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 204

Insurance Cyber Insurance Cybersecurity Risk 204

SecureWorld News

JANUARY 11, 2024

In this digital battlefield, cyber insurance has emerged as a crucial shield, offering financial protection against data breaches, ransomware attacks, and other cyber incidents. However, just as the threats evolve, so too does the cost of protection, with the global cyber insurance market projected to balloon to a staggering $90.

Cyber Insurance 101

Cyber Insurance Insurance Cyber Risk Data breaches 101

The Last Watchdog

JULY 27, 2023

New York, NY, July 27, 2023 – QBE North America today announced the launch of a cyber insurance program with new MGA, Converge, acting as program administrator. Tom Kang, CEO, Converge, added, “We’re thrilled to partner with QBE North America given their experience and reputation in the cyber insurance market.

Cyber Insurance 155

Cyber Insurance Insurance Cyber Risk Small Business 155

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 105

Cyber Insurance Insurance Risk CISO 105

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 168

Insurance Cyber Attacks Government Malware 168

Security Boulevard

OCTOBER 13, 2021

Will NYDFS’s Cyber Insurance Framework Set a Precedent for the Cyber Insurance Industry? As ransomware attacks reach unprecedented numbers and the number of record exposures continues to skyrocket, an increasing number of organizations are at risk of attack—and the cyber insurance industry is taking note.

Cyber Insurance 113

Cyber Insurance Insurance Risk Ransomware 113

Security Boulevard

JULY 14, 2022

A survey of 400 global insurers finds the cyber insurance business “isn’t working for insurers, brokers or their customers.” The post Survey Shows Cyber Insurance Marketplace Badly Needs Risk Quantification appeared first on Security Boulevard.

Cyber Insurance 98

Cyber Insurance Insurance Risk 98

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 Marketing Risk 101

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 The global cyber insurance market was valued at $13.33 billion in 2023 to $84.62 billion by 2030.

Insurance 121

Insurance Data breaches Cyber Insurance Marketing 121

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 97

Cyber Insurance Insurance Risk CISO 97

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 111

Cyber Insurance Insurance Marketing Cyber Risk 111

Security Boulevard

JANUARY 25, 2024

The growing number and sophistication of cyberattacks and the financial impact such incidents can have a company’s financial picture are driving more organizations to take out cybersecurity insurance, according to a survey from endpoint management firm Recast Software.

Cyber Insurance 102

Cyber Insurance Insurance Software Cybersecurity 102

Security Affairs

APRIL 22, 2022

When security fails, cyber insurance can become crucial for ensuring continuity. This shift to digital technology has created a new class of digital risks that are constantly evolving and strike faster and often with more severity than traditional risks. Evolving global risk environment alters the cyber insurance landscape.

Cyber Insurance 77

Cyber Insurance Insurance Risk Technology 77

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 84

Cyber Insurance Insurance Marketing Ransomware 84

SecureWorld News

JANUARY 31, 2024

Cyber risk is an existential issue for companies of all sizes and in all industries. However, it also exposes companies to additional layers of risk. However, it also exposes companies to additional layers of risk. All stakeholders, including insurers, need to understand whose cyber insurance policy responds to an incident.

Risk 81

Risk Cyber Insurance Insurance Data breaches 81

Lohrman on Security

JANUARY 8, 2023

There are dark clouds on the horizon as well as conflicting forecasts regarding cyber insurance in 2023 and beyond. Where will the insurance market go from here on cybersecurity coverage?

Cyber Insurance 259

Cyber Insurance Cyber Attacks Insurance Risk 259

Security Affairs

JANUARY 6, 2024

Merck has resolved a dispute with insurers regarding a $1.4 Merck and its insurers have agreed with a $1.4 billion insurance claim for the losses caused by the NotPetya attack that took place in 2017. Merck had not taken out specific insurance to cover cyber attacks, it only had insurance coverage against general risks.

