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Insurance and Ransomware

Schneier on Security

As ransomware becomes more common, I’m seeing more discussions about the ethics of paying the ransom. Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. However, the most pressing challenge currently facing the industry is ransomware.

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Decline in ransomware claims could spark change for cyber insurance

CSO Magazine

New data highlighting fluctuations relating to ransomware attack and payment claims indicates significant shifts in the cyberthreat landscape. Could such variations trigger changes in the cyber insurance market and, if so, how will they impact insurance carriers and organizations?


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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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Is Cyber Liability Insurance Sufficient Coverage for All Cyber Risks?

SecureWorld News

For example, a policy may have a sub-limit on ransomware payments, or it may exclude coverage for certain types of cyberattacks. Third, cyber risks are constantly evolving, and insurance companies may not be able to keep up. This means that there may be some cyber risks that are not covered by your policy.

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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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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. In addition, the U.S.

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Checklist for Getting Cyber Insurance Coverage

Thales Cloud Protection & Licensing

Checklist for Getting Cyber Insurance Coverage. As cyber criminals mature and advance their tactics, small and medium businesses become the most vulnerable because they lack the capacity – staff, technology, budget - to build strong cyber defenses. The necessity for cyber-insurance coverage.