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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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Scant evidence that cyber insurance boom is leading to better security

SC Magazine

The rise of the cyber insurance has largely failed to promote better cybersecurity practices among the industries they cover, according to a new report released Monday from British security think tank RUSI. Photo by Spencer Platt/Getty Images). But recent research shows that’s not happening.

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How One Company Survived a Ransomware Attack Without Paying the Ransom

eSecurity Planet

Tony Mendoza, Senior Director of Enterprise Business Solutions at Spectra Logic, laid out the details of the attack at the annual Fujifilm Recording Media USA (FRMA) Conference in San Diego late last month. “We Cyber Insurer Provides Help. Backups Wiped Out But Tape, Snapshots Survive. Most had been infected.

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The Surge of Double Extortion Ransomware Attacks

Pen Test

Sopra Steria - One of the Largest Reported Ransoms Europe's major IT services firm Sopra Steria was breached in October 2020 by the Ryuk gang, with extensive backups preventing major disruption. Keep backups completely isolated and air-gapped offline to prevent malware from infecting those too. Use immutable object storage for backups.

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Reality or just entertaining TV? Cyber experts dig into The Good Doctor’s ransomware episode

SC Magazine

But the season-four episode “Decrypt” did capture many of the key elements that play into an attack scenario, including incident response, the role of cyber insurance agencies, and the ethics of paying. SC Media asked two cyber experts with health care experience for their own take on which parts of the episode – written by Thomas L.

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Ransomware Incident Response: What Is It Like?

SecureWorld News

The mainstream media focused on eastern U.S. And then reality hits again when many organizations realize their backups are "out" as an option: "And then you see your internal team say, ' Oh, well, let's hurry up. W e've got backups. Let's get our backups going. Let's wipe our servers. Let's wipe our network. It's Friday.

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Ransomware Is the No. 1 Cyber Threat This Year. Here’s What You Can Do

Adam Levin

And it wasn’t because the media paid more attention to this relative newcomer in the area of cybercrime. Bear in mind that your data backups will be of no use if they are also encrypted by a ransomware attack, so keep them stored separately and offline. If your company already has cyber insurance coverage, consider increasing it.