eSecurity Planet

MAY 27, 2021

The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers.

Cyber Insurance 128

Cyber Insurance Insurance Cyber Attacks Ransomware 128

SC Magazine

MAY 24, 2021

Data from at least one insurance broker tracked a near doubling of clients who were opting in for cyber-specific insurance from 26% in 2016 to 47% in 2020. Other data sources indicated that industry type and how a business chooses to use its data also impacted the cost and affordability of coverage.

Cyber Insurance 94

Cyber Insurance Insurance Marketing Cyber Risk 94

Krebs on Security

JULY 24, 2018

Now the financial institution is suing its insurance provider for refusing to fully cover the losses. According to a lawsuit filed last month in the Western District of Virginia, the first heist took place in late May 2016, after an employee at The National Bank of Blacksburg fell victim to a targeted phishing email. ”

Banking 198

Banking Insurance Computers and Electronics Cyber Insurance 198

Adam Levin

DECEMBER 26, 2018

Russian interference in the 2016 election and increasing awareness of the vulnerability to hackers of virtually any computerized system led to a scramble for U.S. The average cost of a breach last year was $3.62 Evidence of foreign interference in the 2016 elections should have been met with a rapid response.

Computers and Electronics 130

Computers and Electronics Government Cyber Insurance Hacking 130

The Last Watchdog

APRIL 18, 2019

Imposing just the right touch of policies and procedures towards mitigating cyber risks is a core challenge facing any company caught up in digital transformation. Related: Data breaches fuel fledgling cyber insurance market. Enterprises, especially, tend to be methodical and plodding.

Digital transformation 113

Digital transformation Cyber Risk Risk Penetration Testing 113

Cytelligence

FEBRUARY 4, 2020

The 2019 Cybersecurity Almanac published by Cisco and Cybersecurity Ventures predicts that cyber events will cost $6 trillion annually by 2021, as companies are digitizing most of their processes and are often operating remotely. Global cyber insurance premiums are expected to grow from $4 billion in 2018 to $20 billion by 2025.

Penetration Testing 45

Penetration Testing Insurance Data preservation Cyber Insurance 45

Spinone

OCTOBER 13, 2020

Why Ransomware is the Fastest Growing Malware Threat Since 2016, over 4,000 ransomware attacks have occurred daily. In IBM’s Cost of a Data Breach Report 2019 cited the following: Lost business is the biggest contributor to data breach costs The average cost of lost business in 2019 was $1.42

Ransomware 52

Ransomware Backups Data breaches Encryption 52