SecureWorld News

JANUARY 31, 2024

Cyber risk is an existential issue for companies of all sizes and in all industries. However, it also exposes companies to additional layers of risk. However, it also exposes companies to additional layers of risk. Real estate portfolios are uniquely exposed to cyber-physical damage risk?

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Risk Cyber Insurance Insurance Data breaches 87

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

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 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

SecureWorld News

SEPTEMBER 10, 2020

Trends of cyber insurance claims for 2020. Coalition, a cyber insurance company, recently released a report detailing the categories of cyber attacks as well as the cause behind the attacks for the first half of 2020. The number one type of cyber incident so far this year is ransomware.

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Cyber Insurance Insurance Ransomware Cyber Attacks 56

SC Magazine

MAY 19, 2021

The development of cybersecurity insurance has played an important role in determining how companies prepare for and respond to ransomware attacks and the resulting fallout. .” That’s so obvious, but telling the truth to an insurance company with respect to a very complex, technical topic like cybersecurity can be a challenge.”.

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Cyber Insurance Insurance Marketing Ransomware 102

Schneier on Security

FEBRUARY 28, 2024

One possible solution, touted by former Department of Homeland Security Secretary Michael Chertoff on a recent podcast , would be for the federal government to step in and help pay for these sorts of attacks by providing a cyber insurance backstop. But most of this language has not yet been tested by insurers trying to deny claims.

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Cyber Insurance Insurance Government Cyber Risk 236

CSO Magazine

AUGUST 16, 2022

Cybersecurity risk assessment company Safe Security on Tuesday rolled out two new online risk assessment tools for businesses to use, in order to help them understand their vulnerability to cyberattacks and the costs of insuring against them. Risk tools measure financial impact of cyberthreats.

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Risk Cyber Insurance Insurance Data breaches 61

SC Magazine

APRIL 19, 2021

AIG is one of the top cyber insurance companies in the U.S. Today’s columnist, Erin Kennealy of Guidewire Software, offers ways for security pros, the insurance industry and government regulators to come together so insurance companies can continue to offer insurance for ransomware. eflon CreativeCommons CC BY 2.0.

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Insurance Cyber Insurance Ransomware InfoSec 113

Duo's Security Blog

OCTOBER 18, 2021

We need to work with many different teammates on campus — risk management, legal, compliance and institutional review boards, to name a few — to effectively manage cybersecurity risk across our communities. They see the investment in MFA as critical to a campus cybersecurity program and managing risk for a campus.

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Insurance Education Risk Cyber Insurance 97

CyberSecurity Insiders

MAY 26, 2021

The objective is to reassess the coverage provided by the Federal Cyber Terrorism Risk Insurance Program( TRIP) in the event of cyber-terrorist activities on the IT infrastructure hosted by public and private properties.

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Insurance Risk Cyber Insurance Cyber Attacks 78

Security Boulevard

AUGUST 22, 2022

Even with ransomware costing billions of dollars in losses and cyber insurance claims, organizations are still impacted beyond the checkbook. These attacks have driven the cost of cyber insurance premiums higher. Cyber insurance has become more critical to organizations to help offset the risk to the company.

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Cybersecurity Cyber Insurance Insurance CISO 98

Malwarebytes

JULY 11, 2022

How can you secure your business? The post A week in security (July 4 – July 10) appeared first on Malwarebytes Labs.

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Cyber Insurance Insurance Spyware Healthcare 78

CyberSecurity Insiders

JUNE 22, 2023

Instead, the ransom pay can be covered from a cyber insurance policy, provided it is taken prior to the launch of the attack and covers the costs associated with the malware attack. Notify your bank: Inform your bank about the situation and work with them to protect your accounts and prevent any fraudulent activity.

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Ransomware Banking Cyber Insurance Insurance 96

CyberSecurity Insiders

MARCH 25, 2021

Department for Digital, Culture, Media and Sport (DCMS) of UK conducted the survey and came to the above stated conclusion that shows how relaxed are businesses for cyber security. And sometimes cyber criminals are using email services to trick employees into making fraudulently large financial transfers via new business deals or contracts.

