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.

Cyber Insurance 84

Cyber Insurance Insurance Risk Technology 84

Schneier on Security

JULY 1, 2021

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.

Insurance 284

Insurance Cyber Insurance Ransomware Marketing 284

Security Boulevard

NOVEMBER 12, 2021

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. The post Are Cyber Insurers Cybersecurity’s New Enforcers? The average ransom payment made by a business to.

Cyber Insurance 145

Cyber Insurance Insurance Ransomware Cybersecurity 145

The Last Watchdog

JANUARY 20, 2020

To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities.

Cyber Insurance 222

Cyber Insurance Insurance Data breaches Risk 222

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.

Cyber Insurance 77

Cyber Insurance Insurance Cyber Risk Authentication 77

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. In addition, the U.S.

Cyber Insurance 128

Cyber Insurance Insurance Cyber Attacks Ransomware 128

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.

Insurance 72

Insurance Risk Cyber Insurance Cybersecurity 72

Security Boulevard

FEBRUARY 11, 2021

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. The post Is it Time to Update Your Cyber Insurance Strategy?

Cyber Insurance 140

Cyber Insurance Insurance CISO Risk 140

CSO Magazine

APRIL 27, 2021

Organizations will face significant challenges in purchasing, renewing, and benefitting from cyber insurance policies this year as various factors drive the sector towards a stricter, more specialized position, global specialists in law, risk, and cybersecurity predict.

Cyber Insurance 142

Cyber Insurance Insurance Ransomware Risk 142

CyberSecurity Insiders

AUGUST 26, 2022

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.

Cyber Insurance 90

Cyber Insurance Insurance Cyber Attacks Risk 90

SC Magazine

JUNE 28, 2021

The rise of the cyber insurance has largely failed to promote better cybersecurity practices among the industries they cover, according to a new report released Monday from British security think tank RUSI. Growing losses from ransomware attacks have…emphasized that the current reality is not sustainable for insurers either.

Cyber Insurance 136

Cyber Insurance Insurance Ransomware Marketing 136

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?

Cyber Insurance 64

Cyber Insurance Insurance Penetration Testing Cyber threats 64

Security Boulevard

JUNE 1, 2022

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.

Cyber Insurance 72

Cyber Insurance Insurance Cyber Risk Risk 72

Malwarebytes

FEBRUARY 21, 2023

Ransomware authors are wading into the cybersecurity insurance debate in a somewhat peculiar way. Specifically: urging victims to disclose details of their insurance contract , in order to tailor a ransom which will be beneficial to the company under attack. How to avoid ransomware Block common forms of entry.

Cyber Insurance 87

Cyber Insurance Insurance Ransomware Encryption 87

SecureWorld News

SEPTEMBER 10, 2020

Trends of cyber insurance claims for 2020. Coalition, a cyber insurance company, recently released a report detailing the categories of cyber attacks as well as the cause behind the attacks for the first half of 2020. The number one type of cyber incident so far this year is ransomware.

Cyber Insurance 54

Cyber Insurance Insurance Ransomware Cyber Attacks 54

SC Magazine

MAY 24, 2021

In a report released May 20, the Government Accountability Office looked at how the private cybersecurity insurance market has developed over the past five yearsRich Baich is global chief information security officer for insurance giant AIG. Photo by Spencer Platt/Getty Images).

Cyber Insurance 94

Cyber Insurance Insurance Marketing Cyber Risk 94

SC Magazine

MARCH 24, 2021

Insurance firm CNA Financial, a prominent provider of cyber insurance, confirmed a cyberattack against its systems, which has some concerned that cybercriminals may target policyholders. Of course, the attackers aren’t necessarily limited to a ransomware strategy. They could also phish certain policyholders.

Cyber Insurance 128

Cyber Insurance Insurance Hacking Ransomware 128

SecureWorld News

MARCH 28, 2024

Department of Treasury on March 27th released a report titled "Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector." The report highlights the growing concern around artificial intelligence (AI) and its potential to introduce new cybersecurity threats to the financial industry.

Risk 74

Risk Artificial Intelligence Cybersecurity Financial Services 74

SC Magazine

MAY 19, 2021

The development of cybersecurity insurance has played an important role in determining how companies prepare for and respond to ransomware attacks and the resulting fallout. That in itself has evolved, as insurers and insured learn just how expensive that fallout can be. The ransomware reality check for insurers.

Cyber Insurance 102

Cyber Insurance Insurance Marketing Ransomware 102

SecureWorld News

NOVEMBER 3, 2023

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.

Insurance 83

Insurance Cyber Risk Risk Cyber Insurance 83

Dark Reading

JULY 12, 2022

Cybersecurity insurance costs are rising, and insurers are likely to demand more direct access to organizational metrics and measures to make more accurate risk assessments.

Insurance 86

Insurance Cyber Insurance Ransomware Risk 86

CSO Magazine

FEBRUARY 22, 2021

On February 4, 2021, New York became the first state in the nation to issue a cybersecurity insurance risk framework to all authorized property and casualty insurers. The framework applies to all property or casualty insurers that write cybersecurity insurance.

Insurance 106

Insurance Cyber Insurance CSO Ransomware 106

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.

