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A Cyber Insurance Backstop

Schneier on Security

In the first week of January, the pharmaceutical giant Merck quietly settled its years-long lawsuit over whether or not its property and casualty insurers would cover a $700 million claim filed after the devastating NotPetya cyberattack in 2017. The 9/11 attacks cost insurers and reinsurers $47 billion. 11, 2001, terrorist attacks.

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RSAC Fireside Chat: Start-up Anetac rolls out a solution to rising ‘service accounts’ exposures

The Last Watchdog

From MFA to biometrics, a lot has been done to reinforce user ID and password authentication — for human users. Service accounts have multiplied exponentially in recent years and become a prime target of threat actors, since little has been done to beef up protection. LW provides consulting services to the vendors we cover.)

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Unlock Savings: The Impact of Strong Passwords To Reduce Cyber Insurance Costs for Businesses

Cytelligence

To mitigate these risks, businesses often invest in cyber insurance. However, there is a powerful and cost-effective tool that businesses can utilize to reduce their cyber insurance costs: strong passwords. They serve as a virtual key to access important systems, accounts, and confidential information.

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Hacked Data Broker Accounts Fueled Phony COVID Loans, Unemployment Claims

Krebs on Security

A group of thieves thought to be responsible for collecting millions in fraudulent small business loans and unemployment insurance benefits from COVID-19 economic relief efforts gathered personal data on people and businesses they were impersonating by leveraging several compromised accounts at a little-known U.S.

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How to Save on Cyber Insurance and Be Harder to Hack

Adam Levin

Cyber insurance is still evolving, and as such you can still get good deals even if your cybersecurity is not completely up to snuff. Who is accountable? At some point that will be a question that cyber insurers will think about 24/7, solutions evolving alongside challenges and underwriting calculations following close behind.

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CIAM in insurance: A unified, secure user experience with a single login

Thales Cloud Protection & Licensing

CIAM in insurance: A unified, secure user experience with a single login madhav Fri, 05/26/2023 - 07:33 In recent years, the insurance industry has transformed from a singularly focused entity to a multi-brand or multi-service type of business. Adding value to the user experience (a top priority for 59% of insurers) 2.

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4 ways businesses can save money on cyber insurance

Malwarebytes

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. Fixed rate.