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The future of cyber insurance

IT Security Guru

Cyber insurers are losing money. The insurance sector is battling its losses by increasing premiums – which have gone up by some 94% between 2019 and 2022 – creating the artificial impression that the sector is growing. How is cyber insurance changing?

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Top 8 Cyber Insurance Companies for 2022

eSecurity Planet

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. Cyber Insurance is Booming. Selecting a Cyber Insurer.

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The Comprehensive Value of Investing in Both Cybersecurity and Cyber Insurance

Security Boulevard

With ransomware attacks, social engineering, and data breaches at an all-time high, terms like “cybersecurity” and “cyber insurance” are being thrown around in conversation more than ever before.

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Cyber War now excluded from Cyber Insurance

CyberSecurity Insiders

For all those companies who are planning to renew their cyber insurance policy or are in a procedure to take one, here’s a piece of information that might interest you. Most of the Cyber Insurance companies have excluded ‘Cyber War’ consequences from their policies.

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Cyber-Insurance Fail: Most Businesses Lack Ransomware Coverage

Dark Reading

Even among businesses with cyber insurance, they lack coverage for basic costs of many cyberattacks, according to a BlackBerry survey

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Is it Time to Update Your Cyber Insurance Strategy?

Security Boulevard

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.

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Are Cyber Insurers Cybersecurity’s New Enforcers?

Security Boulevard

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?

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What is not included in a Cyber Insurance Policy

CyberSecurity Insiders

Ever wondered what is covered and what is not in your Cyber Insurance Policy? If not, you better review the guidelines and inform all your C-level employees on strategies to cope with the losses that remain out of the cyber insurance cover. Education cyber insurance

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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

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.

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Re-Focusing Cyber Insurance with Security Validation

The Hacker News

The rise in the costs of data breaches, ransomware, and other cyber attacks leads to rising cyber insurance premiums and more limited cyber insurance coverage.

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Lloyd’s excluding nation-state cyber attacks from Cyber Insurance

CyberSecurity Insiders

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.

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How Are Cyber Insurance Companies Assessing Ransomware Risk?

Dark Reading

From limiting claims payments to tying payments to policyholders' actions, the cyber insurance industry is in "a very dynamic place right now," says Corvus Insurance CEO Phil Edmundson

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Premium for Cyber Insurance has soared over the past few years

CyberSecurity Insiders

Cyber Insurance premiums are becoming dearer and the reason for such a rise is claimed to be sophistication in attacks that are making mitigation and recovery expensive. So, is the trend of rising insurance costs going to be witnessed in the coming years?

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Cyber Insurance and the Changing Global Risk Environment

Security Affairs

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. When security fails, cyber insurance can become crucial for ensuring continuity.

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4 ways businesses can save money on cyber insurance

Malwarebytes

Without cyber insurance , you can expect to pay a dizzying amount of cash. Indeed, with liability limits ranging from $1 million to $5 million or more, cyber insurance policies can cover a good chunk of the damage caused by a data breach. How is cyber insurance priced?

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Cyber-Insurance Fuels Ransomware Payment Surge

Threatpost

Companies relying on their cyber-insurance policies to pay off ransomware criminals are being blamed for a recent uptick in ransomware attacks.

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What you should know when considering cyber insurance in 2023

CSO Magazine

As the frequency and severity of ransomware, phishing, and denial of service attacks has increased, so has demand for cyber insurance. About $6.5

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Cyber Insurance Premiums Suddenly Surging

SecureWorld News

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.

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What We Mean When We Talk About Cyber Insurance

Dark Reading

Cyber insurance is more than a policy for paying off ransomware gangs. It's designed to be something you transfer risk to when security controls fail

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Ransomware gang says it targets firms who have cyber insurance

Graham Cluley

A member of the REvil ransomware gang claims that the group specifically targets firms who have taken our cyber insurance. And what's more, it will hack insurance firms to identify them. Data loss Malware Ransomware data breach insurance ransomware Revil Travelex

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Decline in ransomware claims could spark change for cyber insurance

CSO Magazine

New data highlighting fluctuations relating to ransomware attack and payment claims indicates significant shifts in the cyberthreat landscape. Could such variations trigger changes in the cyber insurance market and, if so, how will they impact insurance carriers and organizations?

