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.

Cyber Insurance 114

Cyber Insurance Insurance Marketing Cyber Risk 114

Krebs on Security

AUGUST 29, 2019

PerCSoft , a Wisconsin-based company that manages a remote data backup service relied upon by hundreds of dental offices across the country, is struggling to restore access to client systems after falling victim to a ransomware attack. Cloud data and backup services are a prime target of cybercriminals who deploy ransomware.

Backups 230

Backups Ransomware Insurance Encryption 230

CyberSecurity Insiders

OCTOBER 20, 2021

Okumu lived through the ransomware attack on the City of Baltimore in 2018, which affected 90% of the municipality’s applications. The only saving grace was that the city had invested in both on-premise and cloud backups. The attack was first discovered in the early morning of May 19, 2018. Backup Strategy. The Attack.

Ransomware 111

Ransomware Backups Insurance Cyber Insurance 111

eSecurity Planet

FEBRUARY 16, 2021

With vulnerabilities rooted in unsuspecting users, the task of preventing these attacks means both staff training and a robust email and network security system that includes a strong backup program so you have a recent copy of your data that you can roll back to. Offline Backups. Screenshot example. Ransomware predictions.

Ransomware 97

Ransomware Backups Software Encryption 97

Cisco Security

JULY 11, 2022

Below you can review their findings from a study done between 2018 – 2022: Map: Comparitech Get the data Created with Datawrapper. Downtime varied from minimal disruption (thanks to frequent data backups) to months upon months of recovery time . Key findings . In 2021: . In 2021: . Hackers demanded up to $52.3

Ransomware 115

Ransomware Education Cyber Insurance Insurance 115

SC Magazine

MAY 13, 2021

The energy sector experienced a 74% increase in ICS vulnerabilities disclosed during the second half of 2020 compared to second half 2018. Are the backup and restore capabilities in place? Does the company have cyber insurance in place to pay a ransom? How should security teams respond? Are board members prepared to act?

Energy and Utilities 64

Energy and Utilities Ransomware Cyber Insurance Risk 64

Spinone

OCTOBER 13, 2020

As is often the case, the cost of restoring files from backups can amount to more than paying the ransom. This is quite a feat as it was only first discovered in mid-august 2018. Backups aren’t working. Restoring from backup is certainly preferable to paying the bad guys for the damage they have inflicted.

Ransomware 52

Ransomware Backups Data breaches Encryption 52