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Recent research from Hiscox even found that a fifth of businesses across the US and Europe faced insolvency as a direct result of a cyberattack. Unfortunately, transferring traditional insurance models to the cyber-sphere isn’t an easy task. Astoundingly, the cyber insurance market shrank relative to the Internet economy.
Overall, insurance companies seem to be responding to increased demand from clients for cyber-specific insurance, and one survey found that the two things most likely to spur a purchase of cyber insurance are when a business experiences a cyberattack and when they hear about other companies being hit by a cyberattack.
“In 2002 I had a phone, but I had a separate piece of plastic and metal that was a camera and another piece of plastic and metal that had my music on it.” “People weren’t aware of the threat,” nor were the threats as closely interwoven with individuals lives as they are today, he said. .”
According to research from CESG (the UK Government National Technical Authority for Information Assurance) 80% of cybersecurity attacks originate from poor cyber habits, so getting the basics – the fundamentals – right would dramatically reduce an organisation’s cyberrisk exposure. He wasn’t deterred, though.
AllegisCyber Capital was founded in 1996 to serve the growing cyber business ecosystem. Named after the infamous string of nation-state cyberattacks during the late 2000s, NightDragon was established in 2016 by former McAfee CEO Dave DeWalt. AllegisCyber Capital. AllegisCyber Investments. Andreessen Horowitz (a16z).
A cyber insurance backstop would provide a means for insurers to receive financial support from the federal government in the event that there was a catastrophic cyberattack that caused so much financial damage that the insurers could not afford to cover all of it. 11, 2001, terrorist attacks.
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