November 2021 Broker Update

Industry spotlights, cybersecurity tips, and more in our revamped Bird's Eye newsletter.

Welcome to the first edition of our newly revamped Bird's Eye newsletter for brokers. From our perch at the intersection of insurance, cyber risk and cybersecurity, we’re bringing you a view of trends and best practices, plus relevant Corvus news. Look out for a new edition to hit your inbox every other month — no binoculars required.

Industry Spotlight

 A roundup of recent commentary and analysis from our cyber experts.

We released our first Risk Insights Index last month, a 12-page report where members of the flock — data scientists, claims managers, and cybersecurity pros — gathered unique analyses of the current risk environment.

Through our security scanning technology and database of claims information, we can help you stay on top of the latest in the cybersecurity discussion, and provide answers for the burning questions below: 

  • How did the pandemic, combined with the rise of ransomware, impact the use of email security tools across sectors? 
  • How much ransom is actually being paid, and what precautions are organizations taking to temper the impact of attacks?
  • What is data exfiltration, and is it something to be worried about in the future?

Hooked? You can access the Corvus Risk Insights Index to see all of our findings.

Cybersecurity Tips

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

A real-life example of how incident response can go well. 

We’ve all heard the horror stories surrounding breaches and cyber attacks: organizations forced to pay massive ransoms and scrambling to get their systems back online. But what if we told you that there are fewer fumbling, unprepared victims than the media would lead you to believe? For example, only about a quarter of Corvus ransomware claims result in paying a ransom. 

Last month we highlighted the story of "Raven Corp" — a Corvus policyholder, renamed for privacy — that did everything right in responding to an incident, from start to finish.

Read the full guide to Incident Response Done Right.  

What can we learn from the Facebook outage? 

On October 4th, Facebook, Instagram, and WhatsApp went dark. A faulty configuration change led to the six hour outage, ultimately impacting 3.5 billion people. 

The takeaway from this? A tech company, even the biggest, is not too big to fail. Organizations should start thinking a lot more about the systemic cyber risk — especially in our interconnected world — that third-party vendors introduce to your systems and business processes.

Our recent blog post covers how organizations can begin assessing Systemic Cyber Risk.

What's New at Corvus

Last month we rolled out a suite of insurance products for Financial Institutions, featuring the most advanced underwriting capabilities currently available in financial lines.

Our suite of fully customizable products are flexible enough for a wide range of financial institutions on a primary and excess basis. Check out the full scope of our "FI" capabilities now.  

Corvus in the News

Bird is the Word

Crows are said to be as smart as chimpanzees, so it’s no surprise they were a valiant enemy to farmers’ crops. In the 1930s, there was an attempt to popularize a crow-to-table strategy to reduce the crop thievery — goodbye roasted chicken, hello Corvid dinner — but the meal never caught on, and the crow craze ended by the early 1940s.