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News alert: Beazley reports on how AI, new tech distract businesses as cyber risk intensifies

The Last Watchdog

London, July 13, 2023 — Beazley, the leading specialist insurer, today published its latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023. Yet, boardroom focus on cyber risk appears to be diminishing. trillion by 2025, a 300% increase since 2015 1.

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CyberSecurity Is Not Enough: Businesses Must Insure Against Cyber Losses

Joseph Steinberg

And even relatively rich organizations may fail altogether if they suffer the reputational harm that follows multiple serious cyber-incidents. iBynd also has a first-of-its-kind Personal Cyber Insurance offering that it delivers directly to consumers through CyberInsurancePlus.com.

Insurance 364
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Cybersecurity Snapshot: WEF Offers AI Security Best Practices, as DORA Regulation Places Strict Cyber Rules on Banks

Security Boulevard

Plus, the EUs DORA cyber rules for banks go into effect. Are we clear on who must be involved in assessing and mitigating AI adoption cyber risks? Check out tips for adopting AI securely from the World Economic Forum. Meanwhile, a report warns about overprivileged cloud accounts.

Banking 69
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From Compliance to Confidence: How AI Is Reshaping Third-Party Risk

SecureWorld News

"The number of third-party relationships is ballooning, but most organizations still rely on manual, outdated tools to monitor risk," says Greg Smith, EY Global TPRM Leader. Third-party cyber risk is no longer confined to the IT function. Technology is only as effective as the governance around it," the report states.

Risk 91
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NEW TECH: This free tool can help gauge, manage third-party cyber risk; it’s called ‘VRMMM’

The Last Watchdog

Turn the corner into 2019 and we find Citigroup, CapitalOne, Wells Fargo and HSBC Life Insurance among a host of firms hitting the crisis button after their customers’ records turned up on a database of some 24 million financial and banking documents found parked on an Internet-accessible server — without so much as password protection.

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RSAC insights: How ‘TPRM’ can help shrink security skills gap — while protecting supply chains

The Last Watchdog

Third-Party Risk Management ( TPRM ) has been around since the mid-1990s – and has become something of an auditing nightmare. Related: A call to share risk assessments. Cyber risks profiling. CyberGRX’s global cyber risk Exchange caught on quickly.

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A cyber-attack on major banks could trigger a liquidity crisis, ECB President Christine Lagarde warns

Security Affairs

The president of the European Central Bank (ECB), Christine L agarde, is warning that a cyber-attack on a major financial institution could trigger a liquidity crisis. The president of the European Central Bank (ECB), Christine Lagarde, has warned that a coordinated cyber-attack on major banks could trigger a liquidity crisis.