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Cyber Insurance Premiums Decline as Businesses Boost Security Measures

SecureWorld News

Global cyber insurance premiums are declining despite an uptick in ransomware attacks, according to a recent report by insurance broker Howden. This trend reflects improved business security practices, evolving insurance industry dynamics, and changing attitudes toward cyber risk management.

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MSPs: Becoming the Trusted Cyber Insurance Advisor

Duo's Security Blog

In its modern iteration, cyber liability insurance mitigates the losses and business costs associated with cyber incidents and resulting downtime. CyberCube, a company specializing in quantifying cyber risk, estimates that the U.S. standalone cyber insurance market could reach $45 billion in premiums by 2034.

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Healthcare Cybersecurity Market Soars: Key Trends and Insights

SecureWorld News

Regulatory and compliance pressures: Regulators have taken note of healthcare's cyber risks, and new rules are forcing the issue. Many healthcare providers now undergo annual security audits and risk assessments as required by regulators or cyber insurance providers.

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Higher Ed Ransomware Attack: University Pays Hackers $450,000

SecureWorld News

The ISO assisted the college in restoring locally managed IT services and systems from backup copies. The University had servers encrypted but restored the systems and the access from backups. It had cyber insurance: "The university’s cyber insurance policy paid part of the ransom, and the university covered the remainder.

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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?

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Top Cyber Attacker Techniques, August–October 2024

Digital Shadows

Initial Access Broker (IAB) activity increased by 16% during the reporting period, heavily targeting US-based organizations due to perceived financial capability from cyber insurance. Mitigations To minimize the risk of ransomware, organizations should adopt a multi-layered defense strategy.

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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.