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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. This rapid ascent begs the question: what's driving the price hike, and are businesses fully prepared for the escalating cost of cyber defense?

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The Cyber Insurance Landscape Has Grown More Complicated

SecureWorld News

When considering adding a cyber insurance policy, organizations, both public and private, must weigh the pros and cons of having insurance to cover against harm caused by a cybersecurity incident. Having cyber insurance can help ensure compliance with these requirements. Can companies live without cyber insurance?

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Top 8 Cyber Insurance Companies for 2022

eSecurity Planet

That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks.

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Two Tools from RiskLens for Defensive Cyber Insurance Shopping

Security Boulevard

cyber insurance carriers in 2021 rose 92% year-over-year, largely in response to a surge in ransomware. Cyber risk insurers are also declining coverage to companies with substandard cybersecurity controls, as well as changing the fine print for sublimits to reduce coverage for types of losses one by one.

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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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Annual Reports: How They Warn of Cyber Risk

SecureWorld News

However, we were most interested in seeing how Accenture articulated a particular business risk: the risk from a cyberattack. Especially because Accenture was hit with ransomware this year. On page 34 of the report, Accenture dives into the risk that cyber poses to the business.

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Has ESG Become aWake-Up Call for Cybersecurity?

Security Boulevard

Even with ransomware costing billions of dollars in losses and cyber insurance claims, organizations are still impacted beyond the checkbook. These attacks have driven the cost of cyber insurance premiums higher. Cyber insurance has become more critical to organizations to help offset the risk to the company.