Schneier on Security

JULY 1, 2021

Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals.

Insurance 285

Insurance Cyber Insurance Ransomware Marketing 285

Digital Guardian

SEPTEMBER 1, 2023

but concerns over critical infrastructure, data privacy, and cyber insurance largely overshadow it. The operation against QakBot marks a cybersecurity win for the U.S., Catch up on these stories and more in this week’s Friday Five.

Cyber Insurance 52

Cyber Insurance Data privacy Cybercrime Insurance 52

Security Boulevard

JANUARY 20, 2023

Insight #2 " New this week was the release of a $45 million cyber catastrophe bond targeted at an extreme loss (up to $300 million) in a cyber breach. It is yet another level in cyber insurance. Cybercrime and nation-state attacks will continue to increase and businesses must protect themselves."

CISO 75

CISO Cyber Insurance Insurance Cybersecurity 75

Krebs on Security

OCTOBER 1, 2020

” As financial losses from cybercrime activity and ransomware attacks in particular have skyrocketed in recent years, the Treasury Department has imposed economic sanctions on several cybercriminals and cybercrime groups, effectively freezing all property and interests of these persons (subject to U.S.

Ransomware 361

Ransomware Cyber Insurance Insurance Cybercrime 361

Duo's Security Blog

OCTOBER 18, 2022

Tune into our upcoming webinar, “ Don’t Bet on Passwords, Use MFA to Insure Your Protection ,” to hear from Wolfgang Goerlich, an advisory CISO at Cisco Secure Access by Duo, an Matt Brooks, a Duo Product Marketing specialist. trillion USD annually by 2025?

Insurance 54

Insurance Passwords Cyber Insurance Authentication 54

SecureWorld News

MARCH 28, 2024

Having clear definitions gives cyber insurers a way to work with critical infrastructure on underwriting decisions based on these guidelines," Gallagher noted. billion implementation cost from 2023-2033 "modest compared to the scale of cybercrime." Gallagher called the estimated $2.6

Cyber Insurance 98

Cyber Insurance Government Insurance Cyber Risk 98

CyberSecurity Insiders

JUNE 22, 2023

Instead, the ransom pay can be covered from a cyber insurance policy, provided it is taken prior to the launch of the attack and covers the costs associated with the malware attack. Nope, says a renowned international bank from UK. They can provide guidance on how to proceed and may be able to assist in the investigation.

Ransomware 96

Ransomware Banking Cyber Insurance Insurance 96

Security Affairs

FEBRUARY 25, 2024

Uninstall it immediately Microsoft Exchange flaw CVE-2024-21410 could impact up to 97,000 servers ConnectWise fixed critical flaws in ScreenConnect remote access tool More details about Operation Cronos that disrupted Lockbit operation Cactus ransomware gang claims the theft of 1.5TB of data from Energy management and industrial automation firm Schneider (..)

Spyware 97

Spyware Cyber Insurance Hacking Advertising 97

SecureList

NOVEMBER 9, 2022

We can therefore expect that cybercrime groups from either block will feel safe to attack companies from the opposing side. will lead more people to poverty, which always translates to increased criminality (cyber or otherwise), and we know ransomware to be extremely profitable. Some may even perceive this as their patriotic duty.

Cybersecurity 121

Cybersecurity Cyber Insurance Cybercrime IoT 121

The Last Watchdog

OCTOBER 5, 2023

Acohido to share his ideas about the current cyber threat landscape, the biggest threats for businesses today, the role of AI and machine learning in cyberattacks and cyberdefence, and the most effective methods for companies to protect themselves. He previously chronicled the emergence of cybercrime while covering Microsoft for USA TODAY.

Cyber threats 203

Cyber threats Cyber Insurance Cybersecurity Threat Detection 203

Security Affairs

AUGUST 21, 2020

University of Utah officials explained that the university’s cyber insurance policy covered part of the ransom. “After careful consideration, the university decided to work with its cyber insurance provider to pay a fee to the ransomware attacker,” the university said today.”

Ransomware 144

Ransomware Cyber Insurance Insurance Advertising 144

Webroot

SEPTEMBER 7, 2023

Cybercrime is on the rise. billion to data breaches and cybercrime. billion to data breaches and cybercrime. This is all happening while companies are spending trillions digitizing their business operations and trying to obtain secure cyber insurance while keeping up with regulatory changes in GDPR, HIPAA, and Sarbanes-Oxley.

Encryption 88

Encryption Cyber Insurance Cybercrime Phishing 88

Security Affairs

FEBRUARY 21, 2023

For those who have cyber insurance against ransomware attacks. Insurance companies require you to keep your insurance information secret, this is to never pay the maximum amount specified in the contract or to pay nothing at all, disrupting negotiations. Very important! reads the ransom note.