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Cyber threats Cyber Insurance Insurance Cyber Risk 128

Malwarebytes

JANUARY 26, 2022

Due to the evolving and growing impact of cybersecurity incidents there are some questions starting to arise about the way that insurance companies deal with the costs that are the results of such incidents. But cyber insurance comes in different flavors and sizes. Pharmaceutical giant Merck & Co. Merck suffered US$1.4

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Insurance Cyber Insurance Ransomware Data breaches 88

SC Magazine

FEBRUARY 8, 2021

The relationship between enterprises and insurers, like the cyber insurance market itself, is evolving. Citing cybersecurity insurance as an important “component that businesses are investing in as a layer of protection,” Muldoon said no business should be operating without it. A maturing model. billion in premium.

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Insurance Cyber Insurance Cybersecurity Government 126

Centraleyes

MAY 6, 2024

The insurance industry is no exception. The insurance industry is built on handling our own and everyone else’s risks. As artificial intelligence shatters glass ceilings, the risks it introduces present a new paradigm to the insurance market in many different areas. trillion to $4.4

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Insurance Artificial Intelligence Cyber Insurance Marketing 52

Security Boulevard

JULY 30, 2022

In that case, they may upload fake documents that tell employees to transfer money from their accounts into the criminals’ accounts or compromise their security even more. A company’s loss of control over its business practices may lead to various risks, which cybercrim­inals quickly exploit.

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Cyber Attacks Artificial Intelligence Education Cyber Insurance 110

Malwarebytes

JULY 10, 2022

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.

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Cyber Insurance Insurance Data breaches Phishing 89

Malwarebytes

SEPTEMBER 30, 2022

And a key part of building out any cybersecurity policy for your local government is to develop an organizational understanding of risk to systems, people, data, and so on. Take cyber insurance , for example. Related : Cyber threat hunting for SMBs: How MDR can help. Also delivered free of charge by the NCATS team.

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Government Cybersecurity Cyber Insurance Insurance 59

SC Magazine

JULY 13, 2021

Malicious cyberattacks caused the majority of these security incidents, accounting for 73% of all breaches. Unauthorized access or disclosure accounted for another 22%, and the remaining 5% were caused by smaller thefts, losses, or improper disposals. More than 22.8 Another 20.7% were attributed to extortion.

Data breaches 113

Data breaches Insurance Healthcare Education 113

Thales Cloud Protection & Licensing

NOVEMBER 15, 2023

To manage the risk of potential insider and outsider threats while ensuring operational efficiency, airport authorities must accurately credential each employee in line with federal and airport-specific regulations; therefore, identity and access management play a crucial role. Integrate separate siloed systems to limit data sprawl.

Cybersecurity 87

Cybersecurity Authentication Digital transformation Cyber Insurance 87

SC Magazine

MARCH 2, 2021

Customers on Google Cloud are now able to use a diagnostic tool called “Risk Manager” to evaluate cyber hygiene. Google Cloud, Munich Re and Allianz are working together to turn risk data into better insurance policies. Drew Angerer/Getty Images).

Insurance 75

Insurance Cyber Insurance Risk Media 75

Malwarebytes

FEBRUARY 3, 2023

It showed that financials are at significantly higher risk than the average UK business. percent) reporting between 40 and 60 cyber security incidents in the last 12 months. Businesses Many financials not only carry the burden of protecting their customers, but are also at risk of falling victim to cybercrime themselves.

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Scams Banking Cyber Insurance Phishing 84

SC Magazine

JUNE 15, 2021

But that does not account for direct and indirect losses tied to downtime, disruption of supply chains, or the inability to deliver product to customers. And while insurance, and even law enforcement in the case of JBS, can recover some losses, investor concern about hits to the bottom line and reputational damage can be lasting.

