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

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HardBit ransomware tailors ransom to fit your cyber insurance payout

Malwarebytes

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.

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Ransomware: Number One Cyber Insurance Claim

SecureWorld News

Trends of cyber insurance claims for 2020. Coalition, a cyber insurance 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 number one type of cyber incident so far this year is ransomware.

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A CISOs Practical Guide to Storage and Backup Ransomware Resiliency

The Hacker News

From a cyber risk perspective, attacks on data are the most prominent threat to organizations. Regulators, cyber insurance firms, and auditors are paying much closer attention to the integrity, resilience, and recoverability of organization data – as well as

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#ISC2CONGRESS – Lessons Learned from the Baltimore Ransomware Attack

CyberSecurity Insiders

Okumu lived through the ransomware attack on the City of Baltimore in 2018, which affected 90% of the municipality’s applications. As the then-director of IT infrastructure for the city, he learned a lot of valuable lessons about defending against and recovering from a ransomware attack. Backup Strategy. Still, it cost U.S. $18

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How to Decrypt Ransomware Files – And What to Do When That Fails

eSecurity Planet

For any organization struck by ransomware , business leaders always ask “how do we decrypt the data ASAP, so we can get back in business?”. The good news is that ransomware files can be decrypted. What can be done to recover from ransomware attacks when backups are not available? How Does Ransomware Encryption Work?