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Where Next for Government in the Cyber Insurance Market?

Lohrman on Security

Cyber insurance is only getting more expensive, and the market is changing dramatically, with more changes to come. So what trends will drive adoption, rates and the wider future of cyber insurance

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Cyber Insurance and the Attribution Conundrum

Cisco CSR

Most insurance policies already include provisions that exclude the consequences of armed conflict. Applying these to potential cyber warfare is a logical step. The malicious actors who conduct cyber attacks are referred to as threat actors.

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Cyber War now excluded from Cyber Insurance

CyberSecurity Insiders

For all those companies who are planning to renew their cyber insurance policy or are in a procedure to take one, here’s a piece of information that might interest you. Most of the Cyber Insurance companies have excluded ‘Cyber War’ consequences from their policies.

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Top 8 Cyber Insurance Companies for 2022

eSecurity Planet

That’s where cyber insurance may be able to help. But there’s a catch: Insurers are going to carefully assess your cybersecurity controls before writing any policy, and there are limits to coverage. Cyber Insurance is Booming. Selecting a Cyber Insurer.

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SMBs and Cyber Insurance – Third Certainty #27

Adam Levin

With the average cost of a data breach exceeding three million dollars, cyber insurance has become a necessity for SMBs. The post SMBs and Cyber Insurance – Third Certainty #27 appeared first on Adam Levin.

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Cyber-Insurance Firms Limit Payouts, Risk Obsolescence

Dark Reading

Businesses need to re-evaluate their cyber-insurance policies as firms like Lloyd's of London continue to add restrictions, including excluding losses related to state-backed cyberattackers

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Demystifying Cyber Insurance: 7 Key Security Controls Every Organization Should Have

Security Boulevard

The post Demystifying Cyber Insurance: 7 Key Security Controls Every Organization Should Have appeared first on Security Boulevard. 7 Key Security Controls Every Organization Should Have. .

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The Future of Cyber Insurance

Dark Reading

Having cyber insurance is a good idea if the costs make sense — it could be the difference between going out of business and staying afloat. But it shouldn't be your first course of action

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Cyber Insurance Prices Continue to Rise

SecureWorld News

Cyber insurance is a topic that many industry professionals have an opinion on. No matter what side of the debate you land on, one thing is certain: the cost of cyber insurance has been rising for years and will likely continue to do so. cyber insurance rate changes.

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Lloyd’s excluding nation-state cyber attacks from Cyber Insurance

CyberSecurity Insiders

Lloyd’s London, one of the largest insurance services providers in the world, has disclosed that it is making amendments to its cyber insurance laws that will come into effect from March 2023. All insurance companies exclude the risks inferred from war like situations.

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What Every MSSP Needs to Know About Cyber Insurance

Security Boulevard

The post What Every MSSP Needs to Know About Cyber Insurance appeared first on Security Boulevard. Cyberlaw Governance, Risk & Compliance Security Bloggers Network Audit Compliance cyber insurance cybersecurity management cybersecurity threats GRC MSSP SaaS

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Cyber-Insurance Fail: Most Businesses Lack Ransomware Coverage

Dark Reading

Even among businesses with cyber insurance, they lack coverage for basic costs of many cyberattacks, according to a BlackBerry survey

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Next CISO headache: Vendor cyber insurance

CyberSecurity Insiders

Cyber insurance coverage? The many breaches and the dollar judgements handed down make cyber insurance another costly operating investment. Typically, a corporation’s top tier of vendors has some form of cyber insurance. Cyber hygiene vigilance.

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Premium for Cyber Insurance has soared over the past few years

CyberSecurity Insiders

Cyber Insurance premiums are becoming dearer and the reason for such a rise is claimed to be sophistication in attacks that are making mitigation and recovery expensive. So, is the trend of rising insurance costs going to be witnessed in the coming years?

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Is it Time to Update Your Cyber Insurance Strategy?

Security Boulevard

In 2021, rethinking your cyber insurance strategy should be a top priority for CISOs and executive leadership. The elevated risk landscape is driving growing demand for cyber insurance: Nearly four out of five organizations.

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What to consider when shopping for cyber insurance

Tech Republic Security

Cyber insurance is gaining favor in the business world. An expert offers tips on how to get what's needed for the best price

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Re-Focusing Cyber Insurance with Security Validation

The Hacker News

The rise in the costs of data breaches, ransomware, and other cyber attacks leads to rising cyber insurance premiums and more limited cyber insurance coverage.

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The Role of Security Frameworks in Determining Cyber Insurance Risks | Apptega

Security Boulevard

Will NYDFS’s Cyber Insurance Framework Set a Precedent for the Cyber Insurance Industry? The post The Role of Security Frameworks in Determining Cyber Insurance Risks | Apptega appeared first on Security Boulevard.

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How Cyber Insurance Drives DevSecOps

Security Boulevard

The costs and impacts of the SolarWinds breach were a wakeup call for third-party software vendors and their insurers. Insurers are aware that third-party software is being targeted, which is driving up insurance rates, says Rob Beeler, CTO and cofounder of Trava Security.

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Are Cyber Insurers Cybersecurity’s New Enforcers?

Security Boulevard

The post Are Cyber Insurers Cybersecurity’s New Enforcers? Recent ransomware attacks have dominated the headlines this year. Predictions estimate that the financial impact caused by ransomware could reach $265 billion globally by 2031.

