CyberSecurity Is Not Enough: Businesses Must Insure Against Cyber Losses
Joseph Steinberg
JULY 8, 2021
And even relatively rich organizations may fail altogether if they suffer the reputational harm that follows multiple serious cyber-incidents.
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News Alert: QBE North America launches new cyber insurance program with Converge
The Last Watchdog
JULY 27, 2023
New York, NY, July 27, 2023 – QBE North America today announced the launch of a cyber insurance program with new MGA, Converge, acting as program administrator. The program will be broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation.
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Cyber Insurance: The Good, the Bad, and the Ugly
IT Security Guru
JUNE 28, 2022
As cybercrime infects every facet of our daily lives, and technological advancements do little to stop the spread, many security professionals are turning to traditional solutions for a very modern problem. Enter cyber insurance. We insure almost everything – our homes, our cars, even our lives. It didn’t take off.
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Top 8 Cyber Insurance Companies for 2022
eSecurity Planet
APRIL 22, 2022
Cyberattacks are not only a technological problem for companies, but they also represent a very real financial threat. 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.
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Cyber Insurance and the Changing Global Risk Environment
Security Affairs
APRIL 22, 2022
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. Our reliance on digital technology and the inherited risk is a key driving factor for buying cyber risk insurance.
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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs
eSecurity Planet
MAY 27, 2021
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. Insurers Assessing Risks.
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LW ROUNDTABLE: Compliance pressures intensify as new cybersecurity standards take hold
The Last Watchdog
DECEMBER 18, 2024
This shift is expected to place significant pressure on organizations that haven’t yet developed trusted data to manage risk effectively. To mitigate risks, businesses will invest in modern, privacy-enhancing technologies (PETs), such as trusted execution environments (TEEs) and fully homomorphic encryption (FHE).
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The Evolving Role of Cyber Insurance in Mitigating Ransomware Attacks
SecureWorld News
MARCH 20, 2024
In this regard, many have touted cyber insurance as the knight in shining armor, the end all-be all in terms of mitigating criminals' assaults on your network. On top of this, a significant 41% of victims opted to pay the ransom, which is a difficult decision that's fraught with its own respective complexities and risks.
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U.S. Treasury, NSF Partner to Bolster Terrorism, Cyber Risk Modeling
SecureWorld News
MAY 1, 2024
Department of the Treasury's Federal Insurance Office (FIO) announced a major new initiative this week to improve the insurance industry's capabilities around modeling and underwriting terrorism and catastrophic cyber risks.
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Scanning for Flaws, Scoring for Security
Krebs on Security
DECEMBER 12, 2018
For years, potential creditors have judged the relative risk of extending credit to consumers based in part on the applicant’s credit score — the most widely used being the score developed by FICO , previously known as Fair Isaac Corporation. Data accidentally released by FICO about the Cyber Risk Score for ExxonMobil.
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Annual Reports: How They Warn of Cyber Risk
SecureWorld News
OCTOBER 20, 2021
Cyberrisk is business risk. But how should we communicate this risk to the business, to clients, or to investors? Accenture annual report: risks we face from cyberattacks. However, we were most interested in seeing how Accenture articulated a particular business risk: the risk from a cyberattack.
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Cyber Insurance Premiums Suddenly Surging
SecureWorld News
MAY 26, 2021
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. cyber insurance market.
Checklist for Getting Cyber Insurance Coverage
Thales Cloud Protection & Licensing
MAY 10, 2022
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.
As market for cyber insurance booms, watchdog calls for better data
SC Magazine
MAY 24, 2021
Overall, insurance companies seem to be responding to increased demand from clients for cyber-specific insurance, and one survey found that the two things most likely to spur a purchase of cyber insurance are when a business experiences a cyber attack and when they hear about other companies being hit by a cyber attack.
Healthcare Cybersecurity Market Soars: Key Trends and Insights
SecureWorld News
MAY 2, 2025
Breaches can disrupt care delivery and put lives at risk, not to mention lead to hefty compliance fines. Healthcare executives are responding by viewing cybersecurity not just as an IT issue, but as a core business risk. and Canada are also early adopters of advanced security technologies. Large health systems in the U.S.
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How MSPs Help Small Businesses with Essential Cyber Insurance Cover
Duo's Security Blog
OCTOBER 7, 2022
It will be unsurprising that because of this demand, insurers are particularly careful how they build their policies to minimize their risk from large cyber events. This is especially true if the company looking for cover hasn’t taken adequate enough steps to minimize cyber risks itself.
Risk Management in Higher Education: Top Challenges and Proven Solutions
Centraleyes
MAY 21, 2025
Leading a university also means managing a very complex set of risks: cyberattacks, financial instability, regulatory shifts, and reputational fallout, just to name a few. These risks threaten an institutions ability to educate, innovate, and serve its community. Top Challenges in Risk Management for Colleges and Universities 1.
