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News alert: Beazley reports on how AI, new tech distract businesses as cyber risk intensifies

The Last Watchdog

The data shows how perceptions around cyber and technology risks, from ransomware and other cyber-attacks to the threats posed by AI, are changing the global business risk landscape. Yet, boardroom focus on cyber risk appears to be diminishing. trillion by 2025, a 300% increase since 2015 1.

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Western Digital shuts systems due to Cyber Attack

CyberSecurity Insiders

A cyber attack launched and identified on March 26th of this year has triggered the incident response teams of Western Digital (WD) to take appropriate steps to mitigate the cyber risks of the incident. However, it assured to the media that it will reveal more of the cyber incident details after the probe gets done.

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How to Stop Local Governments From Being Attractive Cyber Attack Targets

CyberSecurity Insiders

However, that IT department often does not have the investment it requires, so holes in their security leave them vulnerable to attacks — from viruses to hackers to phishing. These attacks often begin with an email with links or attachments that seem benign but give the hacker access to a single system followed by the network.

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The future of cyber insurance

IT Security Guru

Their loss ratios – total claims plus the insurer’s costs, divided by total premiums earned – are now consistently above 60%, which presents something of an existential threat to the insurance industry, making cyber risk a potentially uninsurable area due to falling profitability.

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Prevention is Better Than Cure: The Ransomware Evolution

Security Boulevard

Ransomware tactics have continued to evolve over the years, and remain a prominent threat to both SMBs and larger organisations. The same research found that demands by cyber attackers are also increasing to as much as £31 million, which for businesses of any size, is detrimental for survival.

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As market for cyber insurance booms, watchdog calls for better data

SC Magazine

Overall, insurance companies seem to be responding to increased demand from clients for cyber-specific insurance, and one survey found that the two things most likely to spur a purchase of cyber insurance are when a business experiences a cyber attack and when they hear about other companies being hit by a cyber attack.

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Brand New SEC Cybersecurity Requirements

Approachable Cyber Threats

and then repeat that process for the many other risks that could lower the value of your investment. In the same way, your investors want to know how prepared you are to foresee and mitigate cybersecurity risk events like data breaches, ransomware, and data center outages resulting from cyber attacks.