Security Boulevard

NOVEMBER 24, 2023

First published by HelpNetSecurity  — Matthew Rosenquist Cybersecurity insurance is a rapidly growing market, swelling from approximately $13B in 2022 to an estimated $84B in 2030 (26% CAGR), but insurers are struggling with quantifying the potential risks of offering this type of insurance. to 130.6%).

Insurance 70

Insurance Cybersecurity Cyber Insurance Risk 70

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?

Cyber Insurance 279

Cyber Insurance Insurance Government Marketing 279

Penetration Testing

DECEMBER 7, 2023

Pan-American Life Insurance Group (PALIG), a leading provider of life, accident, and health insurance throughout the Americas, recently announced that it was impacted by a widespread data security incident involving Progress Software’s MOVEit Transfer... The post Pan-American Life Insurance Group Hit by Data Breach appeared first on Penetration (..)

Data breaches 76

Data breaches Insurance Penetration Testing 76

Dark Reading

NOVEMBER 6, 2023

As cyber insurance gets more expensive and competitive, security decision-makers have actionable opportunities to strengthen their cyber defenses.

Insurance 126

Insurance Cyber Insurance Cybersecurity 126

Bleeping Computer

OCTOBER 21, 2023

Insurance giant American Family Insurance has confirmed it suffered a cyberattack and shut down portions of its IT systems after customers reported website outages all week. [.]

Insurance 127

Insurance 127

CSO Magazine

JUNE 14, 2023

Finding the right insurance has become a key part of the security equation, which is no surprise given that the average cost of a data breach in the US has risen to $9.44 The global cyber insurance market was valued at $13.33 million — more than twice the global average of $4.35 billion in 2023 to $84.62 billion by 2030.

Data breaches 121

Data breaches Insurance Cyber Insurance Ransomware 121

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

Insurance 164

Insurance Cyber Attacks Malware Government 164

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.

Insurance 202

Insurance Cybersecurity Cyber Insurance Risk 202

Security Boulevard

AUGUST 8, 2023

Prioritizing cyber insurance in a comprehensive information security program is a relatively new concept and navigating the process can be confusing. Even insurance companies sometimes have a hard time keeping up with the changing landscape. The post The MSP’s Role in Cyber Insurance appeared first on Security Boulevard.

Cyber Insurance 94

Cyber Insurance Insurance Information Security Cybersecurity 94

Security Boulevard

SEPTEMBER 3, 2023

Cyber insurance offers financial protection and support in the event of a cyber attack, data breach, or other cyber-related incidents. Ironically, the security that insurance brings to policyholders stands in contrast to the shifting, dynamic state of the cyber insurance market in general.

Cyber Insurance 115

Cyber Insurance Insurance Cyber Attacks Data breaches 115

SecureWorld News

NOVEMBER 3, 2023

Cyber liability and crime insurance are like a safety net for businesses, but they're not perfect. Third, cyber risks are constantly evolving, and insurance companies may not be able to keep up. New threats are emerging all the time, and it can take time for insurance companies to update their policies.

Cyber Risk 87

Cyber Risk Insurance Risk Cyber Insurance 87

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? .

Cyber Attacks 129

Cyber Attacks Insurance Cyber Insurance Ransomware 129

Security Boulevard

NOVEMBER 23, 2023

The Insurance Regulatory and Development Authority of India, or IRDAI, is the foundation that supports insurance market regulation in India. In this blog, let’s explore the fundamentals of IRDAI and its importance in insurance businesses. Guidelines for the Insurer appeared first on Kratikal Blogs.

Insurance 62

Insurance Cybersecurity Marketing Risk 62

Dark Reading

MARCH 30, 2023

Risk reassessment is shaking up the cybersecurity insurance market, leading some organizations to consider their options, including self-insurance.

Insurance 101

Insurance Cyber Insurance Cybersecurity Risk 101

SecureWorld News

AUGUST 1, 2023

One aspect of these cyberattacks that has been hotly debated is the role that cybersecurity insurance plays in these incidents. To better understand the relationship between insurance and ransomware, U.K.-based RUSI's research challenges the notion that cyber insurance is a direct catalyst for ransomware.