Insurance 101

Insurance Manufacturing Ransomware Healthcare 101

The Last Watchdog

JULY 13, 2023

London, July 13, 2023 — Beazley, the leading specialist insurer, today published its latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023. Yet, boardroom focus on cyber risk appears to be diminishing. trillion by 2025, a 300% increase since 2015 1.

Cyber Risk 161

Cyber Risk Risk Insurance Energy and Utilities 161

Heimadal Security

JULY 13, 2021

Because of the increasingly advanced methods used by hackers during the expansion of remote healthcare delivery and the growing digitization of insurance transactions, clinical records, and billing, American health insurers are currently vulnerable to cybersecurity attacks. The post Theft of Customer Data Is a Growing Risk for U.S.

Insurance 97

Insurance Risk Healthcare Cybersecurity 97

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 134

Cyber Insurance Insurance Small Business Marketing 134

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 126

Cyber Insurance Insurance CSO Cyber Risk 126

Security Boulevard

FEBRUARY 29, 2024

Insurance is fundamentally a data-driven business. But this often highly sensitive data is also a risk in itself—from a compliance and a potential breach perspective. With this in mind, two Fortune 500 insurance providers recently turned to comforte’s SecurDPS platform.

Insurance 57

Insurance Risk Cybersecurity Government 57

Security Boulevard

MARCH 3, 2023

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 post Cowbell Adds Free Cybersecurity Services for Insurance Policy Holders appeared first on Security Boulevard.

Insurance 113

Insurance Cybersecurity Engineering Risk 113

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.

Insurance 145

Insurance Cyber Attacks Social Engineering Cyber Insurance 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 Digital transformation Banking 94

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

Security Boulevard

FEBRUARY 26, 2024

Why insurance matters when considering SEC cyber rule compliance We are still riding high on our recent win at the Cyber Insurance Awards Europe 2024. Axio was recently awarded Cyber Read More The post Making Companies Whole: The Impact of Cyber Insurance on Materiality appeared first on Axio.

Cyber Insurance 62

Cyber Insurance Insurance Cyber Risk Risk 62

Security Boulevard

FEBRUARY 11, 2021

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?

Cyber Insurance 140

Cyber Insurance Insurance CISO Risk 140

eSecurity Planet

APRIL 22, 2022

That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks. That’s a 29.1%

Cyber Insurance 97

Cyber Insurance Insurance Marketing Small Business 97

Dark Reading

AUGUST 29, 2022

Businesses need to re-evaluate their cyber-insurance policies as firms like Lloyd's of London continue to add restrictions, including excluding losses related to state-backed cyberattackers.

Cyber Insurance 110

Cyber Insurance Insurance Risk 110

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 121

Cyber Insurance Insurance Phishing Ransomware 121

Security Boulevard

NOVEMBER 25, 2021

Integrated Risk Management has become a necessary and extremely beneficial strategy for organizations to effectively and proactively manage risk across the board. The post Integrated Risk Management (IRM) in the Insurance Industry appeared first on Iceberg Networks. What is Integrated[…].

Insurance 62

Insurance Risk 62

Security Boulevard

AUGUST 22, 2022

Responsive Insurance chooses Blackfog to stay ahead of cyber risk with fully automated cyberattack prevention. The post Insurer Chooses BlackFog to Stay Ahead of Cyber Risk appeared first on Security Boulevard.

Cyber Risk 52

Cyber Risk Insurance Risk 52

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 130

Cyber Insurance Insurance CSO Cyber Risk 130

CyberSecurity Insiders

MAY 26, 2021

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.

Insurance 78

Insurance Risk Cyber Insurance Cyber Attacks 78

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 109

Cyber Insurance Insurance CSO Cyber Risk 109

Digital Guardian

FEBRUARY 10, 2021

With the world in flux and cybercrime an increasingly pervasive threat, cyber insurance has seen rapid adoption. How can a cyber insurance plan be effective? NYDFS has released a new framework to help.

Cyber Insurance 98

Cyber Insurance Insurance Risk Cybercrime 98