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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

A report this month from the Government Accountability Office (GAO) found that the number of companies seeking cyber insurance coverage has steadily risen since 2016 and that insurers are increasing the prices of their policies and lowering their coverage limits as the number of cyberattacks rise. In addition, the U.S.

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RSAC insights: How ‘TPRM’ can help shrink security skills gap — while protecting supply chains

The Last Watchdog

CyberGRX launched in 2016 precisely because bespoke assessments had become untenable. Cyber risks profiling. CyberGRX’s global cyber risk Exchange caught on quickly. The exchange has proven to be a perfect mechanism for fleshing out much richer cyber risk profiles of third-party vendors.

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Fitch Ratings: Cyberattacks could pose a material risk to water and sewer utilities

Security Affairs

Fitch Ratings published an alert last week to warn of the “material risk” to water and sewer utilities caused by cyber attacks that could also impact their ability to repay debt. The expenses to mitigate a cyber-attack could impact the ability of the utilities of paying their debt. ” concludes the alert.

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NEW TECH: A couple of tools that deserve wide use — to preserve the integrity of U.S. elections

The Last Watchdog

First, there’s a tool called the Rapid Cyber Risk Scorecard. NormShield, the Vienna, VA-based, cybersecurity firm that supplies this service, recently ran scores for all of the 26 declared presidential candidates — and found the average cyber risk score to be B+.

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Internet Security Threats at the Olympics

Schneier on Security

Meanwhile, a Russia-linked cyber attack has already stolen and leaked documents from other Olympic organizations. This group has targeted WADA in the past, specifically during the 2016 Rio de Janeiro Olympics. A senior analyst at McAfee warned that the Olympics may experience more cyber attacks before closing ceremonies.

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The future of cyber insurance

IT Security Guru

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.

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As market for cyber insurance booms, watchdog calls for better data

SC Magazine

Data from at least one insurance broker tracked a near doubling of clients who were opting in for cyber-specific insurance from 26% in 2016 to 47% in 2020. billion in damages – that it caused a broader reevaluation of cyber risk by the industry.