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The future of cyber insurance

IT Security Guru

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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Ransomware: Number One Cyber Insurance Claim

SecureWorld News

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. 4 key takeaways from cyber insurance industry report. Cyber insurance works.

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A Cyber Insurance Backstop

Schneier on Security

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 this is easier said than done.

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One Year Later: What Have We Learned Since the Colonial Pipeline Attack

Thales Cloud Protection & Licensing

While implementation of security technologies such as multi-factor authentication and encryption have slightly increased, we have not yet reached the level where the majority of applications, data and operational technology are fully protected. Cyber insurance coverage ramps up. Governments step up to protect all businesses.

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Cybersecurity for Nonprofits: Cost-Effective Defense Strategies

SecureWorld News

The costs of recovering from such incidents, especially for smaller organizations without cyber insurance, can be devastating. Having basic cyber hygiene Advanced technology is important, but basics like regular data backups, software updates, strong password policies, and multi-factor authentication are fundamental.

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Best Disaster Recovery Solutions for 2022

eSecurity Planet

But it also requires software to orchestrate data movement, backup and restore technology to ensure a current copy of data is available, and the ability to recover systems and data rapidly. This type of backup and DR technology offers RPOs measured in hours. See the Best Backup Solutions for Ransomware Protection.

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To Cover or Not to Cover: The Cyber Liability Insurance Quandary Facing Small- and Medium-Sized Businesses

Duo's Security Blog

The state of cyber liability insurance The topic of cyber liability insurance is full of datapoints, statistics and graphs all showing upward trajectories. But MFA should not only be viewed as a prerequisite for obtaining cyber liability insurance. What are you doing about backups?