Cyber Insurance 52

Cyber Insurance Insurance Cyber Risk Risk 52

SecureWorld News

JUNE 8, 2020

COVID-19's impact on cybersecurity is undeniable. From cyberattacks on unemployment systems and the healthcare industry , to the security risks associated with remote work , SecureWorld has covered how these rapid changes have developed into a "Wild West" threat landscape. COVID-19 is raising cyber insurance rates.

Cyber Insurance 52

Cyber Insurance Insurance Marketing Healthcare 52

Security Boulevard

FEBRUARY 28, 2023

Cybersecurity insurance has long existed and rescued businesses from the consequences of online risks and attacks. While it becomes more of a necessity for businesses, the rapid increase of cyberattacks and ransomware gradually spirals into an unattractive business for insurers. appeared first on GuardRails.

Insurance 59

Insurance Cybersecurity Cyber Insurance Risk 59

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. Remember, prevention is key when it comes to ransomware attacks. Nope, says a renowned international bank from UK.

Ransomware 96

Ransomware Banking Cyber Insurance Insurance 96

Security Boulevard

AUGUST 22, 2022

Has ESG Become aWake-Up Call for Cybersecurity? 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. Access to global talent is still a challenge.

Cybersecurity 98

Cybersecurity Cyber Insurance Insurance CISO 98

CyberSecurity Insiders

APRIL 19, 2022

A study conducted by Cybersecurity Firm Mandiant confirms that ransomware actors are increasingly targeting virtualization platforms to extort ransom in large amounts. M-Trends 2022 report not only disclosed what threat actors are doing, but has also offered ways to mitigate risks.

Ransomware 120

Ransomware Cyber Insurance Insurance Cryptocurrency 120

Joseph Steinberg

AUGUST 5, 2021

One of the important concepts about which people must be aware when evaluating their cybersecurity postures and related liabilities, but which, for some reason, many folks seem to be unaware, is the difference between first-party risks and third-party risks. First-Party Risks And Coverage. First-Party Risks And Coverage.

Insurance 141

Insurance Risk Data breaches Artificial Intelligence 141

CyberSecurity Insiders

JANUARY 26, 2022

Merck, the Pharma giant from New Jersey, has won a legal battle with its insurer for covering costs related to the NotPetya ransomware attack that crippled its computer networks to the core incurring losses in millions. Moving ahead into the details, the year 2017 witnessed many companies falling prey to NotPetya ransomware hackers.

Ransomware 112

Ransomware Insurance Cyber Insurance Hacking 112

SecureWorld News

NOVEMBER 30, 2020

A large provider of IT services in the EU is the latest example that cyber risk is business risk. Sopra Steria IT company hit with Ryuk Ransomware. Like too many organizations around the globe, the IT company is remediating a Ryuk Ransomware attack. Ryuk ransomware recovery could cost $60 million.

Cyber Insurance 88

Cyber Insurance Ransomware Insurance Cyber Risk 88

Adam Levin

JUNE 30, 2020

We’re not even halfway through 2020, and already it’s been a record-breaking year for ransomware attacks. No industry, category, size, or group is safe from this cyber scourge. Millions of inboxes have been hit with a variant of Avaddon ransomware. 1-99-employee companies are a target. What can CEOs do?

Ransomware 186

Ransomware Insurance Cyber Insurance Manufacturing 186

CSO Magazine

AUGUST 16, 2022

Cybersecurity risk assessment company Safe Security on Tuesday rolled out two new online risk assessment tools for businesses to use, in order to help them understand their vulnerability to cyberattacks and the costs of insuring against them. Risk tools measure financial impact of cyberthreats.

Risk 61

Risk Cyber Insurance Insurance Data breaches 61

CyberSecurity Insiders

OCTOBER 26, 2022

The impact of ransomware attacks on businesses is twofold. While many equate ransomware with encrypted files and potential ransom payments, the consequences go even further in terms of the costs and requirements of an organization. The Dangers of Ransomware Attacks. By Rajesh Ram, Chief Strategy Officer at Egnyte.

Ransomware 120

Ransomware Cyber Insurance Insurance Risk 120

CSO Magazine

JUNE 14, 2023

With an ever-increasing number of cybersecurity threats and attacks, companies are becoming motivated to protect their businesses and customer data both technically and financially. The global cyber insurance market was valued at $13.33 million — more than twice the global average of $4.35 billion in 2023 to $84.62

Insurance 121

Insurance Data breaches Cyber Insurance Marketing 121

SecureList

NOVEMBER 9, 2022

Every year, Kaspersky experts prepare forecasts for different industries, helping them to build a strong defense against any cybersecurity threats they might face in the foreseeable future. While supply-chain is a big challenge for business right now, its cybersecurity is not merely an issue, it’s a major problem.

Cybersecurity 121

Cybersecurity Cyber Insurance Cybercrime IoT 121

CSO Magazine

JANUARY 24, 2023

US financial institutions see peer-to-peer fraud and other digital fraud as the biggest cybersecurity concern in 2023. CSI), followed by data breaches (23%), ransomware (20%) and a breach at a third party (15%). It was cited by 29% of respondents in a survey by Computer Systems Inc.

Cyber threats 111

Cyber threats Identity Theft Cyber Insurance Insurance 111