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 104

Cyber Insurance Insurance CISO Cyber Risk 104

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 173

Insurance Cyber Attacks Malware Government 173

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 110

Cyber Insurance Insurance Cyber Attacks Cyber Risk 110

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 131

Cyber Attacks Insurance Cyber Insurance Ransomware 131

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 206

Insurance Cybersecurity Cyber Insurance Risk 206

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?

Insurance 111

Insurance Ransomware Malware Risk 111

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.

Cyber Insurance 119

Cyber Insurance Insurance Risk CISO 119

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

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%.

Ransomware 137

Ransomware Insurance Cyber Insurance Encryption 137

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 128

Cyber Insurance Insurance Cyber Risk Risk 128

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.

Cyber Insurance 94

Cyber Insurance Insurance Accountability 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 119

Ransomware Insurance Cyber Insurance Encryption 119

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.

Insurance 71

Insurance Digital transformation Passwords Authentication 71

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

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 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.

Ransomware 78

Ransomware Insurance Cybersecurity Hacking 78

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 147

Insurance Risk Data breaches Cybersecurity 147

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.

Cybersecurity 115

Cybersecurity Insurance Risk Engineering 115

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.

Cyber Insurance 106

Cyber Insurance Insurance Cyber Attacks Data breaches 106

Dark Reading

MAY 3, 2023

Insurers unsuccessfully argued Merck's $1.4B in losses following NotPetya cyberattack fell under wartime exclusion.

Insurance 122

Insurance 122

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.

Ransomware 120

Ransomware Cyber Insurance Insurance Malware 120

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.

Cyber Insurance 97

Cyber Insurance Cybersecurity Insurance Data breaches 97

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.

Cyber Insurance 136

Cyber Insurance Insurance Phishing Ransomware 136

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 123

Cyber Insurance Insurance Cyber Attacks Cybersecurity 123

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 110

Ransomware Insurance Cybersecurity 110

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.

Cyber Insurance 113

Cyber Insurance Insurance 113

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.

Small Business 122

Small Business Cybersecurity Insurance Ransomware 122

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 87

Ransomware Insurance Software Encryption 87

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?

Cybersecurity 59

Cybersecurity Insurance Cyber Insurance Ransomware 59

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 128

Cyber Insurance Insurance Cyber Attacks Cybercrime 128

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 198

Insurance Cyber Insurance Cybersecurity Government 198

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.

Cyber Insurance 140

Cyber Insurance Insurance Cyber Risk CSO 140

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.

Hacking 130

Hacking Insurance Government Accountability 130

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.

Cyber Insurance 106

Cyber Insurance Insurance Data breaches Phishing 106

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 122

Identity Theft Insurance Banking Accountability 122

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.

Insurance 99

Insurance Cyber Insurance Phishing Cybersecurity 99

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.

Cyber Insurance 131

Cyber Insurance Insurance 131