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Cyber and Privacy Risks for Real Estate Enterprises
SecureWorld News
JANUARY 31, 2024
Cyber risk is an existential issue for companies of all sizes and in all industries. The integration of technology and automation, and related collection, use, and sharing of information into everyday business practices presents an enormous opportunity for efficiency and precision, especially in the real estate sector.
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Cloudflare Helps Businesses Manage Their Cyber Risk; Announces Partnerships with Leading Cyber Insurers and Incident Response Providers
CyberSecurity Insiders
DECEMBER 11, 2021
(NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced it is partnering with leading cyber insurance companies to help businesses manage their risks online. As a result, some insurance companies have had to raise premiums to cover their costs.
How the ransomware explosion is reshaping the cyber insurance market
SC Magazine
MAY 19, 2021
Today’s special columnist, Scott Register of Keysight Technologies, says government and industry must come together to secure the nation’s critical infrastructure in the wake of the Colonial Pipeline hack. The post How the ransomware explosion is reshaping the cyber insurance market appeared first on SC Media.
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Top 5 Security Trends this Summer: RSA Conference & Black Hat 2022
Webroot
JULY 25, 2022
Threat intelligence solutions using AI/ ML technologies can prevent false positives and reduce alert fatigue – helping cybersecurity professionals focus on strategic priorities instead of spending all their time reacting to security alerts and potential incidents. Cyber insurance becomes mainstream discussion.
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[Q&A] Chubb Cyber Insurance Clients Activate Proactive Security with NetSPI
NetSpi Executives
JANUARY 8, 2024
In case you missed it, Chubb, one of the leading publicly traded property and casualty insurance companies, announced an innovative collaboration with NetSPI to strengthen client cyber-risk profiles via enhanced attack surface management and penetration testing solutions. What is proactive security?
Pondurance Launches Cyber Risk Assessments Powered by MyCyberScorecard
CyberSecurity Insiders
DECEMBER 14, 2021
INDIANAPOLIS–( BUSINESS WIRE )– Pondurance , a leader in Managed Detection and Response (MDR) services, today launched Cyber Risk Assessments powered by MyCyberScorecard.
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News Alert: Guardz uncovers new macOS malware – Hidden Virtual Network Computing (hVNC)
The Last Watchdog
AUGUST 1, 2023
hVNC is a nefarious variation of this technology, typically distributed through attack vectors such as email attachments, malicious websites, or exploit kits. Traditional Virtual Network Computing (VNC) software allows users to remotely control another computer over a network with permission and is often used for remote technical support.
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Cybersecurity Insurance is Missing the Risk
Security Boulevard
NOVEMBER 24, 2023
First published by HelpNetSecurity — Matthew Rosenquist Cybersecurity insurance is a rapidly growing market, swelling from approximately $13B in 2022 to an estimated $84B in 2030 (26% CAGR), but insurers are struggling with quantifying the potential risks of offering this type of insurance.
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Great American Insurance Group Launches Innovative Cyber Risk Management Platform for Policyholders
CyberSecurity Insiders
JANUARY 24, 2022
CINCINNATI–( BUSINESS WIRE )–Great American Insurance Group recently launched EagleEye? According to Betty Shepherd, Divisional Senior Vice President, Great American Cyber Risk, EagleEye is a valuable loss prevention tool for insureds.
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Q&A: Why SOAR startup Syncurity is bringing a ‘case-management’ approach to threat detection
The Last Watchdog
MARCH 1, 2019
This, in short, is the multi-headed hydra enterprises must tame in order to mitigate rising cyber risks. Its backers include the Maryland Technology Development Corporation (TEDCO,) and Kluz Ventures. Sutton: SOAR was born out of the gap between what SIEMs were supposed to be and the rising sophistication of cyber threats.
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Ransomware Attack Hits Carnival Cruise Corporation: What We Know
SecureWorld News
AUGUST 18, 2020
Here is Carnival Corporation's ransomware and cyber incident statement, in full: On August 15, 2020, Carnival Corporation and Carnival plc (together, the "Company," "we," "us," or "our") detected a ransomware attack that accessed and encrypted a portion of one brand’s information technology systems. And if so, how much?
Peer Report Explores Concerns, Challenges Facing Cybersecurity Leaders
SecureWorld News
AUGUST 23, 2023
This morning, Critical Start released its first ever Cyber Risk Landscape Peer Report , which explores some of the major concerns and challenges currently confronting cybersecurity leaders as they manage risk within their organizations. Here are some comments on the cyber risk landscape from cybersecurity vendor experts.
NEW TECH: Brinqa takes a ‘graph database’ approach to vulnerability management, app security
The Last Watchdog
APRIL 18, 2019
Imposing just the right touch of policies and procedures towards mitigating cyber risks is a core challenge facing any company caught up in digital transformation. Related: Data breaches fuel fledgling cyber insurance market. Enterprises, especially, tend to be methodical and plodding. Vulnerability management.
