eSecurity Planet

MAY 27, 2021

The explosion of ransomware and similar cyber incidents along with rising associated costs is convincing a growing number of insurance companies to raise the premiums on their cyber insurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers. Insurers Assessing Risks.

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SecureWorld News

MARCH 20, 2024

In this regard, many have touted cyber insurance as the knight in shining armor, the end all-be all in terms of mitigating criminals' assaults on your network. For example, the healthcare sector, a prime target for these types of attacks , planned to spend $125 billion to defend against breaches from 2020 to 2025.

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Cyber Insurance Insurance Ransomware Risk 113

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.

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SecureWorld News

MAY 26, 2021

New research reveals that a record number of organizations are buying cyber insurance policies as a tool for protecting themselves against cyber risk. However, the cost for those policies is rising dramatically as cyber insurance premiums soar up to 30% vs. the previous year. cyber insurance market.

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CyberSecurity Insiders

AUGUST 26, 2022

Lloyd’s London, one of the largest insurance services providers in the world, has disclosed that it is making amendments to its cyber insurance laws that will come into effect from March 2023. And so does Lloyd that sent a memo to the company’s 75 insurance syndicates.

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SC Magazine

MAY 24, 2021

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. Lyle said the same rush of companies to shift some of their financial risks around cybersecurity to insurance also likely contributed to those increases.

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SecureWorld News

SEPTEMBER 10, 2020

2020 has been a year of great change and constant adaptation to new circumstances. Trends of cyber insurance claims for 2020. Coalition, a cyber insurance company, recently released a report detailing the categories of cyber attacks as well as the cause behind the attacks for the first half of 2020.

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Security Affairs

AUGUST 21, 2020

The University of Utah admitted having paid a $457,059 ransom after the ransomware attack that took place on July 19, 2020, that infected systems on the network of the university’s College of Social and Behavioral Science [CSBS]). The university did not reveal the ransomware family involved in the attack.

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Security Boulevard

JUNE 29, 2022

That’s no surprise really, especially when considering that data breaches exposed some 36 billion records in the first half of 2020 alone. The post Cyber Insurance Requirements: How to Maintain Your Policy appeared first on Security Boulevard.

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Duo's Security Blog

MAY 23, 2022

Cyber liability insurance can be a lifeline in the event of a major incident or breach. Cyber incidents rose 35% in 2020 with data breaches costing businesses an average of $4.24 million per year , resulting in cyber insurance premiums jumping up by 50-100%. Do you need it? How do you qualify for it?

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SecureWorld News

NOVEMBER 30, 2020

The Group’s insurance coverage for cyber risks totals €30 million. After including the items mentioned above, for financial year 2020 Sopra Steria expects to see negative organic revenue growth of between 4.5% Does your organization have cyber insurance?

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SC Magazine

APRIL 23, 2021

For example, they’re used in boardrooms as “eye candy” to portray the state of company cyber-risk, with supply chain partners to manage third-party risk and, even more frightening, by insurance companies to create risk profiles for cyber-insurance policies. Does it truly reflect the security of the company? Usually not.

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Webroot

JULY 25, 2022

Following the remote work pivot we saw in 2020, IT security has had to evolve quickly to remain effective, flexible and resilient in today’s dynamic hybrid/remote work environments. Cyber insurance becomes mainstream discussion. The cyber insurance market is expected to reach around $20B by 2025.

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Security Affairs

DECEMBER 2, 2020

effective December 16, 2020 – has detected unauthorized activity on its network, which has since been confirmed as a criminal attack in the form of ransomware.” Bleeping Computer has learned aware that K12 was hit by Ryuk ransomware and K12 paid the ransom utilizing their cyber insurance. “K12 Inc.

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Cytelligence

JANUARY 14, 2020

While we saw the threat landscape change in 2019 with even more sophisticated attacks, we predict 2020 to be even more extreme. The rise of cyber insurance – Underwriters will sell more cyber insurance policies for businesses and government agencies such as schools, hospitals and utilities.

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SecureWorld News

AUGUST 18, 2020

Here is Carnival Corporation's ransomware and cyber incident statement, in full: On August 15, 2020, Carnival Corporation and Carnival plc (together, the "Company," "we," "us," or "our") detected a ransomware attack that accessed and encrypted a portion of one brand’s information technology systems. And number one is cyber insurance.

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CyberSecurity Insiders

DECEMBER 11, 2021

NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced it is partnering with leading cyber insurance companies to help businesses manage their risks online. As a result, some insurance companies have had to raise premiums to cover their costs.

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Cytelligence

JANUARY 27, 2020

Unfortunately, the citizens of the country had to pay the ransom as the city had no cyber insurance. Having cyber insurance meant the city only had to pay a small fee to get their systems back up and running. Ransomware in 2020 . Ransomware will continue to be the growth driver in cyber-crime.

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SecureWorld News

AUGUST 21, 2020

We know the attack started on July 19, 2020, after hackers accessed a sliver of the University's network: ". Starting in 2020, new strains of ransomware rapidly emerged that exfiltrates (or steals) data, then encyrpts the data on the victim's servers. And number one is cyber insurance. Hackers had to change their tactics.

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Ransomware Cyber Insurance Insurance Backups 98

Security Affairs

MAY 1, 2020

According to Maze, the bank’s network remained unsecured at least since February 2020. Maze Ransomware ransomware operators recently disclose other attacks against different organizations, including IT services giant Cognizant , and cyber insurer Chubb. ” reads a post published by Cyble.

