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New York, NY, July 27, 2023 – QBE North America today announced the launch of a cyberinsurance program with new MGA, Converge, acting as program administrator. The program will be broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation.
Global cyberinsurance premiums are declining despite an uptick in ransomware attacks, according to a recent report by insurance broker Howden. This trend reflects improved business security practices, evolving insurance industry dynamics, and changing attitudes toward cyber risk management.
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 cyberinsurance are when a business experiences a cyber attack and when they hear about other companies being hit by a cyber attack.
Retail: Supply chain vulnerabilities contribute to $7.05 Leverage cyberinsurance to mitigate financial risks associated with supply chain attacks. Sector-specific challenges Energy & Utilities: Legacy OT systems and third-party risks expose critical infrastructure to ransomware. million in average breach costs.
Despite these setbacks, the company has stated that, with its cyberinsurance coverage and ongoing remediation efforts, it doesn't expect a long-term material impact on its business fundamentals. The average breach in the retail sector costs $2.9
What would happen if you typed in “Amazon,” the corresponding domain popped up, and you clicked, but instead of finding the world’s largest online retailer, you landed on a 1980s WarGames-themed page with a laughing skull? A prospective client or customer types your company name and their browser does the rest.
SOAR, if you haven’t heard, is a hot new technology stack that takes well-understood data mining and business intelligence analytics methodologies — techniques that are deeply utilized in financial services, retailing and other business verticals – and applies them to cybersecurity. Sutton: Syncurity has several innovations.
In addition, having cyberinsurance 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.
Eventually, governments will address the risk by beefing up security and purchasing cyberinsurance, which go hand in glove. It’s a positive development that Bandura Cyber and other security vendors are focused on making higher use of threat intel feeds generally, and helping SMBs, specifically.
Initial Access Broker (IAB) activity increased by 16% during the reporting period, heavily targeting US-based organizations due to perceived financial capability from cyberinsurance. It’s realistically possible that the rise in phishing attacks during the current reporting period stems from the time of year.
Data sprawl Airports handle the identity records of a highly diverse population of employees, including hospitality, retail, security, and maintenance staff. Enforce, sustain, and prove compliance with increasing regulatory and cyberinsurance requirements.
“ReliaQuest is providing more coverage, which lets us focus less on constantly testing and validating to see if our service provider is doing their job and just trusting the process and working with what they find,” said the Chief Information Security Officer in retail participating in this study. We’re using ReliaQuest to do those things.
Chris Gray of Deep Watch talks about the view from the inside of a virtual SOC, the ability to see threats against a large number of SMB organizations, and the changes to cyberinsurance we’re seeing as a result. cyberinsurance as a whole was changing heavily. And why is that? It started off pretty easy to get.
Initial Access Broker (IAB) activity increased by 16% during the reporting period, heavily targeting US-based organizations due to perceived financial capability from cyberinsurance. It’s realistically possible that the rise in phishing attacks during the current reporting period stems from the time of year.
After reporting a cyber incident on 25 April, the UK retailer Marks & Spencer announced it was suspending online orders and contactless payments. MORE A BBC investigation shows theres more than one victim in cyber scams. MORE UK cyberinsurance claims were the second highest on record last year.
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