Insurance 81

Insurance Ransomware Cyber Insurance Malware 81

SecureWorld News

SEPTEMBER 23, 2021

This ranges from Secret Service agents discussing elements of cyber hygiene with those they protect to tracking down cybercrime fugitives. Cyber defense is about test, test, test.". Familiarize yourself and your organization with cyber insurance. Cyberattacks now fall into its jurisdiction.

Ransomware 73

Ransomware Cyber Insurance Insurance Government 73

Security Boulevard

JUNE 8, 2021

Ultimately, organisations will need to cultivate a culture of security awareness and provide employees with relevant cyber training and resources to help minimise cyber risk and ensure individuals are fully equipped as they transition to this hybrid working style.

Cyber Insurance 105

Cyber Insurance Cyber Attacks Cyber threats Insurance 105

Cisco Security

JANUARY 10, 2023

As a result of this, next year we could see CISOs tightening up the disclosure decision making process, focusing on quicker and greater clarity on breach impact, and even looking to include personal liability cover in cyber insurance contracts. Increasing demands from insurers.

CISO 138

CISO Insurance Cyber Insurance Phishing 138

SecureWorld News

OCTOBER 5, 2020

This was not about the cybercrime itself, but instead, the regulatory trouble your organization could face for facilitating ransomware payments. The Treasury Department says it declares certain ransomware gangs and cybercrime groups as sanctioned for their actions. Ransomware groups may be sanctioned; paying could be trouble.

Government 64

Government Ransomware Cyber Insurance Cybercrime 64

Security Boulevard

JULY 30, 2022

However, deploying unproven artificial intelligence (AI) could result in unexpected outcomes, including a higher risk of cybercrime. Will cyber insurance continue to be an option that organizations can rely on? More and more businesses are using artificial intelligence (AI) to improve efficiency.

Cyber Attacks 110

Cyber Attacks Artificial Intelligence Education Cyber Insurance 110

Malwarebytes

FEBRUARY 3, 2023

As the reports covering all of 2022 start trickling in, we can see that cybercrime and other types of fraud had a major impact last year. percent) reporting between 40 and 60 cyber security incidents in the last 12 months. million (roughly $750 million) through authorized and unauthorized fraud and scams in the UK alone.

Scams 79

Scams Banking Cyber Insurance Phishing 79

SecureWorld News

DECEMBER 2, 2020

We carry insurance, including cyber insurance, which we believe to be commensurate with our size and the nature of our operations. Which of the ransomware gangs or groups hit K12 Inc and its network in this cyber attack? In fact, Ransomware became the number one type of cyber attack claim insurers dealt with in 2020.

Cyber Insurance 54

Cyber Insurance Insurance Ransomware Backups 54

CyberSecurity Insiders

JANUARY 6, 2023

Thus, we are seeing the appearance of developments such as ransomware-as-a-service and the evolution of a cybercrime supply chain composed of distinct elements, each performing specialized functions that dovetail together into the eventual heist. Insurance Refusals and Rate Hikes. But not insurance companies.

Backups 136

Backups Ransomware Insurance Cyber Insurance 136

Malwarebytes

MARCH 10, 2021

This quickly became a mess of arguments over paying the ransom , and the world of cyber insurance and whether it would actually insure against these types of attacks. This seems a reasonable assumption; lots of consumer and business victims of cybercrime do not want to publicize it.

Ransomware 118

Ransomware Insurance Cyber Insurance Social Engineering 118

SecureWorld News

NOVEMBER 12, 2020

This is partly driven by cyber insurance and a growing number of organizations seeing this insurance as a business necessity: "Although cyber insurance policies existed since early 2000, ransomware attacks are one of the main reasons for the increased interest in this type of insurance during the last 5 years.

Cyber threats 109

Cyber threats Insurance Cyber Insurance Ransomware 109

SecureWorld News

SEPTEMBER 14, 2021

This is also true for victims of cybercrimes, too. The school district’s cyber insurance provided free credit monitoring, but many parents were still puzzled by how to report the problem and what steps they should take next to protect their children. Unfortunately, there is no perfect profile for a cybercriminal.

Cyber Insurance 93

Cyber Insurance Ransomware Insurance Backups 93

Security Affairs

MAY 1, 2020

Maze Ransomware ransomware operators recently disclose other attacks against different organizations, including IT services giant Cognizant , and cyber insurer Chubb. Banco BCR has yet to disclose the security breach. Please vote Security Affairs for European Cybersecurity Blogger Awards – VOTE FOR YOUR WINNERS [link].