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HardBit ransomware tells corporate victims to share their cyber insurance details

Graham Cluley

A ransomware outfit is advising its victims to secretly tell them how much insurance they have, so their extortion demands will be met. Data loss Guest blog Malware Ransomware cyberinsurance insurance ransomware

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Cyber insurance giant CNA hit by ransomware attack

Graham Cluley

Insurance firm CNA Hardy says that it has suffered a “sophisticated cybersecurity attack” that has impacted its operations, including its email system. Data loss Malware Ransomware data breach Evil Corp insurance Phoenix Locker ransomware

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Tackling the New Cyber Insurance Requirements: Can Your Organization Comply?

The Hacker News

With cyberattacks around the world escalating rapidly, insurance companies are ramping up the requirements to qualify for a cyber insurance policy.

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HardBit ransomware tailors ransom to fit your cyber insurance payout

Malwarebytes

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.

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Ransomware: Number One Cyber Insurance Claim

SecureWorld News

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. 54% of cyber attacks started with email.

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How to Meet Cyber Insurance MFA Requirements for Non-Standard but Critical Apps – In Minutes

Security Boulevard

The successful attack on Twilio reminds us that cyberattacks, especially in the form of ransomware, continue to soar, leading to significant costs and brand damage. The post How to Meet Cyber Insurance MFA Requirements for Non-Standard but Critical Apps – In Minutes appeared first on Datawiza.

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Ransomware Scourge Drives Price Hikes in Cyber Insurance

Dark Reading

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

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Two Tools from RiskLens for Defensive Cyber Insurance Shopping

Security Boulevard

cyber insurance carriers in 2021 rose 92% year-over-year, largely in response to a surge in ransomware. The post Two Tools from RiskLens for Defensive Cyber Insurance Shopping appeared first on Security Boulevard.

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Checklist for Getting Cyber Insurance Coverage

Thales Cloud Protection & Licensing

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. Cyber War.

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What’s happening in the world of personal cyber insurance?

Malwarebytes

You’ve likely only seen cybercrime insurance primarily mentioned in relation to attacks on businesses. Most commonly, it’s cited with regard to ransomware attacks in the workplace, or associated data loss. Drawing insurance lines in the sand.

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Buying cyber insurance in 2021? Expect greater scrutiny, higher premiums

CSO Magazine

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.

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Ransomware Losses Drive Up Cyber-Insurance Costs

Dark Reading

Premiums have gone up by 7% on average for small firms and between 10% and 40% for medium and large businesses

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GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment

The Last Watchdog

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. Some coverage is inherently added to any cyber insurance policy.

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Cyber Insurance Firms Start Tapping Out as Ransomware Continues to Rise

Dark Reading

A global insurance carrier refuses to write new ransomware policies in France, while insurers rewrite policies. Are we heading toward a day when ransomware incidents become uninsurable

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BrandPost: Is Cyber Insurance an Invitation to Cybercriminals?

CSO Magazine

Unfortunately with the growth in Ransomware as a Service (RaaS) and the breadth of the cybercrime ecosystem , the challenge is not going away anytime soon. There is no question about it.

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How the ransomware explosion is reshaping the cyber insurance market

SC Magazine

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.

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UK association defends ransomware payments in cyber insurance policies

Zero Day

The group has been criticized for “funding” organized crime

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Cyber attacks on Microsoft Exchange Email Servers could surge up cyber insurance claims  

CyberSecurity Insiders

CyberCube, a cyber analytics firm, claims that the rise in cyber-attacks on Microsoft servers could also increase cyber insurance claims filed by many companies. . Cyber Attack Brown University

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Cyber-insurers Endorse Cloud Security Platform

Trend Micro

With so many vendors in the market, the Marsh initiative has created the Cyber Catalyst to help IT buyers find the right option for them. Ransomware Expert Perspective Articles, News, Reports Cloud

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How Is the Pandemic Driving up Cyber Insurance Rates?

SecureWorld News

But how are these new developments impacting cyber insurance rates? COVID-19 is raising cyber insurance rates. At first glance, the driving force behind higher cyber insurance rates would seem to be more incidents leading to more expensive policy premiums.

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Cyber insurance giant CNA paid out $40 million to its ransomware attackers

Graham Cluley

Data loss Malware Ransomware CNA data breach insurance ransomwareYes, you read that correctly. FORTY MILLION DOLLARS.

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What your cyber insurance application form can tell you about ransomware readiness

CSO Magazine

It’s that time that I fill out the annual cyber insurance policy application. Each year it gives me an insight into what insurance vendors are using to rate the risks and threats to our business and what they are stressing I should have as best practices.