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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 cyberinsurance policies or reduce coverage, moves that could further squeeze organizations under siege from hackers. Insurers Assessing Risks.
Every time a driver buckles up or an airbag is deployed we see the powerful influence of the insurance companies who insisted those measures become mandatory. Now, those insurers are poised to drive cybersecurity investment by insisting that organizations meet certain criteria to qualify for coverage. A maturing model.
Zero Trust Architecture (ZTA) Expands The Zero Trust model, which focuses on verifying every person and device attempting to access a system, is gaining ground as a best practice in cybersecurity. Insurance Becomes a Necessity The rise of high-profile cyberattacks has led to increased demand for cyberinsurance.
The State of Cybersecurity in Canada 2025 report, published by the Canadian Cybersecurity Network (CCN) and the Security Architecture Podcast , delivers an in-depth analysis of the evolving threat landscape, emerging risks, and strategic recommendations for Canadian organizations.
Group-IB and Swiss insurance broker ASPIS that owns CryptoIns project, have developed the world’s first scoring model for assessing cryptocurrency exchanges. According to CryptoIns analysts, the crypto assets insurance market is expected to reach $7 billion by 2023. Why do crypto exchanges’ users need insurance?
Erin: Do you think cyberinsurance should play a bigger role in companies’ cybersecurity strategies? What factors should organizations consider when selecting a cyberinsurance policy? Leadership should prioritize cybersecurity at all levels. Regular awareness training for employees is indispensable.
A zero-trust architecture with continuous authorization might be the preferred option for some, but a traditional security framework can provide adequate security for many. Is the attack small enough that we do not need to file a cyberinsurance claim? Ransomware Security. We must cover the basics.
Today and in the future, MFA should be viewed as one component of a wider zero trust architecture, one where behavior-based analytics are central to understanding employee behavior and authenticating the actions taken using certain credentials.
Click here to watch the roundtable and learn about the future of cyberinsurance from leading experts. In partnership with Cysurance, BlastWave hosted a roundtable entitled “The Future of CyberInsurance and MSP Insurability. The expert panelists held an honest discussion about insurability difficulties for MSPs.
Single sign-on (SSO) and multi-factor authentication (MFA) are now required for most compliance programs and cyberinsurance policies, and the Cisco Duo secure access solution is a go-to for adding these critical security capabilities to modern SaaS applications that natively support SSO protocols (e.g., SAML , OIDC ).
Botts has a different, and cautious, view on the North Shore IT Collaborative, saying: " I hate to throw cold water, but unless these towns build in a security architecture to go with the connectivity, all they will do is give a potential attacker access to more attack surfaces and an ability to propagate malware through a larger network.
It’s a little blunt to be a solution,” said Mike McNerney, chief operating officer of Resilience, which provides cyberinsurance, and a former policy adviser to the Department of Defense. Todt said that cybersecurity insurance is prevalent among SMBs, but often offer a low return on investment. Ransomware is a global problem.
Imposing just the right touch of policies and procedures towards mitigating cyber risks is a core challenge facing any company caught up in digital transformation. Related: Data breaches fuel fledgling cyberinsurance market. Enterprises, especially, tend to be methodical and plodding.
Use a zero trust architecture to secure internal applications, making them invisible to attackers. With a distributed workforce, it is important to implement a security services edge (SSE) architecture that can enforce consistent security policy no matter where your users are working (in office or remotely). Have a response plan.
Powered by WormGPT and FraudGPT, hackers and scammers will continue to drive the cost of business higher as organizations pay more for cyberinsurance. Organizations recognizing the constantly growing threat of adversarial AI update their cybersecurity protection architectures with AI and ML defensive capabilities.
Password Management Product Guide 8 Best Password Management Software & Tools CyberInsuranceCyberinsurance is a fast-growing type of liability insurance, most often purchased by organizations that need to protect highly sensitive customer data.
Emphasize defense-in-depth principles by combining traditional intrusion detection mechanisms with advanced threat detection technologies to effectively identify and mitigate sophisticated cyber threats.
The all-in-one solution combines skilled cyber experts, risk assessment processes and an innovative technology platform, enabling organizations to build strong, risk-based cybersecurity programs quickly and effectively. Roadmaps to cyber resilience. Cloud-delivered modern SaaS architecture. About Pondurance.
There are many ways to achieve cyber resilience – one of them is through the deployment of Protective DNS. That’s just one of the reasons it’s recommended by CISA and the NSA , it’s a recommended part of a SASE architecture, and is being asked about in cyberinsurance attestation questionnaires.
