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Cyber Insurance Costs Soaring: Is Your Organization Covered Enough?

SecureWorld News

In this digital battlefield, cyber insurance has emerged as a crucial shield, offering financial protection against data breaches, ransomware attacks, and other cyber incidents. This puts a strain on insurance companies, who are forced to adjust premiums to maintain solvency.

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Cyberinsurance companies don’t want to pay out for “acts of war”

Malwarebytes

Due to the evolving and growing impact of cybersecurity incidents there are some questions starting to arise about the way that insurance companies deal with the costs that are the results of such incidents. But cyber insurance comes in different flavors and sizes. Lloyd’s of London.

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Building a Cyber Resilient Business: The Protection Layer

Webroot

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. And those attacks are costing companies a lot of money.

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Ransomware Attack Hits Carnival Cruise Corporation: What We Know

SecureWorld News

Securities and Exchange Commission, notifying the SEC of the data breach. Hackers encrypted some files. Hackers exfiltrated (removed) some data. The unauthorized access also included the download of certain of our data files. Ransomware attacks: another argument for cyber insurance?

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Maze Ransomware operators claim to have stolen millions of credit cards from Banco BCR

Security Affairs

The hackers claim to have compromised the Banco BCR’s network in August 2019, and had the opportunity to exfiltrate its information before encrypting the files. Banco BCR has yet to disclose the security breach. According to Maze, the bank’s network remained unsecured at least since February 2020.

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Major Cyber Attacks that took place so far in 2021

CyberSecurity Insiders

USA’s largest cyber insurance provider CNA Financial suffered a ransomware attack on March 21st,2021 forcing the company to shut down its services for few days. Sources later confirmed that the hackers involved in the incident used Phoenix CryptoLocker Malware to encrypt the database of the insurance firm.

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OTA’s 2015 Data Protection and Breach Readiness Guide

SiteLock

Attendees of OTA’s Data Privacy & Protection Day Town Halls also contributed to the guide, which include representatives from top government agencies such as the FBI, FTC, and State Attorney General’s Offices. Furthermore, 37% of all data breaches were caused by an insider within the company.