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.

Cyber Insurance 94

Cyber Insurance Insurance Marketing Cyber Risk 94

Duo's Security Blog

OCTOBER 7, 2022

In fact, a recent report by Howden Insurance Brokers states that the number of brokers reporting rising demand for cyber liability insurance coverage has risen by 89%, and the number of brokers reporting an increase in claims has risen by 72%. Small business cyber insurance: Is it really needed?

Small Business 71

Small Business Cyber Insurance Insurance Cyber Risk 71

SecureWorld News

JANUARY 31, 2024

Frequently, the liability associated with slip-and-falls is pushed up to the owner—and within that same upstream push, so goes privacy and data breach liability. All stakeholders, including insurers, need to understand whose cyber insurance policy responds to an incident.

Risk 81

Risk Cyber Insurance Insurance Data breaches 81

Duo's Security Blog

MAY 23, 2022

Cyber liability insurance can be a lifeline in the event of a major incident or breach. Cyber incidents rose 35% in 2020 with data breaches costing businesses an average of $4.24 million per year , resulting in cyber insurance premiums jumping up by 50-100%. Do you need it?

Insurance 78

Insurance Cyber Insurance Data breaches Backups 78

Centraleyes

MARCH 28, 2024

Coalition, a leader in cyber insurance, has added a positive endorsement for artificial intelligence (AI) to its cyber insurance plans for the US and Canada. The endorsement expands the definition of a security failure or data breach to include events caused by artificial intelligence.

Artificial Intelligence 52

Artificial Intelligence Cyber Insurance Insurance Technology 52

Adam Levin

AUGUST 26, 2019

The data breach of Capital One was big news, but it was also a familiar story: a major financial company with the budget and means to secure its data didn’t bother to do so, and the personal information of over a hundred million of its customers and applicants was exposed. Neither were boring. The Takeaway.

Data breaches 142

Data breaches Cyber Insurance Hacking Insurance 142

Webroot

JULY 25, 2022

The first in-person event for RSA since the global pandemic had a slightly lower turnout than in years past (26,000 compared to 36,000 attendees). Here are some of the key trends which we observed at this year’s first marquee cybersecurity event post-pandemic: 1. Cyber insurance becomes mainstream discussion.

Cyber Insurance 124

Cyber Insurance Insurance Marketing Phishing 124

Security Boulevard

NOVEMBER 24, 2023

The traditional actuary models do not apply well to an environment where highly motivated, creative, and intelligent attackers are dynamically pursuing actions that cause insurable events. But even after two decades, there’s a wide range of loss ratios between insurers (-0.5% Variances and unpredictability make insurers nervous.

Insurance 70

Insurance Risk Cyber Insurance Cybersecurity 70

SC Magazine

APRIL 19, 2021

AIG is one of the top cyber insurance companies in the U.S. Today’s columnist, Erin Kennealy of Guidewire Software, offers ways for security pros, the insurance industry and government regulators to come together so insurance companies can continue to offer insurance for ransomware. eflon CreativeCommons CC BY 2.0.

Insurance 113

Insurance Cyber Insurance Ransomware InfoSec 113

Joseph Steinberg

AUGUST 5, 2021

Likewise, if you purchase appropriate first-party insurance, your insurance policy should cover the relevant losses – as the losses are borne directly by the policyholder (your business). iBynd also has a first-of-its-kind Personal Cyber Insurance offering that it delivers directly to consumers through CyberInsurancePlus.com.

Insurance 141

Insurance Risk Data breaches Artificial Intelligence 141

SecureWorld News

AUGUST 18, 2020

Securities and Exchange Commission, notifying the SEC of the data breach. 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? And number one is cyber insurance.

Cyber Insurance 82

Cyber Insurance Ransomware Insurance Technology 82

Security Boulevard

MAY 12, 2022

Is The Cost Of Predictive Cyber Security Worth The Investment? Cybersecurity Events Becoming More Predictable ? Insurance carriers will offer a variety of different policies and coverage, including: Costs associated with an actual data breach, including letters to all affected victims.

Cyber Insurance 104

Cyber Insurance Insurance Marketing Firewall 104

Adam Levin

JUNE 30, 2020

In the same survey, 35 percent thought CEOs should be fined for a cyber failure, and 30 percent wanted to see a CEO lose his or her right to run any company following a serious cyber event. Preventing data breaches and implementing adequate cybersecurity safeguards was a daunting assignment even before the Covid-19 pandemic.