Spotlight on Cybersecurity Leaders: Kip Boyle
SecureWorld News
NOVEMBER 2, 2022
He helps senior decision makers overcome cybersecurity sales objections and manages unlimited cyber risks through rigorous prioritization. In the private sector, he was a CISO for an insurance company, credit card processor, bank, credit union, and IT Managed Service Provider. He lives in Seattle with his wife and six kids.
Has ESG Become aWake-Up Call for Cybersecurity?
Security Boulevard
AUGUST 22, 2022
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.
Safety first: Will insurance companies stall or accelerate cybersecurity progress?
SC Magazine
FEBRUARY 8, 2021
The relationship between enterprises and insurers, like the cyber insurance market itself, is evolving. Citing cybersecurity insurance as an important “component that businesses are investing in as a layer of protection,” Muldoon said no business should be operating without it. A maturing model. billion in premium.
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5 Trends to Watch for Cybersecurity in 2023
SecureWorld News
DECEMBER 7, 2022
As the world becomes increasingly reliant on technology, cybersecurity remains a top priority for individuals, businesses, and governments alike. As cyber professionals continue to adopt the technology, so will malicious threat actors. Cyber insurance trends in 2023.
Security Roundup July 2024
BH Consulting
JULY 17, 2024
MFA is seen as a critical control in reducing the risk of account takeovers. The Register noted that AWS’ move follows Microsoft and Google’s adoption of the technology. Sadly, making things mandatory is often the most effective way to manage this risk. The findings echo Coalition’s 2024 Cyber Claims report.
FAIR Model Risk Management – Pros and Cons
Centraleyes
SEPTEMBER 24, 2024
Information risk is not just a technical problem but affects the bottom line and daily activities of most businesses. It takes an organization beyond just compliance with regulations and ‘best practices’ and shows a broader overall picture of risk from different angles. How does it work?
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More Than 90% of IT Decision Makers Struggle to Evaluate Security Products
eSecurity Planet
OCTOBER 18, 2022
Those findings echo comments made earlier this year at the RSA Conference by Joe Hubback, managing director EMEA at cyber risk management startup ISTARI. “Many vendors present AI as a black box solution, so how do you qualify risks and benefits? Assessing AI and Security Training. What Should Security Buyers Do?
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To Cover or Not to Cover: The Cyber Liability Insurance Quandary Facing Small- and Medium-Sized Businesses
Duo's Security Blog
DECEMBER 7, 2022
But what are the risks with this approach? The state of cyber liability insurance The topic of cyber liability insurance is full of datapoints, statistics and graphs all showing upward trajectories. But MFA should not only be viewed as a prerequisite for obtaining cyber liability insurance.
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Policy debate: the pros and cons of cybersecurity insurance
BH Consulting
JUNE 22, 2021
Organisations are coming under increasing pressure to take out cybersecurity insurance cover. Also known as cyber risk insurance, it’s now a prerequisite in some public sector tenders. You could argue cybersecurity insurance is useful because it makes people think of business risk, not just IT problems.
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Acrisure Broadens Platform with Cyber Services Division
CyberSecurity Insiders
JANUARY 20, 2022
.–( BUSINESS WIRE )–Acrisure, a fast-growing fintech leader that operates a top-10 global insurance broker, announced the formation of Acrisure Cyber Services. Businesses in every industry face complex cyber risk, particularly the millions of small and midsize companies comprising much of Acrisure’s client base.
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City of Dallas Vital Services Shut Down in Suspected Ransomware Attack
SecureWorld News
MAY 5, 2023
Broadnax, who said he is optimistic that the risk is contained. Since City of Dallas' Information and Technology Services detected a cyber threat Wednesday morning, employees have been hard at work to contain the issue and ensure continued service to our residents," he said. The article quotes a statement from City Manager T.C.
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BlastWave and Cysurance Roundtable: More Fender Benders, Fewer Totals, and a Smog Test
Security Boulevard
FEBRUARY 8, 2023
Click here to watch the roundtable and learn about the future of cyber insurance from leading experts. In partnership with Cysurance, BlastWave hosted a roundtable entitled “The Future of Cyber Insurance and MSP Insurability. of Morris Risk Management, John Franzino of Grid Security Inc.,
Three takeaways from the Colonial Pipeline attack
SC Magazine
MAY 28, 2021
No, this was not an infection of the operational technology for Colonial Pipeline… but a shutdown resulted nonetheless. That distinction is important for identifying risk. “It’s an interesting world because in [industrial control systems], those who are holding the risk are not the ones who are managing the risk.
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34 Most Common Types of Network Security Protections
eSecurity Planet
MARCH 17, 2023
From there, these tools send alerts to security teams if and when risks are identified. Vulnerability management is handled not only by cybersecurity and IT teams but by cross-functional teams that understand how assets are used across the organization.
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