With its core principle of “never trust, always verify,” Zero Trust overcomes the limitations of traditional architectures by requiring continuous verification. It’s a strategic model that incorporates Zero Trust Architecture into a system. The benefits of Zero Trust Architecture far outweigh the initial costs.
The next three actions: prioritize assets and evaluate traffic, microsegmentation, and adaptive monitoring are central steps of the zero trust architecture and greatly reduce your risks of an attack. Moving toward zero trust offers visibility and control over your network, including stopping ransomware. Prioritize Assets and Evaluate Traffic.
Zero Trust Architecture (ZTA) Expands The Zero Trust model, which focuses on verifying every person and device attempting to access a system, is gaining ground as a best practice in cybersecurity. Insurance Becomes a Necessity The rise of high-profile cyberattacks has led to increased demand for cyberinsurance.
Druva’s metadata-centric architecture supports management and security of data in the cloud with long-term retention, and regulatory compliance. Organizations need to ensure that all these parties work as a cohesive team in order to fulfill their roles and responsibilities, which also increases the overall complexity of ransomware recovery.”.
However, this stance indicates a lack of understanding of the effects of all the parties involved, such as cyberinsurance underwriters, incident response firms, government regulations, and ransomware attribution. For many organizations, paying the ransom can be less damaging than risking any additional impacts.
Kimberly "KJ" Haywood, Principal Advisor at Nomad Cyber Concepts and Adjunct Cybersecurity Professor at Collin College, had this to say: "Inflation is hitting organizations harder than ever. As cyber threats surge, the expenses associated with cyberinsurance rise, adding to the financial strain. SIEM, SOAR)?
Implement strong network segmentation, zero trust architecture, least privilege access controls, and VPNs to strictly limit lateral movement. Identify cyberinsurance policies and ensure they align to business needs regarding ransomware attacks and data leaks. Fines for non-compliance could offset insurance payouts.
Also read: Building a Ransomware Resilient Architecture Ransomware Response Best Practices Once a ransomware attack has been recognized, the incident response team will have limited time to limit the attack. If you have a cyberinsurer , they will have their own processes for responding to any cyber attack.
Don’t worry though, there's already an insurance policy for that. What is Cyber Liability Insurance? Cyber liability insurance, sometimes known as cyberinsurance, is distinct from traditional commercial general liability and property insurance policies.
government and others, we are still no closer to seeing zero trust architecture widely adopted. I am very surprised that the cyberinsurance industry has not required zero trust architecture already, but perhaps the $1.4 I am waiting for the insurance companies to mandate zero trust for the organizations they insure.
Government Towards a Zero Trust Architecture dictate U.S. Cyberinsurance coverage ramps up. There is also huge debate around cyberinsurance and whether it is fit for purpose. However, cyberinsurance can’t protect your business against the reputational and brand loss that results from a cyberattack.
Build out a Zero Trust Architecture (ZTA), and adopt a “Zero Trust or Bust”. Cyberinsurance is not the answer! Build for Cyber resiliency – it offers the best chance for achieving mission and business goals in the face of increasing sophisticated cyber attacks. Backup all critical data at least daily.
Even cyberinsurance carriers are starting to ask if the organization employs Protective DNS in their questionnaires and required attestations. It’s being implemented on a national level both in the United States and Internationally. It’s a recommended part of a SASE framework. It’s becoming part of standards like CMMC.
To counter advancing cyber threats, organisations will implement more sophisticated security measures like multi-factor authentication, micro-segmentation, and continuous monitoring. CyberInsurance In 2024, the cyberinsurance landscape is expected to undergo significant changes.
CyberInsurers, regulators and customers will expect these controls to be present, regardless of public or private status. Regulators who oversee other industries will adopt these requirements for healthcare, financial services, utilities, etc., and expected controls for those environments will follow.
The impact will be felt well beyond the involved countries of Canada, USA, Mexico, and China," said Kenrick Bagnall , Founder, KONCYBER & RB-Cyber Assurance; Royal Candian Mounted Police (RCMP) Contractor/Instructor; Toronto Police Service (Cybercrime Unit) (Ret.). " Here is his detailed breakdown: 1.Cross-border
Further, organisations will increasingly adopt zero-trust architectures to combat identity-based threats – which have just taken over endpoints as the primary attack vector, focusing on strict identity and access management (IAM) practices, passkeys, and enforcing multi-factor authentication (MFA).
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