Ransomware 186

Ransomware Insurance Cyber Insurance Manufacturing 186

SC Magazine

FEBRUARY 8, 2021

The relationship between enterprises and insurers, like the cyber insurance market itself, is evolving. That’s quite the incentive for insurers to assert themselves in this market. Others factors will increase pressure on strengthening cybersecurity, too, as will unexpected events like, for instance, a global pandemic.

Insurance 126

Insurance Cyber Insurance Cybersecurity Government 126

Adam Levin

JULY 8, 2020

All of these can be extinction-level events. We are all weary of the endless cycle of hacks and data breaches and we’re increasingly blaming businesses that have been compromised rather than the hackers themselves. “They had all of our traffic and we were losing thousands of dollars daily in revenue.”

Hacking 130

Hacking Retail Cyber Insurance Authentication 130

BH Consulting

JUNE 13, 2023

Target the human, swipe the cash: Verizon DBIR 2023 highlights crime trends Manage the human risk and mind your money: those are two key takeaways from Verizon’s 2023 Data Breach Investigations Report. When is a cybersecurity incident a GDPR data breach?

Social Engineering 52

Social Engineering Data breaches Scams DDOS 52

Malwarebytes

SEPTEMBER 30, 2022

Take cyber insurance , for example. Cyber insurance can prevent local governments from having to pay huge out of pocket costs in the event that they’re hit with a cyberattack. Baltimore learned this the hard way. (An

Government 59

Government Cybersecurity Cyber Insurance Insurance 59

SecureList

NOVEMBER 9, 2022

Given the continued surge of ransomware attacks, which soared 288% in the first half of 2022 alone, the need for cyber insurance will be a bigger priority, especially in the SMB market. As such, we anticipate a booming cyber insurance industry as many organizations heed these warnings and seek to guard against ransomware attacks.

Cybersecurity 120

Cybersecurity Cyber Insurance Cybercrime IoT 120

SC Magazine

JULY 2, 2021

An exterior view of the Anthem Health Insurance headquarters. About 80 million company records were accessed in one of the largest health care data breaches. And while transparency is crucial, Impact Advisors’ leadership notes that breached organizations should not publicly estimate the impact of an event without the facts. “We

Insurance 88

Insurance Cyber Insurance Data breaches Media 88

Adam Levin

MARCH 16, 2020

That is exponentially more expensive than other cyber events. 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. billion in BEC scam-related losses the year before.

Scams 130

Scams Identity Theft Phishing Accountability 130

Joseph Steinberg

JULY 8, 2021

Ironically, while many larger enterprises purchase insurance to protect themselves against catastrophic levels of hacker-inflicted damages, smaller businesses – whose cyber-risks are far greater than those of their larger counterparts – rarely have adequate (or even any) coverage.

Insurance 363

Insurance Cyber Insurance Cybersecurity Small Business 363

Malwarebytes

JANUARY 15, 2023

There’s no word if any of the schools affected paid the ransom and had their data leaked anyway, or if the ransomware gang stuck to its word and “only” leaked in cases of non-payment. Are you aware of your legal data breach notification responsibilities?

Ransomware 78

Ransomware Backups Education VPN 78

SecureWorld News

JANUARY 21, 2024

The costs of recovering from such incidents, especially for smaller organizations without cyber insurance, can be devastating. Another cornerstone of any robust cybersecurity strategy is having regular data backups and maintaining them properly.

Cybersecurity 89

Cybersecurity Backups Cyber threats Software 89

Spinone

DECEMBER 8, 2016

Many small businesses do not realize that they are vulnerable to hackers, perhaps because they don’t realise they have data worth stealing. This can also be one of the reasons behind insufficient security practices with many businesses not realising the full effect of a data breach or ransomware attack until it is too late.

Insurance 40

Insurance Small Business Backups Cyber Insurance 40

Centraleyes

MARCH 19, 2024

Geopolitical events wield substantial influence over global business operations. An effective IRP ensures swift and informed action, from data breaches to malware attacks. In the event of a security breach, an IRP ensures rapid response. How Do Disaster Recovery Plans Work?

Risk 52

Risk Backups Technology Cyber threats 52

SC Magazine

MAY 28, 2021

Indeed, during a panel moderated by SC Media , two government officials, one with the FBI and one with the Department of Justice, pointed to the Colonial Pipeline when asked to choose the most significant cyber event to occur in the last year. “When that happened, I was like, ‘This is very high profile.

