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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. However, just as the threats evolve, so too does the cost of protection, with the global cyber insurance market projected to balloon to a staggering $90.

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What your cyber insurance application form can tell you about ransomware readiness

CSO Magazine

It’s that time that I fill out the annual cyber insurance policy application. Each year it gives me an insight into what insurance vendors are using to rate the risks and threats to our business and what they are stressing I should have as best practices. Is two-factor authentication in place?

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Giant health insurer struck by ransomware didn't have antivirus protection

Malwarebytes

The Philippine Health Insurance Corporation (PhilHealth), has confirmed that it was unprotected by antivirus software when it was attacked by the Medusa ransomware group in September. EDR can detect an intruder's suspicious activity in advance of them running ransomware, as well as being able to identify the ransomware itself.

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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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Tackling the New Cyber Insurance Requirements: Can Your Organization Comply?

The Hacker News

With cyberattacks around the world escalating rapidly, insurance companies are ramping up the requirements to qualify for a cyber insurance policy. Ransomware attacks were up 80% last year, prompting underwriters to put in place a number of new provisions designed to prevent ransomware and stem the record number of claims.

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Checklist for Getting Cyber Insurance Coverage

Thales Cloud Protection & Licensing

Checklist for Getting Cyber Insurance Coverage. The necessity for cyber-insurance coverage. With cyber attacks amounting to a question of when and not if, cyber insurance becomes crucial for ensuring business continuity and mitigating the business impact of attacks – should they occur. Tue, 05/10/2022 - 05:43.

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4 ways businesses can save money on cyber insurance

Malwarebytes

Without cyber insurance , you can expect to pay a dizzying amount of cash. In 2022 alone, the average cost of a data breach for businesses under 1,000 employees was close to $3 million—and these costs are coming from activities that cyber insurers typically cover, such as detecting and responding to the breach. Fixed rate.