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Global cyberinsurance 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.
In today’s world, both small businesses and everyday consumers face a growing number of cyberthreats. OpenText’s 2024 Threat Hunter Perspective sheds light on what’s coming next and how to protect yourself. Having regular backups means you can recover without having to pay a ransom.
Trends of cyberinsurance claims for 2020. Coalition, a cyberinsurance 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 company says that ransomware accounted for 41% of cyber claims. Cyberinsurance works.
The healthcare sector faces an unprecedented wave of cyberthreats, which in turn is fueling record growth in cybersecurity spending. Many healthcare providers now undergo annual security audits and risk assessments as required by regulators or cyberinsurance providers. The market's expected ris e to $82.9
In today’s world, both small businesses and everyday consumers face a growing number of cyberthreats. OpenText’s 2024 Threat Hunter Perspective sheds light on what’s coming next and how to protect yourself. Having regular backups means you can recover without having to pay a ransom.
Nonprofits often juggle tight budgets and unique operational demands, making it even more difficult to keep sensitive information safe—but here's the thing: you don't need a fortune to build a strong defense against the possible cyberthreats out there.
Resilience angle XDR is critical for cyber-physical security convergence, ensuring that cyberthreats dont spill over into real-world operational disruptions. Identity & Access Management (IAM) with Adaptive Authentication (e.g., CyberInsurance with AI-Driven Risk Assessments (e.g.,
Multifactor authentication (MFA) can protect critical applications and devices, as can zero trust security principles. Ransomware-proof backups: You can limit the damage caused by ransomware by maintaining an effective backup and disaster recovery plan. But make sure you manage the encryption keys well.
Take cyberinsurance , for example. Cyberinsurance can prevent local governments from having to pay huge out of pocket costs in the event that they’re hit with a cyberattack. 24/7 monitoring of cyberthreats. Related : Cyberthreat hunting for SMBs: How MDR can help. Incident response.
Use multi-factor authentication. That’s where multi-factor authentication (MFA) comes in. Make offsite, offline backups. To make this possible you’ll need comprehensive, recently tested, backups that are both offline and offsite, beyond the reach of your attackers. More resources.
Threat actors are notorious for exploiting vulnerabilities immediately after a patch release. Additionally, ensure that updates are authentic and delivered over secure channels to maintain the integrity of software installations. Maintain a list of trusted certificates to validate the authenticity of executable files and scripts.
Initial Access Broker (IAB) activity increased by 16% during the reporting period, heavily targeting US-based organizations due to perceived financial capability from cyberinsurance. Our findings highlight that cyberthreats can impact any organization, no matter its size, sector, or location.
Cyberinsurers 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.
Initial Access Broker (IAB) activity increased by 16% during the reporting period, heavily targeting US-based organizations due to perceived financial capability from cyberinsurance. Our findings highlight that cyberthreats can impact any organization, no matter its size, sector, or location.
The impact will be felt well beyond the involved countries of Canada, USA, Mexico, and China," said Kenrick Bagnall , Founder, KONCYBER & RB-Cyber Assurance; Royal Candian Mounted Police (RCMP) Contractor/Instructor; Toronto Police Service (Cybercrime Unit) (Ret.). " The biggest danger is making rushed choices.
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