Insurance and Ransomware

Schneier on Security

Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals.

CyberSecurity Is Not Enough: Businesses Must Insure Against Cyber Losses

Joseph Steinberg

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.

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13 Important Considerations When Obtaining Cyber Liability Insurance

Joseph Steinberg

Likewise, the complexity of cybersecurity and of evaluating related risks has also translated into many insurance companies seeking to insure only large enterprises – the cost of doing business with small and medium sized business is simply not worth their time.

On Cybersecurity Insurance

Schneier on Security

Good paper on cybersecurity insurance: both the history and the promise for the future. From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Cyber insurance appears to be a weak form of governance at present. However, the cost of external response services is covered, which suggests insurers believe ex-post responses to be more effective than ex-ante mitigation.

Cyber-Liability Insurance 101: First Party Vs. Third Party Risks

Joseph Steinberg

Understanding the difference between the two is also essential when seeking to obtain – and when acquiring – cyber-liability insurance. First-party insurance, therefore, typically covers the costs of actions needed after a data breach, extortion, ransomware attack, or other hacker malfeasance.

Cyber insurance explained and why you need it

CSO Magazine

Cyber insurance definition. What does a cyber insurance policy cover? Cyber insurance policies are becoming more diverse as the market matures, and the finer details regarding what one policy may cover can be somewhat different to another, depending on several factors.

Major Israeli Insurance Company Hacked

Adam Levin

The personal information of thousands of Israeli citizens has been compromised as the result of a cyberattack on Shirbit, a leading insurance company. . The post Major Israeli Insurance Company Hacked appeared first on Adam Levin.

Cybersecurity Insurance

Schneier on Security

Good article about how difficult it is to insure an organization against Internet attacks, and how expensive the insurance is. Typically in insurance we use the past as prediction for the future, and in cyber that's very difficult to do because no two incidents are alike," said Lori Bailey, global head of cyberrisk for the Zurich Insurance Group. In my new book -- out in September -- I write: There are challenges to creating these new insurance products.

Cybersecurity Insurance Not Paying for NotPetya Losses

Schneier on Security

This will complicate things: To complicate matters, having cyber insurance might not cover everyone's losses. Zurich American Insurance Company refused to pay out a $100 million claim from Mondelez, saying that since the U.S. I get that $100 million is real money, but the insurance industry needs to figure out how to properly insure commercial networks against this sort of thing. cybersecurity hacking insurance malware ransomware russia war

The Role of Security Frameworks in Determining Cyber Insurance Risks | Apptega

Security Boulevard

Will NYDFS’s Cyber Insurance Framework Set a Precedent for the Cyber Insurance Industry? The post The Role of Security Frameworks in Determining Cyber Insurance Risks | Apptega appeared first on Security Boulevard.

What Is Cyber Liability Insurance?

Security Boulevard

In the face of mounting cyber attacks, many organizations look to mitigate their risk through insurance. But what is cyber liability insurance exactly? The post What Is Cyber Liability Insurance? The post What Is Cyber Liability Insurance?

Are Cyber Insurers Cybersecurity’s New Enforcers?

Security Boulevard

The post Are Cyber Insurers Cybersecurity’s New Enforcers? 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.

What is Identity theft Insurance?

Identity IQ

Identity theft insurance is a type of insurance policy that can help victims recover from losses caused by identity theft. It may be offered as a standalone policy, or as a benefit with other types of insurance or identity protection plans.

Cyber insurance explained and why you need it

CSO Magazine

Cyber insurance definition. What does a cyber insurance policy cover? Cyber insurance policies are becoming more diverse as the market matures, and the finer details regarding what one policy may cover can be somewhat different to another, depending on several factors.

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

NY Department of Financial Services Issues Cyber Fraud Alert to Auto Insurers

Hot for Security

The New York Department of Financial Services (NYDFS) has issued an alert to instant-quote websites, particularly car insurers, warning of a growing campaign to steal nonpublic information (NPI).

Cyberresilience: Your Data Insurance Policy

Security Boulevard

The post Cyberresilience: Your Data Insurance Policy appeared first on Security Boulevard. In the wake of the Colonial Pipeline hack, businesses all over the world are getting a very loud reminder that they could be next to be compromised by a ransomware intrusion.

Action Fraud Warns of Ongoing UK National Insurance Scam

Hot for Security

The UK’s National Fraud & Cyber Crime Reporting Center (Action Fraud) is warning citizens about a National Insurance scam targeting their personally identifiable information (PII).

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.

New Cyber Insurance Guidelines for New York businesses

CyberSecurity Insiders

As cyber insurance plays a critical role in managing cyber risks, New York Department of Financial Services has planned a new set of guidelines for companies that are seeking insurance policies to minimize cyber losses on a financial note. News cyber insurance New York

Suspected ransomware attack on CNA Insurance Chicago

CyberSecurity Insiders

United States largest insurance provider CAN Insurance has become a recent victim to a cyber attack making its website and services inaccessible to users from the past three days. The post Suspected ransomware attack on CNA Insurance Chicago appeared first on Cybersecurity Insiders.