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Breach Response Shift: More Lawyers, Less Cyber-Insurance Coverage

Dark Reading

Companies are more likely to rely on outside attorneys to handle cyber response in order to contain potential lawsuits. Meanwhile, cyber-insurance premiums are rising but covering less

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New Cyber Insurance Guidelines for New York businesses

CyberSecurity Insiders

After the SolarWinds cyber attack on Govt infrastructure, the government of United States seems to have taken Cybersecurity as a top priority to rectify any flaws that could make way to any future cyber attacks in the future. News cyber insurance New York

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Cyber Insurance: The Good, the Bad, and the Ugly

IT Security Guru

Enter cyber insurance. We insure almost everything – our homes, our cars, even our lives. At first glance, it seems odd that most businesses don’t insure against something as potentially devastating as cybercrime. This doesn’t ring true for cyber insurance.

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The Perils of Cyber Insurance

Security Boulevard

On this episode of The View With Vizard, host Mike Vizard talks with Max Pruger, general manager of compliance for Kaseya, about the pros and cons, benefits and pitfalls of cyber insurance. The post The Perils of Cyber Insurance appeared first on Security Boulevard.

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4 ways businesses can save money on cyber insurance

Malwarebytes

Without cyber insurance , you can expect to pay a dizzying amount of cash. Indeed, with liability limits ranging from $1 million to $5 million or more, cyber insurance policies can cover a good chunk of the damage caused by a data breach. How is cyber insurance priced?

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Cyber Insurance Premiums Suddenly Surging

SecureWorld News

New research reveals that a record number of organizations are buying cyber insurance policies as a tool for protecting themselves against cyber risk. However, the cost for those policies is rising dramatically as cyber insurance premiums soar up to 30% vs. the previous year.

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Cyber Insurance and the Changing Global Risk Environment

Security Affairs

When security fails, cyber insurance can become crucial for ensuring continuity. Cyber has changed everything around us – even the way we tackle geopolitical crisis and conflicts. When security fails, cyber insurance can become crucial for ensuring continuity.

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Cyber Insurance and War Exclusions

Dark Reading

Here's what a cybersecurity lawyer thinks security pros need to know in light of Russia's invasion of Ukraine

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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers.

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How Are Cyber Insurance Companies Assessing Ransomware Risk?

Dark Reading

From limiting claims payments to tying payments to policyholders' actions, the cyber insurance industry is in "a very dynamic place right now," says Corvus Insurance CEO Phil Edmundson

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Cyber Insurance Requirements: How to Maintain Your Policy

Security Boulevard

The post Cyber Insurance Requirements: How to Maintain Your Policy appeared first on Security Boulevard. Cyberlaw Security Bloggers Network cyber insurance Cybersecurity

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What you should know when considering cyber insurance in 2023

CSO Magazine

As the frequency and severity of ransomware, phishing, and denial of service attacks has increased, so has demand for cyber insurance. Some companies see it as essential to their risk management strategy,” says Heather Engel, managing partner at advisory firm Strategic Cyber Partners.

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Survey Shows Cyber Insurance Marketplace Badly Needs Risk Quantification

Security Boulevard

A survey of 400 global insurers finds the cyber insurance business “isn’t working for insurers, brokers or their customers.” The post Survey Shows Cyber Insurance Marketplace Badly Needs Risk Quantification appeared first on Security Boulevard.

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What We Mean When We Talk About Cyber Insurance

Dark Reading

Cyber insurance is more than a policy for paying off ransomware gangs. It's designed to be something you transfer risk to when security controls fail

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Meeting Cyber Insurance Requirements — Is MFA Enough?

Security Boulevard

Last year, HYPR reported that many cyber insurers now require organizations to adopt multi-factor authentication. Since then, and as cyberattacks continued to flourish over the last year, the cyber insurance requirements for strong internal security measures have intensified.

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Preparing for Cyber Insurance? 6 Questions to Ask Your IT Team Today

Security Boulevard

No wonder the cyber insurance market is expected to grow at a compound average rate of almost 25 percent […]. The post Preparing for Cyber Insurance? The post Preparing for Cyber Insurance?

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Recommendations for Fulfilling the Potentials of Cyber Insurance

Security Boulevard

Cyber insurance has great potentials in improving cybersecurity practices and protecting organizations against the impact of security incidents, but these potentials “have yet to fully materialize.”

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Amid Legal Fallout, Cyber Insurers Redefine State-Sponsored Attacks as Act of War

Dark Reading

As carriers rewrite their act-of-war exclusions following the NotPetya settlement between Mondelez and Zurich, organizations should read their cyber insurance policies carefully to see what is still covered

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Will Your Cyber-Insurance Premiums Protect You in Times of War?

Dark Reading

Multiple cyber-insurance carriers have adopted act-of-war exclusions due to global political instability and are seeking to stretch the definition of war to deny coverage

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What is Cyber Insurance? Here’s Everything You Need to Know

Security Boulevard

With the cyber threat landscape showing no sign of becoming less risky, many businesses want to transfer some of their risk to cyber insurance providers. In fact, by 2020, 78% of corporate risk managers bought some type of cyber insurance coverage for their company.

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Cyber insurance explained and why you need it

CSO Magazine

Cyber insurance definition. What does a cyber insurance policy cover? Cyber insurance policies are becoming more diverse as the market matures, and the finer details regarding what one policy may cover can be somewhat different to another, depending on several factors.

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Cyber-Insurance Fuels Ransomware Payment Surge

Threatpost

Companies relying on their cyber-insurance policies to pay off ransomware criminals are being blamed for a recent uptick in ransomware attacks. Malware Vulnerabilities

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8 Top Cyber Insurance Vendors

eSecurity Planet

Cyber insurance is one more way to manage cybersecurity risk. Here are the top cyber insurance vendors that can help