Major Cyber Insurance Overhaul Begins Now
Lohrman on Security
APRIL 9, 2023
From Lloyd’s of London to the new National Cybersecurity Strategy, the future of cyber insurance is evolving fast. What do you need to watch?
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Lohrman on Security
APRIL 9, 2023
From Lloyd’s of London to the new National Cybersecurity Strategy, the future of cyber insurance is evolving fast. What do you need to watch?
Schneier on Security
JULY 1, 2021
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.
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Schneier on Security
FEBRUARY 28, 2022
Tarah Wheeler and Josephine Wolff analyze a recent court decision that the NotPetya attacks are not considered an act of war under the wording of Merck’s insurance policy, and that the insurers must pay the $1B+ claim. Wheeler and Wolff argue that the judge “did the right thing for the wrong reasons.”
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 is, therefore, always needed.
Dark Reading
MARCH 30, 2023
Risk reassessment is shaking up the cybersecurity insurance market, leading some organizations to consider their options, including self-insurance.
Joseph Steinberg
AUGUST 5, 2021
While leveraging cyber-liability insurance has become an essential component of cyber-risk mitigation strategy, cyber-liability offerings are still relatively new, and, as a result, many parties seeking to obtain coverage are still unaware of many important factors requiring consideration when selecting a policy.
Lohrman on Security
MARCH 13, 2022
Cyber insurance is only getting more expensive, and the market is changing dramatically, with more changes to come. So what trends will drive adoption, rates and the wider future of cyber insurance?
SecureWorld News
APRIL 17, 2023
When considering adding a cyber insurance policy, organizations, both public and private, must weigh the pros and cons of having insurance to cover against harm caused by a cybersecurity incident. Compliance: Certain industries and jurisdictions require organizations to have cyber insurance or to meet certain cybersecurity standards.
Schneier on Security
JANUARY 25, 2022
The insurance company Ace American has to pay for the losses: On 6th December 2021, the New Jersey Superior Court granted partial summary judgment (attached) in favour of Merck and International Indemnity, declaring that the War or Hostile Acts exclusion was inapplicable to the dispute. Merck suffered US$1.4 Merck suffered US$1.4
IT Security Guru
FEBRUARY 28, 2023
Cyber insurers are losing money. Their loss ratios – total claims plus the insurer’s costs, divided by total premiums earned – are now consistently above 60%, which presents something of an existential threat to the insurance industry, making cyber risk a potentially uninsurable area due to falling profitability.
CyberSecurity Insiders
DECEMBER 26, 2022
Insurance companies like Lloyd offer cyber insurance policies that cover a business from facing a business loss during a cyber-attack. However, in coming days, cyber attacks will become uninsurable, as per Mario Greco, the Chief of Zurich Insurance. So, will cyber insurance vanish with time? isn’t it? .
Schneier on Security
SEPTEMBER 10, 2019
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.
Security Boulevard
MAY 15, 2023
A New Jersey court recently ruled that an insurer was not relieved from its obligation to pay for Merck’s losses after a Russian NotPetya cyberattack. The insurer claimed its ‘Act of War’ exclusion applied to the company’s cyberinsurance policy; the court disagreed. The post War, Hunh. What is it Good For?
CSO Magazine
APRIL 20, 2023
Cyber insurance provider At-Bay has announced the launch of a new InsurSec solution to help small-to-mid sized businesses (SMBs) improve their security and risk management postures through their insurance policy. The emergence of InsurSec technology reflects a cyber insurance landscape that has seen significant change recently.
Security Boulevard
APRIL 9, 2023
From Lloyd’s of London to the new National Cybersecurity Strategy, the future of cyber insurance is evolving fast. The post Major Cyber Insurance Overhaul Begins Now appeared first on Security Boulevard. What do you need to watch?
CSO Magazine
MAY 15, 2023
Companies with cyber insurance are more likely to get hit by ransomware, more likely to be attacked multiple times, and more likely to pay ransoms, according to a recent survey of IT decision makers. Back in 2019, fewer than 20% of enterprises suffered repeat ransomware attacks, while during the pandemic, the percentage rose to around 30%.
CSO Magazine
FEBRUARY 20, 2023
With cyberattacks rising at an alarming rate around the world, cyber insurance has become an increasingly popular layer of protection for businesses across all sectors. However, despite its clear appeal as a means of supporting and augmenting cyber risk management, insurance might not be the right fit for all companies in every circumstance.
CSO Magazine
MAY 5, 2023
Pharmaceutical firm Merck recently won an appeal that could mean its insurers will have to pay up on a $1.4-billion As detailed in the judges’ decision, many of the original defendants settled their portion of the insurance claim with Merck. billion judgment related to the NotPetya cyberattack in 2017.
CyberSecurity Insiders
FEBRUARY 21, 2023
But now a new file encrypting malware variant has emerged onto the block that demands ransom, based on the insurance cover. ransomware does so during negotiations and tries to find the exact amount to be covered with the cyber insurance and then demands ransom.
Thales Cloud Protection & Licensing
MAY 26, 2023
CIAM in insurance: A unified, secure user experience with a single login madhav Fri, 05/26/2023 - 07:33 In recent years, the insurance industry has transformed from a singularly focused entity to a multi-brand or multi-service type of business. Adding value to the user experience (a top priority for 59% of insurers) 2.
