IT Security Guru

FEBRUARY 28, 2023

Cyber insurers are losing money. 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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Cyber Insurance Insurance Marketing Cyber Risk 114

SecureWorld News

APRIL 17, 2023

When considering adding a cyber insurance policy, organizations, both public and private, must weigh the pros and cons of having insurance to cover against harm caused by a cybersecurity incident. Having cyber insurance can help ensure compliance with these requirements. Can companies live without cyber insurance?

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eSecurity Planet

APRIL 22, 2022

That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks.

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Cyber Insurance Insurance Marketing Small Business 115

IT Security Guru

JUNE 28, 2022

Enter cyber insurance. We insure almost everything – our homes, our cars, even our lives. At first glance, it seems odd that most businesses don’t insure against something as potentially devastating as cybercrime. Cybersecurity professionals remain divided as to the future of cyber insurance.

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Cyber Insurance Insurance Small Business Marketing 135

CSO Magazine

DECEMBER 1, 2021

Cyber insurance definition. Cyber insurance, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is a policy with an insurance carrier to mitigate risk exposure by offsetting costs involved with damages and recovery after a cyber-related security breach or similar event.

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Cyber Insurance Insurance CSO Cyber Risk 126

Dark Reading

AUGUST 2, 2023

Innovations in continuous controls monitoring may be the only way underwriters can offer cyber-insurance policies that make sense in the market.

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Cyber Insurance Insurance Marketing 89

SC Magazine

MAY 24, 2021

In a report released May 20, the Government Accountability Office looked at how the private cybersecurity insurance market has developed over the past five yearsRich Baich is global chief information security officer for insurance giant AIG. Photo by Spencer Platt/Getty Images).

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Cyber Insurance Insurance Marketing Cyber Risk 94

CSO Magazine

DECEMBER 1, 2021

Cyber insurance definition. Cyber insurance, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is a policy with an insurance carrier to mitigate risk exposure by offsetting costs involved with damages and recovery after a cyber-related security breach or similar event.

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Cyber Insurance Insurance CSO Cyber Risk 109

CSO Magazine

DECEMBER 1, 2021

Cyber insurance definition. Cyber insurance, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is a policy with an insurance carrier to mitigate risk exposure by offsetting costs involved with damages and recovery after a cyber-related security breach or similar event.

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Cyber Insurance Insurance CSO Cyber Risk 130

Security Boulevard

OCTOBER 1, 2022

No wonder the cyber insurance market is expected to grow at a compound average rate of almost 25 percent […]. The post Preparing for Cyber Insurance? The post Preparing for Cyber Insurance? 6 Questions to Ask Your IT Team Today appeared first on Datawiza.

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Cyber Insurance Insurance Data breaches Marketing 111

SecureWorld News

APRIL 29, 2022

Cyber insurance is a topic that many industry professionals have an opinion on. No matter what side of the debate you land on, one thing is certain: the cost of cyber insurance has been rising for years and will likely continue to do so. cyber insurance rate changes.

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CyberSecurity Insiders

AUGUST 15, 2022

Ever wondered what is covered and what is not in your Cyber Insurance Policy? If not, you better review the guidelines and inform all your C-level employees on strategies to cope with the losses that remain out of the cyber insurance cover. Otherwise, the cyber insurer will not offer any policy coverage.

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CyberSecurity Insiders

NOVEMBER 15, 2022

Cyber Insurance premiums are becoming dearer and the reason for such a rise is claimed to be sophistication in attacks that are making mitigation and recovery expensive. Most companies are showing laxity in following basic cyber security hygiene, leading to a surge in cyber-attacks and data breaches.

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Cyber Insurance Insurance Marketing Data breaches 84

SC Magazine

JUNE 28, 2021

The rise of the cyber insurance has largely failed to promote better cybersecurity practices among the industries they cover, according to a new report released Monday from British security think tank RUSI. However, in practice, it is still yet to be seen if cyber insurance can fulfil this promise.”.

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Cyber Insurance Insurance Ransomware Marketing 136

Thales Cloud Protection & Licensing

MAY 10, 2022

Checklist for Getting Cyber Insurance Coverage. As cyber criminals mature and advance their tactics, small and medium businesses become the most vulnerable because they lack the capacity – staff, technology, budget - to build strong cyber defenses. The necessity for cyber-insurance coverage.

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Cyber Insurance Insurance Cyber Risk Authentication 77

CyberSecurity Insiders

AUGUST 26, 2022

Lloyd’s London, one of the largest insurance services providers in the world, has disclosed that it is making amendments to its cyber insurance laws that will come into effect from March 2023. All insurance companies exclude the risks inferred from war like situations.

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Security Affairs

APRIL 22, 2022

When security fails, cyber insurance can become crucial for ensuring continuity. Cyber has changed everything around us – even the way we tackle geopolitical crisis and conflicts. If the technology were to become unavailable, the resulting business impact could be mitigated with cyber insurance.

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Cyber Insurance Insurance Risk Technology 84

Cisco Security

SEPTEMBER 28, 2022

Lloyds of London have recently published a Market Bulletin 1 addressing the wording of cyber insurance policies to exclude losses arising from: “ state backed cyber-attacks that (a) significantly impair the ability of a state to function or (b) that significantly impair the security capabilities of a state. ”.

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Cyber Insurance Insurance CISO Cyber Attacks 99

CSO Magazine

OCTOBER 21, 2021

Could such variations trigger changes in the cyber insurance market and, if so, how will they impact insurance carriers and organizations? New data highlighting fluctuations relating to ransomware attack and payment claims indicates significant shifts in the cyberthreat landscape.