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Ransomware Insurance Cyber Insurance Risk 60

Centraleyes

APRIL 8, 2024

They use this data to steal identities and access corporate accounts. Reducing Company Risk: By locating, identifying, classifying, minimizing , and securing sensitive data, firms can r educe the risk of security, privacy, and compliance. Malicious actors target personal data because of its value.

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Data privacy Unstructured Data Data breaches Government 52

SC Magazine

APRIL 5, 2021

United Kingdom Home Secretary Priti Patel is set to tell a conference of child protection activists that end-to-end encryption puts children at risk, according to a draft invitation seen by Wired UK. (Photo by Justin Sullivan/Getty Images).

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Encryption Cyber Insurance Insurance Risk 96

SecureWorld News

JANUARY 21, 2024

Additionally, nonprofits must be aware of the risks posed by inadequate security in third-party services they use, such as fundraising platforms and email services. Financial risks and consequences Various cyberattacks on nonprofits can lead to direct financial losses through stolen funds or ransom demands.

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Cybersecurity Backups Cyber threats Software 94

Security Boulevard

JANUARY 18, 2024

Cybersecurity risks increase every year and bludgeon victims who fail to prepare properly. For those interested in a better understanding of the oncoming risks, this is the information you are looking for. It can feel like crossing a major highway while blindfolded. Many never see the catastrophe about to happen, until it occurs.

Risk 115

Risk Cybersecurity CISO Technology 115

SC Magazine

MAY 28, 2021

That distinction is important for identifying risk. While the Oldsmar, Florida hack, for example, shined a light on risks associated with remote access to industrial control systems, Colonial Pipeline exposed IT system vulnerabilities that could exist in any sector. They need to come together somehow.

Insurance 117

Insurance Government Ransomware Risk 117

SC Magazine

APRIL 23, 2021

Richards argues that this rise has a dramatic impact on a company’s risk profile and one reason why security ratings scores are not always useful. And, because of this, cyber insurance companies using these scores rely on an inaccurate assessment of target-company risk. FBI CreativeCommons CC PDM 1.0. Usually not.

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Cyber Insurance Insurance Risk Cyber Risk 61

Centraleyes

APRIL 9, 2024

Insurance Woes While grappling with the aftermath of breaches, organizations face an unexpected challenge – soaring cyber insurance premiums. Ransomware and Destructive Attacks In 2023, ransomware and destructive attacks accounted for 24% and 25% of malicious attacks, respectively. or USD 470,000.

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Data breaches Cyber Insurance Insurance Ransomware 52

SecureWorld News

AUGUST 23, 2023

For a solid rundown of what the updates mean, check out this SecureWorld article from Kip Boyle , vCISO, Cyber Risk Opportunities LLC. particularly the greater emphasis on governance and cybersecurity risk management and the implementation examples provided at the subcategory level. 19, Detroit on Sept. and all over the world.

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Cybersecurity CISO Government Risk 79

CyberSecurity Insiders

OCTOBER 20, 2021

On the business side, the plan should address elements such as having a communication plan for the CISO, CIO and company executives as well as a risk management component that includes cyber insurance. Backup Strategy. Having a backup strategy is also critical.

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Ransomware Backups Insurance Cyber Insurance 111

Security Affairs

NOVEMBER 6, 2018

Based on the risk score, CryptoIns experts have calculated insurance rates for cryptocurrency exchange users who can now insure their accounts against cyber threats. Exchanges are then sorted into one of four risk groups based on the aggregated information. The insurance period ranges from 90 to 365 days.

Insurance 62

Insurance Cryptocurrency Cyber threats Marketing 62

SecureWorld News

OCTOBER 19, 2023

Increased risk of cyberattacks The rising cost of living can lead to an increase in cybercrime, as people become more desperate to make money. Organizations need to be aware of the risks and take steps to protect themselves, even if it means increasing their cybersecurity spending. Many are facing multifaceted challenges.

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Cybersecurity CISO Education Phishing 79