Insurance 117

Insurance Government Ransomware Risk 117

Cytelligence

FEBRUARY 4, 2020

The acquisition will help Aon expand its current coverages within the cyber market at a time when cyber claims are almost doubling year-over-year. Global cyber insurance premiums are expected to grow from $4 billion in 2018 to $20 billion by 2025. said J Hogg, CEO of Aon Cyber Solutions.

Penetration Testing 45

Penetration Testing Insurance Data preservation Cyber Insurance 45

Security Affairs

FEBRUARY 8, 2024

Phishing Attacks: Phishing is the top cyber attack, causing 90% of data breaches. Data Breach Costs: The average global cost of a data breach in 2023 was $4.45 Data Breach Costs: The average global cost of a data breach in 2023 was $4.45 million per breach.

Social Engineering 126

Social Engineering Cyber Insurance Cyber Attacks IoT 126

eSecurity Planet

MARCH 17, 2023

These platforms make it possible for security teams to analyze consolidated threat feeds from various external alerts and log events. It also helps organizations to organize and assess data for vulnerabilities and determine an appropriate response plan in the case of a data breach.

Network Security 119

Network Security Penetration Testing Firewall Antivirus 119

Joseph Steinberg

AUGUST 5, 2021

Likewise, cyber insurance policies for individuals are starting to appear in the marketplace. Remember, a cyber-insurance policy is a legal contract – it is absolutely essential that policyholders adhere to policy requirements or they may find their otherwise valid claims denied should a cybersecurity incident occur.

Insurance 258

Insurance Cyber Insurance Artificial Intelligence Cybersecurity 258

Malwarebytes

SEPTEMBER 14, 2022

Bonus: Cyber insurance. Let’s say your business has just suffered a data breach and it’s time to dig deep in your pockets to pay all the resulting expenses. Without cyber insurance, you can expect to pay a dizzying amount of cash. Read more: 4 ways businesses can save money on cyber insurance.

Technology 66

Technology DNS Cyber Insurance Insurance 66

Duo's Security Blog

JUNE 21, 2021

According to Verizon’s most recent Data Breach Incident Report , instances of advanced ransomware have doubled in the past year, alongside major upticks in phishing attacks and social engineering. Don’t worry though, there's already an insurance policy for that. What is Cyber Liability Insurance?

Insurance 86

Insurance Cyber Insurance Data breaches Social Engineering 86

Security Boulevard

JUNE 26, 2022

Cost of Breach Could Be Greater Than The Expected Cost Savings. IBM’s annual Cost of a Data Breach study revealed a single data breach could cost a company up to $3.29 That $3.29, even with cyber insurance, is still a significant hit to the organization’s bottom line. Culture of Security.

Information Security 98

Information Security Technology Marketing Cyber Insurance 98

Krebs on Security

JULY 24, 2018

The second exclusion in the C&E rider negates coverage for “loss involving automated mechanical devices which, on behalf of the Insured, disburse Money, accept deposits, cash checks, drafts or similar Written instruments or make credit card loans.”. Everest National Insurance Company did not respond to requests for comment. .

Banking 188

Banking Insurance Computers and Electronics Cyber Insurance 188

Security Boulevard

JANUARY 18, 2024

Recovery from supply chain attacks will cost 3x-5x more as compared to data breaches. A spike in reported breaches and compromises will be seen in 2024, not due to more attacks, but rather because of the greater transparency mandated by new SEC regulations. Nation-state attacks on supply chains will double in 2024.

Risk 113

Risk Cybersecurity CISO Technology 113

BH Consulting

SEPTEMBER 7, 2022

Independent research like the Verizon Data Breach Investigations Report consistently shows high numbers of breaches involving a human element. If other judges follow this precedent, insurance companies could become less likely to pay in cases like this. And the cyber insurance market keeps growing.

Insurance 40

Insurance Social Engineering Cyber Risk Cyber Insurance 40

Spinone

OCTOBER 13, 2020

In IBM’s Cost of a Data Breach Report 2019 cited the following: Lost business is the biggest contributor to data breach costs The average cost of lost business in 2019 was $1.42 In fact, one report shows that business email compromises are 23% of cyber insurance claims.

Ransomware 52

Ransomware Backups Data breaches Encryption 52