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SC Magazine

FEBRUARY 8, 2021

The relationship between enterprises and insurers, like the cyber insurance market itself, is evolving. That’s quite the incentive for insurers to assert themselves in this market. And Bobritsky contends that a reliance on insurers to lead the way may actually degrade cybersecurity. “So A maturing model.

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Insurance Cybersecurity Cyber Insurance Government 126

SecureWorld News

NOVEMBER 12, 2020

And now we have brand new research coming from the EU which unpacks the top cyber threats as they stand now. What are the top cyber threats right now? The European Union Agency for Cybersecurity (ENISA) just published its Threat Landscape 2020 report. Specific examples of how the cyber threat landscape is shifting.

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Adam Levin

JUNE 30, 2020

We’re not even halfway through 2020, and already it’s been a record-breaking year for ransomware attacks. No industry, category, size, or group is safe from this cyber scourge. Barely a week goes by without reports of a new strain or variant of malware wreaking havoc among companies. We hear about the big ones.

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Threatpost

OCTOBER 25, 2019

Targeted ransomware, mobile malware and other attacks will surge, while companies will adopt AI, better cloud security and cyber insurance to help defend and protect against them.

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Mobile Cyber Insurance Malware Ransomware 48

Cisco Security

JULY 11, 2022

67 individual ransomware attacks on schools and colleges–a 19 percent decrease from 2020 (83) . 954 separate schools and colleges were potentially affected–a 46 percent decrease from 2020 (1,753) . 950,129 individual students could have been impacted–a 31 percent decrease from 2020 . In 2021: .

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Ransomware Education Cyber Insurance Insurance 145

Security Affairs

FEBRUARY 8, 2024

Cyber Insurance: US cyber insurance premiums soared by 50% in 2022, reaching $7.2 Cyber Skills Gap: By 2025, there could be 3.5 million unfilled cyber security jobs, showing a big need for skilled professionals. Soaring Cyber Crime Costs: Cyber crime costs are expected to hit $10.5

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SecureWorld News

SEPTEMBER 23, 2021

Cyber defense is about test, test, test.". Familiarize yourself and your organization with cyber insurance. While Sheridan was discretionary about what he shared on this topic, he did explain how the Secret Service would like to work with insurers in the future.

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Ransomware Cyber Insurance Insurance Government 95

Heimadal Security

MAY 11, 2021

a global insurance organization based in Paris that also provides investment management and other financial services, has disclosed on Thursday that it will halt cyber insurance policies in France that refund those affected by ransomware attacks for payment made to hackers.

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Insurance Cyber Insurance Ransomware Financial Services 71

SecureList

NOVEMBER 9, 2022

Given the continued surge of ransomware attacks, which soared 288% in the first half of 2022 alone, the need for cyber insurance will be a bigger priority, especially in the SMB market. As such, we anticipate a booming cyber insurance industry as many organizations heed these warnings and seek to guard against ransomware attacks.

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SC Magazine

JULY 14, 2021

in 2020 alone. In addition, having cyber insurance coverage in place does not guarantee an organization can recoup losses associated with a ransomware attack. The FBI reported an increase of more than 225% in total losses from ransomware in the U.S.

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SecureWorld News

SEPTEMBER 14, 2021

2020 saw a record number of cyberattacks—and threats for school, university, and other educational institutes are growing each day. The school district’s cyber insurance provided free credit monitoring, but many parents were still puzzled by how to report the problem and what steps they should take next to protect their children.

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Cyber Insurance Ransomware Insurance Backups 98

The Last Watchdog

SEPTEMBER 20, 2019

Eventually, governments will address the risk by beefing up security and purchasing cyber insurance, which go hand in glove. Stemming the ransomware extortion wave, and preserving the sanctity of the 2020 elections would be a good place to start turning the tide. I’ll keep watch.

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CyberSecurity Insiders

APRIL 19, 2021

Report stats showed that the overall proportion of businesses that were targeted by cyber criminals in the past increased to 43% in 2020 from meager 16% in 2019. Gareth Wharton, the CEO of Hiscox, said that cyber attacks are turning complex. But that does not mean that they are difficult to manage.

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Cyber Attacks Cyber Insurance Insurance Cyber threats 69

Malwarebytes

SEPTEMBER 14, 2022

In fact, there were 50% more attack attempts per week on corporate networks globally in 2021 than in 2020. Bonus: Cyber insurance. Without cyber insurance, you can expect to pay a dizzying amount of cash. Read more: 4 ways businesses can save money on cyber insurance. Let’s recap.

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CyberSecurity Insiders

MAY 26, 2021

In general, TRIP also known as TRIA shares some losses with the private insurance operators when a company covered under the cyber insurance coverage is targeted by certified acts of cyber terrorism.

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SecureWorld News

AUGUST 11, 2020

In late July 2020, staff members for Lafayette, Colorado, detected a ransomware infection that disabled network services and affected city emails, phones, online payments, and reservation systems. In these Florida cases, most of each ransom demand was paid by cyber insurance. Let's explore this topic further.

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eSecurity Planet

APRIL 26, 2022

Company Sector Year Status Isovalent Cloud security 2020 Private Illumio Cloud security 2015 Private SignalFx Monitoring 2015 Acquired: Splunk CipherCloud Cloud security 2012 Acquired: Lookout Lookout Mobile security 2011 Private. a16z Investments. ForgePoint Investments. Insight Investments. Kleiner Perkins Investments. LVP Investments.

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