article thumbnail

2023 Predictions for Storage and Backup Ransomware

CyberSecurity Insiders

Many of these attacks took advantage of known vulnerabilities and security misconfigurations in storage and backup systems. And backup and storage systems are rife with unpatched CVEs. Slow Gains on Storage and Backup Security. Make it extremely difficult to tamper with backups and exfiltrate data.

Backups 145
article thumbnail

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.


Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

HardBit ransomware tailors ransom to fit your cyber insurance payout


Ransomware authors are wading into the cybersecurity insurance debate in a somewhat peculiar way. Specifically: urging victims to disclose details of their insurance contract , in order to tailor a ransom which will be beneficial to the company under attack. has been in circulation since sometime around November last year.

article thumbnail

Ransomware Bites Dental Data Backup Firm

Krebs on Security

PerCSoft , a Wisconsin-based company that manages a remote data backup service relied upon by hundreds of dental offices across the country, is struggling to restore access to client systems after falling victim to a ransomware attack. The ransomware attack hit PerCSoft on the morning of Monday, Aug. West Allis, Wis.-based

Backups 220
article thumbnail

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. Growing losses from ransomware attacks have…emphasized that the current reality is not sustainable for insurers either.

article thumbnail

How One Company Survived a Ransomware Attack Without Paying the Ransom

eSecurity Planet

The first signs of the ransomware attack at data storage vendor Spectra Logic were reports from a number of IT staffers about little things going wrong at the beginning of the day. Screens then started to display a ransom demand, which said files had been encrypted by the NetWalker ransomware virus. Cyber Insurer Provides Help.

article thumbnail

What’s happening in the world of personal cyber insurance?


You’ve likely only seen cybercrime insurance primarily mentioned in relation to attacks on businesses. Most commonly, it’s cited with regard to ransomware attacks in the workplace, or associated data loss. Some folks think the mere presence of insurance simply encourages more attacks , and is hurting more than it’s helping.