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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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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.

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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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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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New Warning from the White House Calls for Urgent Action

Cisco Security

But according to Anne Neuberger, the White House’s Deputy National Security Adviser for Cyber and Emerging Technology, this warning is “based on evolving threat intelligence, that the Russian government is exploring options for potential cyberattacks on critical infrastructure in the United States.”. Backup all critical data at least daily.