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Cyber Insurance Insurance Ransomware CSO 133

SecureWorld News

MAY 26, 2021

New research reveals that a record number of organizations are buying cyber insurance policies as a tool for protecting themselves against cyber risk. However, the cost for those policies is rising dramatically as cyber insurance premiums soar up to 30% vs. the previous year. cyber insurance market.

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Cyber Insurance Insurance Cyber Risk Marketing 56

Lohrman on Security

JANUARY 8, 2023

There are dark clouds on the horizon as well as conflicting forecasts regarding cyber insurance in 2023 and beyond. Where will the insurance market go from here on cybersecurity coverage?

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Cyber Insurance Cyber Attacks Insurance Risk 260

Schneier on Security

JULY 1, 2021

Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals.

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Insurance Cyber Insurance Ransomware Marketing 284

CSO Magazine

AUGUST 22, 2022

Insurance marketplace Lloyd’s of London is set to introduce cyber insurance exclusions to coverage for “catastrophic” state-backed attacks from 2023. The move is reflective of a maturing and quickly evolving cyber insurance market. Nation-state attacks pose systemic risk to insurers.

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Cyber Insurance Insurance Marketing Risk 72

SC Magazine

MAY 19, 2021

Indeed, even as insurance companies push for security best practices among customers, Netenrich Chief Information Security Officer Brandon Hoffman told SC Media in February “it’s hard to tell whether those actually align with best practices or if they somehow fit into their actuarial science conveniently.”.

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Cyber Insurance Insurance Marketing Ransomware 102

SC Magazine

MARCH 24, 2021

Insurance firm CNA Financial, a prominent provider of cyber insurance, confirmed a cyberattack against its systems, which has some concerned that cybercriminals may target policyholders. Moreover, understanding the “scope of the incident, with the type and volume of data impacted, is paramount when a cyber incident occurs. “In

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Cyber Insurance Insurance Hacking Ransomware 128

Dark Reading

MARCH 30, 2023

Risk reassessment is shaking up the cybersecurity insurance market, leading some organizations to consider their options, including self-insurance.

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Insurance Cyber Insurance Marketing Risk 101

SecureWorld News

JUNE 8, 2020

But how are these new developments impacting cyber insurance rates? COVID-19 is raising cyber insurance rates. At first glance, the driving force behind higher cyber insurance rates would seem to be more incidents leading to more expensive policy premiums.

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Cyber Insurance Insurance Marketing Healthcare 52

Dark Reading

JUNE 2, 2022

As insurers and brokers reckon with unexpected losses, they're charging more for policies and setting higher requirements.

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Insurance Cyber Insurance Marketing 84

Duo's Security Blog

OCTOBER 7, 2022

As I covered in my other blog — Cyber Liability Insurance Essentials for Small and Medium-Sized Enterprises — there are several approaches firms can take to increase their chances of obtaining a policy. Small business cyber insurance: Is it really needed?

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Security Boulevard

JANUARY 27, 2023

Cyber insurance is an enabler for enterprise contracts. The post App Security & Compliance for SaaS Companies in Saudi Arabian Market appeared first on Indusface. The post App Security & Compliance for SaaS Companies in Saudi Arabian Market appeared first on Security Boulevard. Founder of Marmin.AI

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Threatpost

JULY 12, 2022

Chris Hallenbeck, CISO for the Americas at Tanium, discusses the impact of geopolitical conflict on the cybersecurity insurance market.

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Insurance Cyber Insurance CISO Marketing 60

Trend Micro

APRIL 14, 2021

With so many vendors in the market, the Marsh initiative has created the Cyber Catalyst to help IT buyers find the right option for them.

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Cyber Insurance Insurance Marketing Ransomware 80

CyberSecurity Insiders

DECEMBER 11, 2021

NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced it is partnering with leading cyber insurance companies to help businesses manage their risks online. As a result, some insurance companies have had to raise premiums to cover their costs.

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Cyber Insurance Insurance Cyber Risk Risk 52

CSO Magazine

JUNE 14, 2023

Finding the right insurance has become a key part of the security equation, which is no surprise given that the average cost of a data breach in the US has risen to $9.44 The global cyber insurance market was valued at $13.33 million — more than twice the global average of $4.35 billion in 2023 to $84.62 billion by 2030.

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Insurance Data breaches Cyber Insurance Marketing 121

Security Boulevard

NOVEMBER 24, 2023

First published by HelpNetSecurity  — Matthew Rosenquist Cybersecurity insurance is a rapidly growing market, swelling from approximately $13B in 2022 to an estimated $84B in 2030 (26% CAGR), but insurers are struggling with quantifying the potential risks of offering this type of insurance.

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Insurance Risk Cyber Insurance Cybersecurity 72

Schneier on Security

SEPTEMBER 10, 2019

From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Cyber insurance appears to be a weak form of governance at present. The private governance role of cyber insurance is limited by market dynamics.

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Insurance Cyber Insurance Cybersecurity Risk 208

Security Boulevard

JANUARY 8, 2023

There are dark clouds on the horizon as well as conflicting forecasts regarding cyber insurance in 2023 and beyond. Where will the insurance market go from here on cybersecurity coverage? The post Are Cyber Attacks at Risk of Becoming ‘Uninsurable’? appeared first on Security Boulevard.

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