Krebs on Security
MAY 16, 2020
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. Secret Service.
Javvad Malik
AUGUST 22, 2022
Lloyds of London has told its members to exclude nation state cyber attacks from insurance policies beginning in 2023, saying they pose unacceptable levels or risk. Knowing how most other forms of insurance works, the burden of proof may lie on the victim to prove that the attack wasn’t a nation state attacker.
Security Affairs
APRIL 23, 2023
Non-profit health insurer Point32Health suffered a ransomware attack and has taken systems offline in response to the incident. Non-profit health insurer Point32Health has taken systems offline in response to a ransomware attack that took place on April 17. ” reads the statement published by the insurer.
Joseph Steinberg
AUGUST 5, 2021
Understanding the difference between the two is also essential when seeking to obtain – and when acquiring – cyber-liability insurance. 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).
Security Boulevard
MARCH 3, 2023
The post Cowbell Adds Free Cybersecurity Services for Insurance Policy Holders appeared first on Security Boulevard. Manu Singh, vice president of risk engineering at Cowbell, said Cowbell 365 spans everything from working with policyholders to improve their overall cybersecurity posture management to responding to.
The Hacker News
NOVEMBER 9, 2022
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. This cyber insurance situation increases risks for organizations struggling to find coverage or facing steep increases.
Dark Reading
MAY 3, 2023
Insurers unsuccessfully argued Merck's $1.4B in losses following NotPetya cyberattack fell under wartime exclusion.
Graham Cluley
FEBRUARY 22, 2023
A ransomware outfit is advising its victims to secretly tell them how much insurance they have, so their extortion demands will be met. Read more in my article on the Tripwire State of Security blog.
Security Boulevard
MARCH 15, 2023
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. The post The Comprehensive Value of Investing in Both Cybersecurity and Cyber Insurance appeared first on Security Boulevard.
CSO Magazine
DECEMBER 6, 2022
As the frequency and severity of ransomware, phishing, and denial of service attacks has increased, so has demand for cyber insurance. billion in direct written premiums were recorded in 2021, a 61% increase over the prior year, according to an October 2022 memorandum from the National Association of Insurance Commissioners.
CyberSecurity Insiders
FEBRUARY 17, 2022
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. that’s insane….isn’t isn’t it? that’s insane….isn’t isn’t it? .
Heimadal Security
OCTOBER 18, 2022
Medibank, a health insurance company providing services for more than 3.9 The post Australian Insurer Medibank Confirms Ransomware Attack appeared first on Heimdal Security Blog. million people in Australia, recently confirmed that a ransomware attack was the cause of last week’s cyberattack and interruption of online services.
Dark Reading
MARCH 8, 2023
It's getting hard to buy cyber insurance, but not having it is not always an option. Low-coverage plans could bridge the gap.
Security Boulevard
MARCH 17, 2023
The post The Small Business Fallacy – Why You Need Cybersecurity and Insurance More Than Ever appeared first on Security Boulevard. A common misconception of small business owners is that they can fly under the radar when it comes to ransomware, social engineering, and other cyberattacks. But it turns out that the opposite is true.
Malwarebytes
JANUARY 5, 2023
The Supreme Court of Ohio issued a ruling days before the New Year that a software and service provider shouldn't be covered by insurance against a ransomware attack as it didn't cause direct or physical harm to tangible components of software, as it doesn’t have any. its policy owner, denied the claim.
Security Boulevard
FEBRUARY 28, 2023
Cybersecurity insurance has long existed and rescued businesses from the consequences of online risks and attacks. While it becomes more of a necessity for businesses, the rapid increase of cyberattacks and ransomware gradually spirals into an unattractive business for insurers. The post Where’s Cybersecurity Insurance Going?
IT Security Guru
JUNE 28, 2022
Enter cyber insurance. We insure almost everything – our homes, our cars, even our lives. At first glance, it seems odd that most businesses don’t insure against something as potentially devastating as cybercrime. Unfortunately, transferring traditional insurance models to the cyber-sphere isn’t an easy task.
Schneier on Security
MARCH 8, 2019
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.
CSO Magazine
DECEMBER 1, 2021
Cyber insurance definition. Cyber insurance, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is a policy with an insurance carrier to mitigate risk exposure by offsetting costs involved with damages and recovery after a cyber-related security breach or similar event.
Adam Levin
DECEMBER 8, 2020
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. Both organizations are currently investigating the incident.
Malwarebytes
JULY 10, 2022
Without cyber insurance , you can expect to pay a dizzying amount of cash. In 2022 alone, the average cost of a data breach for businesses under 1,000 employees was close to $3 million—and these costs are coming from activities that cyber insurers typically cover, such as detecting and responding to the breach. Fixed rate.
Identity IQ
FEBRUARY 21, 2021
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. Not all identity theft insurance policies offer the same level of coverage.
IT Security Guru
DECEMBER 5, 2022
Everyone in the cyber insurance industry or trying to get cyber insurance today knows that using multifactor authentication (MFA) is an absolute make-or-break requirement for getting a cyber insurance policy; or if you can get a policy without MFA, you will pay a hefty increased premium for the same amount of coverage.
Dark Reading
FEBRUARY 25, 2022
Having cyber insurance is a good idea if the costs make sense — it could be the difference between going out of business and staying afloat. But it shouldn't be your first course of action.
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