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Cyber Insurance Costs Soaring: Is Your Organization Covered Enough?

SecureWorld News

In this digital battlefield, cyber insurance has emerged as a crucial shield, offering financial protection against data breaches, ransomware attacks, and other cyber incidents. This puts a strain on insurance companies, who are forced to adjust premiums to maintain solvency.

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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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4 ways businesses can save money on cyber insurance

Malwarebytes

So, your business has just suffered a data breach and it’s time to dig deep in your pockets to pay all the resulting expenses. Without cyber insurance , you can expect to pay a dizzying amount of cash. Here are four ways your business can save money on its insurance. How is cyber insurance priced?

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Checklist for Getting Cyber Insurance Coverage

Thales Cloud Protection & Licensing

Checklist for Getting Cyber Insurance Coverage. As cyber criminals mature and advance their tactics, small and medium businesses become the most vulnerable because they lack the capacity – staff, technology, budget - to build strong cyber defenses. The necessity for cyber-insurance coverage.

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How MSPs Help Small Businesses with Essential Cyber Insurance Cover

Duo's Security Blog

It will be unsurprising that because of this demand, insurers are particularly careful how they build their policies to minimize their risk from large cyber events. This is especially true if the company looking for cover hasn’t taken adequate enough steps to minimize cyber risks itself.

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Multi-Factor Authentication: A Key to Cyber Risk Insurance Coverage

Security Boulevard

With ransom demands rising and the cost of data breaches soaring, businesses are investing heavily in building their cyber defenses. Buying a cyber risk insurance program can help outsource residual risk, and deploying multi-factor authentication is […]… Read More.

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Key Cybersecurity Trends for 2024: My Predictions

Jane Frankland

It’s likely we’ll continue to witness a significant shift in the motivation behind prominent cyberattacks, as data sources indicate a resurgence in activities such as information theft, covert communication monitoring, and content manipulation from state sponsored attackers and cybercriminals.