Ransomware 134

Ransomware Banking Cyber Insurance Advertising 134

SecureWorld News

MAY 5, 2023

No one is safe from cybercrime, and often the most vulnerable among us are the most likely to be targeted or victimized. In fact, sharing such information could even jeopardize much of the work they are trying to accomplish in working through this incident and end up causing more harm to the people around Dallas-Fort Worth than it does good.

Ransomware 87

Ransomware Cyber Risk Cyber Insurance Social Engineering 87

SC Magazine

JULY 14, 2021

In addition, having cyber insurance coverage in place does not guarantee an organization can recoup losses associated with a ransomware attack. Some 80% of respondents who paid a ransom say they experienced a subsequent attack.

Ransomware 98

Ransomware Cyber Insurance Financial Services Retail 98

CyberSecurity Insiders

APRIL 30, 2021

Combating Ransomware – A Comprehensive Framework for Action provides 48 practical recommendations to curb the rampant spread of this increasingly destructive type of cybercrime. Ransomware is an international cybercrime that is multiplying in frequency and severity.

Ransomware 52

Ransomware Government Cyber Insurance Cybercrime 52

BH Consulting

JUNE 13, 2023

Verizon points out that cybercrime risk crosses all sectors regardless of industry vertical, but it provides 10 sectoral snapshots to help readers understand the threats in more depth. MORE UK NCSC calls on the cyber insurance market to become more sophisticated.

Social Engineering 52

Social Engineering Data breaches Scams DDOS 52

SecureWorld News

OCTOBER 19, 2023

Increased risk of cyberattacks The rising cost of living can lead to an increase in cybercrime, as people become more desperate to make money. Kimberly "KJ" Haywood, Principal Advisor at Nomad Cyber Concepts and Adjunct Cybersecurity Professor at Collin College, had this to say: "Inflation is hitting organizations harder than ever.

Cybersecurity 81

Cybersecurity CISO Education Phishing 81

SecureWorld News

NOVEMBER 22, 2021

According to the Federal Bureau of Investigation (FBI), losses due to BEC scams since 2013 total around $28 billion dollars and it is the most profitable cybercrime there is. If you have cyber insurance, will it cover some or all BEC incidents? That's where the value of a BEC Incident Response Plan (BEC-IRP) really shines.

Scams 86

Scams Cybercrime Accountability Banking 86

Cytelligence

JANUARY 27, 2020

Unfortunately, the citizens of the country had to pay the ransom as the city had no cyber insurance. Having cyber insurance meant the city only had to pay a small fee to get their systems back up and running. The need for cyber insurance for companies will increase significantly in 2020.

Ransomware 53

Ransomware Cyber Insurance Insurance Encryption 53

SecureWorld News

NOVEMBER 1, 2021

He discusses the evolution of ransomware in cybercrime, including advances in technology, cyber insurance, the cryptocurrency challenge, the sophistication of ransomware actors, and much more. [RESOURCE] Listen to the recent SecureWorld podcast episode featuring U.S. Secret Service Assistant Director Jeremy Sheridan.

Cybersecurity 78

Cybersecurity Government Cyber Insurance Technology 78

Adam Levin

MARCH 16, 2020

The loss of time, worker focus and business opportunities can be catastrophic is the aftermath of an attack, and is yet another reason no company should be without a robust cyber insurance policy in place. Most importantly, the FBI encourages victims of cybercrime to continue to file reports to law enforcement.

Scams 130

Scams Identity Theft Phishing Accountability 130

Malwarebytes

JANUARY 15, 2023

The real world impact of cybercrime rears its head once more, with word that 14 schools in the UK have been caught out by ransomware. As we’ve seen recently, cyber insurance is no guarantee of avoiding a ransomware pitfall either with refusal of payout being decided in a court of law.

Ransomware 74

Ransomware Backups Education VPN 74

SC Magazine

JULY 13, 2021

Estimates show cybercrime will cause $6 trillion in global damages this year and is predicted to reach $10.5 Lastly, the report warns entities not to rely on cyber insurance as the rates have skyrocketed in response to the rise in ransomware attacks. trillion, by 2025, a 75% increase.

Data breaches 113

Data breaches Insurance Healthcare Education 113

Herjavec Group

FEBRUARY 18, 2021

Enter a world where Cybercrime is now bigger than Drug Crime, globally costing Trillions in damages with new threat actors, new forms of malware, cybercriminals, hackers, cyberespionage by nation states and too many exploitable vulnerabilities to count. He and his tiny team of 3 people, began the world’s first MSSP.

Digital transformation 81

Digital transformation Computers and Electronics Cyber Insurance Insurance 81