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A Cyber Insurance Backstop

Schneier on Security

In the first week of January, the pharmaceutical giant Merck quietly settled its years-long lawsuit over whether or not its property and casualty insurers would cover a $700 million claim filed after the devastating NotPetya cyberattack in 2017. The 9/11 attacks cost insurers and reinsurers $47 billion. 11, 2001, terrorist attacks.

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RSAC Fireside Chat: Start-up Anetac rolls out a solution to rising ‘service accounts’ exposures

The Last Watchdog

From MFA to biometrics, a lot has been done to reinforce user ID and password authentication — for human users. Service accounts have multiplied exponentially in recent years and become a prime target of threat actors, since little has been done to beef up protection.

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Hacked Data Broker Accounts Fueled Phony COVID Loans, Unemployment Claims

Krebs on Security

A group of thieves thought to be responsible for collecting millions in fraudulent small business loans and unemployment insurance benefits from COVID-19 economic relief efforts gathered personal data on people and businesses they were impersonating by leveraging several compromised accounts at a little-known U.S.

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Identity Verification vs Authentication: Key Similarities And Differences

CyberSecurity Insiders

While verification and authentication are terms that are often used interchangeably, they are in fact two separate operations. Digital verification and authentication play a critical role in preventing fraud and cyberattacks. However, if an insurance company uses a legacy system (see “ What is a legacy system in insurance?

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CIAM in insurance: A unified, secure user experience with a single login

Thales Cloud Protection & Licensing

CIAM in insurance: A unified, secure user experience with a single login madhav Fri, 05/26/2023 - 07:33 In recent years, the insurance industry has transformed from a singularly focused entity to a multi-brand or multi-service type of business. Adding value to the user experience (a top priority for 59% of insurers) 2.

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Passkeys vs. Passwords: The State of Passkeys With Remote Users

Duo's Security Blog

"Based on FIDO standards, passkeys are a replacement for passwords that provide faster, easier, and more secure sign-ins to websites and apps across a user’s devices. Unlike passwords, passkeys are always strong and phishing resistant. The FIDO Alliance asserts that passkeys are a replacement for passwords.

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4 ways businesses can save money on cyber insurance

Malwarebytes

Without cyber insurance , you can expect to pay a dizzying amount of cash. In 2022 alone, the average cost of a data breach for businesses under 1,000 employees was close to $3 million—and these costs are coming from activities that cyber insurers typically cover, such as detecting and responding to the breach. Fixed rate.