September 2023 Broker Update

Record scratch. Freeze frame. Yup, that’s us! You might be wondering: “Woah, how’d you guys pull this off?”

We couldn’t have done it without our broker partners. So, thank you for working with us to combat cyber risk. And as always, send in your quote requests to submissions@corvusinsurance.com 📥

As of October 1st, 2023, Travelers will serve as a capacity provider for Corvus products in the United States. This expands on our existing partnership in the continental European market, which we announced last year. Read more about our capacity agreement.

Our cyber appetite is bigger than ever: Check out our updated guide.

💰 As a thank you for your continued support, you’ll receive a $100 gift card for every two new cyber accounts we bind together on Travelers paper. 

1. Submit your cyber risks to submissions@corvusinsurance.com (or your go-to Underwriter) 
2. Secure competitive quotes from Travelers (A++ Paper with all the bells and whistles you already love about Corvus) 
3. Bind two deals (or more in pairs) with an October effective date and you'll receive your $100 gift card via Alyce! 💳

The more cyber submissions you send, the more opportunities you have to earn gift cards.

Ready to get started? Have questions or need assistance with your submissions? Contact your Territory Manager or Underwriter for details. 

In August, the summer slowdown of ransomware activity finally came to fruition — sort of. Ransomware is down 18.41% from July. 

But: Corvus still observed 390 new ransomware victims posted to leak sites in August, making this the sixth month in a row with a YoY increase in industry- wide ransomware victims.

And ransomware gangs are back from summer vacation. While CL0P’s MOVEit exploit kept summer numbers significantly higher than average, many key players slowed down in June and July. But vacation is over — LockBit doubled their activity from July to August. 

Read our Full Report 

🚩 Cybercriminals want to exploit your clients’ file transfer software. Two of the most consequential zero-day attacks this year, GoAnywhere and MOVEit, capitalized on the software’s easy and direct access to gigabytes of data and downstream customers. Here’s what you need to know:

• The ROI is hard to beat. Cl0P is targeting file transfer software because it provides a direct route to sensitive data, versus hacking into an org’s environment and circumventing several stopgaps. Plus, downstream risk opens the door to even more victims. 
• The MOVEit exploit broke records. It’s the most consequential file transfer attack ever recorded. Since the initial exploit over Memorial Day weekend, CL0P has listed 263 victims on their leaksite. 
• It’s not the end of the world. Yes, the zero-day attacks were bad. But there are preventative measures businesses can take to safeguard their data: patch management, encryption, and user best practices (to name a few).  

👉 Learn more about the fallout of CL0P’s attacks

Have clients that could benefit? Send in your submissions today!