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I don't see this being true as hackers targetting. Cyber insurance is not generally public information. Moreover, there are different flavors of cyber insuran

I don't see this being true as hackers targetting. Cyber insurance is not generally public information. Moreover, there are different flavors of cyber insurance. Some of which cover ransom pay and some do not. Having knowledge at such a thing means only 1 thing: Someone in the hacker group has access to insider information. Only select people have access to such policies. Call me a skeptic but i would assume 1 of 100 such hacks don't actually know the cyber coverage that the target has. The ratio of 1:100 may be larger if you expanded the question to Hackers knowing which companies have Cyber coverage... but not which flavor. I still think this is a limited number anyway. AXA here is just taking the easy route out. A lot of unsuspecting customers (startups) will buy this and get surprised 10 years from now, because their CEO did not bother to read the fine print of a 30 page document. Lots of lawsuits in the horizon. Insurance is literally protecting yourself from long tail events. This is such a thing.

arbuge 5y ago
> Cyber insurance is not generally public information. It might not be required to be, but it might still be disclosed anyway for various reasons in public market filings, on investor calls, employees talking in social media, and so forth.
abakker 5y ago
I find it difficult to believe that CEOs and their advisors would not read insurance contracts. This may seem true, but any business with a corporate council and a team contemplating buying insurance is likely to take care to ensure that they contract for, and purchase, the product they intend to purchase.
- wjnc 5y ago
  Well, from the industry, re-insurance contracts aren't hard to read, but they are written in legal prose that's quite far from your average readers day to day reading. Let's say that in 50 pages of boiler plate only twenty items mark the exact risks covered. That's why most firms use brokers to translate the T&C to PowerPoint. Obviously important contracts get read and negotiated by teams. And then ten years and a few renewals pass, people move on and suddenly you've got a coverage on a historic part of your portfolio that nobody groks. We're all human.

arbuge 5y ago

> Cyber insurance is not generally public information. It might not be required to be, but it might still be disclosed anyway for various reasons in public market filings, on investor calls, employees talking in social media, and so forth.

abakker 5y ago

I find it difficult to believe that CEOs and their advisors would not read insurance contracts. This may seem true, but any business with a corporate council and a team contemplating buying insurance is likely to take care to ensure that they contract for, and purchase, the product they intend to purchase.

wjnc 5y ago
Well, from the industry, re-insurance contracts aren't hard to read, but they are written in legal prose that's quite far from your average readers day to day reading. Let's say that in 50 pages of boiler plate only twenty items mark the exact risks covered. That's why most firms use brokers to translate the T&C to PowerPoint. Obviously important contracts get read and negotiated by teams. And then ten years and a few renewals pass, people move on and suddenly you've got a coverage on a historic part of your portfolio that nobody groks. We're all human.