Decline in ransomware claims could spark change for cyber insurance

CSO Magazine

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

Will Your Insurance Policies Step in After a Cyber-Attack?

Security Boulevard

Read article > The post Will Your Insurance Policies Step in After a Cyber-Attack? The post Will Your Insurance Policies Step in After a Cyber-Attack? Security Bloggers Network Blog Posts Cyber Risk Insurance

Cyber insurance explained: What it covers and why prices continue to rise

CSO Magazine

Cyber insurance definition. What does a cyber insurance policy cover? Cyber insurance policies are becoming more diverse as the market matures, and the finer details regarding what one policy may cover can be somewhat different to another, depending on several factors.

Japanese insurer Tokio Marine discloses ransomware attack

Bleeping Computer

Tokio Marine Holdings, a multinational insurance holding company in Japan, announced this week that its Singapore branch, Tokio Marine Insurance Singapore (TMiS), suffered a ransomware attack. [.].

The Perils of Cyber Insurance

Security Boulevard

On this episode of The View With Vizard, host Mike Vizard talks with Max Pruger, general manager of compliance for Kaseya, about the pros and cons, benefits and pitfalls of cyber insurance. The post The Perils of Cyber Insurance appeared first on Security Boulevard.

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

Recommendations for Fulfilling the Potentials of Cyber Insurance

Security Boulevard

Cyber insurance has great potentials in improving cybersecurity practices and protecting organizations against the impact of security incidents, but these potentials “have yet to fully materialize.”

U.S. Secret Service: “Massive Fraud” Against State Unemployment Insurance Programs

Krebs on Security

A well-organized Nigerian crime ring is exploiting the COVID-19 crisis by committing large-scale fraud against multiple state unemployment insurance programs, with potential losses in the hundreds of millions of dollars, according to a new alert issued by the U.S.

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

5 Situations in Which Cyber Liability Insurance Would Be Helpful

Security Boulevard

The post 5 Situations in Which Cyber Liability Insurance Would Be Helpful appeared first on Hashed Out by The SSL Store™. The post 5 Situations in Which Cyber Liability Insurance Would Be Helpful appeared first on Security Boulevard.

Avaddon Targets Insurer AXA with Ransomware | Avast

Security Boulevard

Just a week after announcing it would no longer cover ransomware payments in France, global insurance company AXA has been hit with a targeted ransomware attack. The post Avaddon Targets Insurer AXA with Ransomware | Avast appeared first on Security Boulevard.

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

US Business Insurance company pays $40 million to ransomware hackers

CyberSecurity Insiders

CNA Financial that offers customized business insurance-related services across the United States has reportedly paid $40 million to hackers to free up its database from the encryption-driven file-encrypting malware. . Ransomware CNA Insurance

The Adoption of Cybersecurity Insurance and its Role in the Modern World

Security Boulevard

In this part of the blog series on the connection between cybersecurity and insurance, we move into the adoption of cybersecurity insurance and what is typically covered by these policies. Security Bloggers Network Blog Posts Cyber Risk Insurance

Smashing Security podcast #223: Booze, nudes, and insurance dudes

Graham Cluley

Should insurance companies be banned from helping companies pay ransomware demands? Malware Phishing Podcast Ransomware domain name insurance phishing ransomware Smashing SecurityHow has malware is messing with motorcars in the United States?

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.

No more insurance reimbursements for Ransomware Attacks in France

CyberSecurity Insiders

French multinational Insurance Company AXA has publicly announced that it will not issue any reimbursements for the victims of Ransomware attacks in France. The post No more insurance reimbursements for Ransomware Attacks in France appeared first on Cybersecurity Insiders.

Congress to review Federal Cyber Terrorism Risk Insurance Program

CyberSecurity Insiders

The objective is to reassess the coverage provided by the Federal Cyber Terrorism Risk Insurance Program( TRIP) in the event of cyber-terrorist activities on the IT infrastructure hosted by public and private properties. News Insurance Cyber Terrorism

The Double-Edged Sword of Cybersecurity Insurance

Dark Reading

With ransomware on the rise, more organizations are opting to purchase cyber insurance -- tipping off criminals about how much to demand for access back to pilfered systems and data

Four years after NotPetya, cyber insurance is still catching up

CSO Magazine

Faced with increasing payouts and a likely storm of litigation around the recent SolarWinds and Microsoft Exchange server compromises, cyber insurers are facing an “existential battle” for their future, a leading cybersecurity researcher and privacy consultant has warned.

Why cybersecurity insurance may be worth the cost

Tech Republic Security

Cybersecurity insurance can compensate you in the event of a cyberattack. But how do you determine the right policy for your needs

17 cyber insurance application questions you'll need to answer

CSO Magazine

I recently had to renew the cyber insurance policy for the office and it was interesting to see the evolution of questions asked over the years. Now the questions suggest that insurance providers understand that network security includes much more than antivirus software.