why rates have gone up, what trends we’re seeing in claims, and answer the pressing question — what are carriers doing to make the price worth it? Keep an eye out for the webinar invite.

Cyber MGAs: Eyes set across the pond.

Traditional underwriting practices haven’t been able to keep up with the rapidly changing risk environment, but InsurTechs can offer comprehensive solutions to the “cyber problem.” Cyber is going global, but should the UK and Europe markets welcome new players with open arms? We’ll fill you in. 

Corvus in the News

Bird is the Word

In the early pandemic lockdowns of 2020, the absence of a city’s hustle and bustle was glaringly obvious. Naturally, Randall Poster started to listen more closely to the sounds of birds in New York City, leading him to embark on his star-studded activist initiative: The Birdsong Project. 

Featuring work from Mark Ronson, Elvis Costello, and Tilda Swinton — among 200 others — 242 tracks will be released over the span of five installments. All bird-inspired, the proceeds will go to the Audubon Society. Find out more about For the Birds: The Birdsong Project.