Cyber Insurance 86

Cyber Insurance Ransomware Insurance Cybersecurity 86

Dark Reading

OCTOBER 13, 2023

Progress Software plans to collect millions in cyber insurance policy payouts after the MOVEit breaches, which will make getting coverage more expensive and harder to get for everyone else, experts say.

Cyber Insurance 112

Cyber Insurance Insurance Software 112

Dark Reading

JUNE 29, 2023

Now, if you've got an IoT network powered by Pepper, you can insure it through Embedded Insurance — even if your business is too small to support a SOC.

Insurance 87

Insurance Cyber Insurance IoT 87

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.

Cyber Insurance 98

Cyber Insurance Insurance CISO Cyber Risk 98

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.

Insurance 363

Insurance Identity Theft Banking Scams 363

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.

Cyber Insurance 99

Cyber Insurance Insurance Cyber Attacks Cyber Risk 99

Dark Reading

OCTOBER 16, 2023

By using data to drive policy underwriting, cyber-insurance companies can offer coverage without a price tag that drives customers away.

Cyber Insurance 105

Cyber Insurance Insurance Marketing 105

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).

Insurance 148

Insurance Risk Data breaches Cybersecurity 148

Security Boulevard

NOVEMBER 21, 2023

Maintaining cyber insurance can be increasingly difficult and expensive. Here are some of the top cyber insurance requirements that businesses must meet. The post A Guide for How to Maintain Your Cyber Insurance Policy appeared first on Security Boulevard.

Cyber Insurance 62

Cyber Insurance Insurance 62

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.

Cyber Attacks 145

Cyber Attacks Insurance Cyber Insurance Social Engineering 145

Security Boulevard

JULY 19, 2023

API security is a pressing concern for industries undergoing digital transformation, and none more so than financial services and insurance. To shed light on their unique challenges, Salt undertook and today released its first industry-specific report on API security: the 2023 “State of API Security for Financial Services and Insurance.”

Financial Services 94

Financial Services Insurance CISO Digital transformation 94

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.

Ransomware 124

Ransomware Insurance Cyber Insurance Encryption 124

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.

Insurance 196

Insurance Cyber Insurance Cybersecurity Government 196

Dark Reading

OCTOBER 4, 2023

Not only do insurance companies collate sensitive information from their clients, but they also generate their own corporate data to protect.

Insurance 97

Insurance 97

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.

Ransomware 114

Ransomware Insurance Cybersecurity 114

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?

Cyber Insurance 90

Cyber Insurance Insurance Cybersecurity 90

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? .

Cyber Insurance 120

Cyber Insurance Insurance Cyber Attacks Cybersecurity 120

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.

Cyber Insurance 112

Cyber Insurance Insurance Cyber Risk Risk 112

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.

Identity Theft 121

Identity Theft Insurance Banking Accountability 121

Cisco Security

SEPTEMBER 28, 2022

Lloyds of London have recently published a Market Bulletin 1 addressing the wording of cyber insurance policies to exclude losses arising from: “ state backed cyber-attacks that (a) significantly impair the ability of a state to function or (b) that significantly impair the security capabilities of a state. ”. Conclusion. Malpedia Actors.

Cyber Insurance 105

Cyber Insurance Insurance CISO Cyber Attacks 105

Security Boulevard

JULY 25, 2023

The post Cyber Insurance: The Key to Business Resilience in a Risky World appeared first on Security Boulevard. Picture this: your company falls victim to a cyber-attack, resulting in loss of revenue and significant operational downtime. Do you know what your next steps should be?

Cyber Insurance 98

Cyber Insurance Insurance Cyber Attacks Cybersecurity 98

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.

Cyber Insurance 123

Cyber Insurance Insurance Cyber Attacks Cybercrime 123

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.

Ransomware 88

Ransomware Insurance Software Encryption 88