Security Boulevard

JULY 25, 2023

Picture this: your company falls victim to a cyber-attack, resulting in loss of revenue and significant operational downtime. The post Cyber Insurance: The Key to Business Resilience in a Risky World appeared first on Security Boulevard. Do you know what your next steps should be?

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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?

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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.

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The Hacker News

NOVEMBER 9, 2022

The rise in the costs of data breaches, ransomware, and other cyber attacks leads to rising cyber insurance premiums and more limited cyber insurance coverage. This cyber insurance situation increases risks for organizations struggling to find coverage or facing steep increases.

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Thales Cloud Protection & Licensing

MAY 10, 2022

Checklist for Getting Cyber Insurance Coverage. As cyber criminals mature and advance their tactics, small and medium businesses become the most vulnerable because they lack the capacity – staff, technology, budget - to build strong cyber defenses. The necessity for cyber-insurance coverage.

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CyberSecurity Insiders

MARCH 18, 2021

After the SolarWinds cyber attack on Govt infrastructure, the government of United States seems to have taken Cybersecurity as a top priority to rectify any flaws that could make way to any future cyber attacks in the future. Maintain a senior management and board approved cyber insurance risk strategy. ·

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CyberSecurity Insiders

AUGUST 15, 2022

Ever wondered what is covered and what is not in your Cyber Insurance Policy? If not, you better review the guidelines and inform all your C-level employees on strategies to cope with the losses that remain out of the cyber insurance cover. Otherwise, the cyber insurer will not offer any policy coverage.

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CyberSecurity Insiders

DECEMBER 26, 2022

Insurance companies like Lloyd offer cyber insurance policies that cover a business from facing a business loss during a cyber-attack. However, in coming days, cyber attacks will become uninsurable, as per Mario Greco, the Chief of Zurich Insurance. So, will cyber insurance vanish with time?

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Cytelligence

OCTOBER 18, 2023

Cyber threats have become a significant concern for businesses of all sizes. The cost of cyber attacks, including financial losses, reputational damage, and legal consequences, can be staggering. To mitigate these risks, businesses often invest in cyber insurance. This is where CYPFER comes in.

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CyberSecurity Insiders

NOVEMBER 15, 2022

Cyber Insurance premiums are becoming dearer and the reason for such a rise is claimed to be sophistication in attacks that are making mitigation and recovery expensive. Most companies are showing laxity in following basic cyber security hygiene, leading to a surge in cyber-attacks and data breaches.

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Security Affairs

APRIL 22, 2022

When security fails, cyber insurance can become crucial for ensuring continuity. Cyber has changed everything around us – even the way we tackle geopolitical crisis and conflicts. If the technology were to become unavailable, the resulting business impact could be mitigated with cyber insurance.

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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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Cisco Security

SEPTEMBER 28, 2022

Lloyds of London have recently published a Market Bulletin 1 addressing the wording of cyber insurance policies to exclude losses arising from: “ state backed cyber-attacks that (a) significantly impair the ability of a state to function or (b) that significantly impair the security capabilities of a state. ”. Conclusion.

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CyberSecurity Insiders

DECEMBER 9, 2021

Therefore, any company serving energy, water, technology or manufacturing sector, thinking to keep its IT assets safe through a cyber insurance coverage, should think twice before taking a coverage policy. The post Insurance company says it will no longer cover state funded Cyber Attacks appeared first on Cybersecurity Insiders.

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SC Magazine

JUNE 28, 2021

The rise of the cyber insurance has largely failed to promote better cybersecurity practices among the industries they cover, according to a new report released Monday from British security think tank RUSI. However, in practice, it is still yet to be seen if cyber insurance can fulfil this promise.”.

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Security Boulevard

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? The post Are Cyber Attacks at Risk of Becoming ‘Uninsurable’? appeared first on Security Boulevard.

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Security Affairs

DECEMBER 28, 2022

The chief executive of insurance giant Zurich warns that cyber attacks, rather than natural catastrophes, will become uninsurable. Mario Greco, chief executive of insurer giant Zurich, has warned that cyber attacks will become soon “uninsurable.”. These people can severely disrupt our lives.”

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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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SecureWorld News

SEPTEMBER 10, 2020

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. The number one type of cyber incident so far this year is ransomware.

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SecureWorld News

DECEMBER 27, 2022

While claims due to natural catastrophes are expected to top $100 billion in 2022 -- as it did in 2021 -- losses due to cyber attacks continue to climb. Insurance underwriters have no choice but to try and limit exposure through providing less coverage or hiking up the cost of cyber insurance.

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Security Boulevard

AUGUST 25, 2022

announced that it will require its underwriters, globally, “to exclude catastrophic state-backed hacks from stand-alone cyber insurance policies” starting in March 2023. This elimination of cyber policies involving nation-state adversaries is not surprising. Last week, Lloyd’s of London Ltd.

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SC Magazine

MAY 24, 2021

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 cyber attack and when they hear about other companies being hit by a cyber attack.

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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. So who will decide whether an attack is a nation state or just little Timmy trying to impress his friends on the Discord channel? .”

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Security Boulevard

MARCH 3, 2021

In this part of the blog series on the connection between cybersecurity and insurance, we go through a real-life situation that demonstrates how insurance policies may or may not provide you the necessary coverage in the event of a cyber-attack. A Standalone Cyber Insurance Policy Isn’t Enough As discussed in our previous blog, a.

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Duo's Security Blog

OCTOBER 7, 2022

As I covered in my other blog — Cyber Liability Insurance Essentials for Small and Medium-Sized Enterprises — there are several approaches firms can take to increase their chances of obtaining a policy. Small business cyber insurance: Is it really needed?

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CyberSecurity Insiders

APRIL 20, 2023

Bank of America has expressed its concerns over Lloyd’s recent policy decision to exclude cyber insurance coverage for large corporations hit by cyber attacks funded by adversary states. The post Cost of state cyber attacks not to be covered under insurance says Lloyd appeared first on Cybersecurity Insiders.

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The Hacker News

JULY 6, 2023

As technology advances and organizations become more reliant on data, the risks associated with data breaches and cyber-attacks also increase. The introduction of data privacy laws, such as the GDPR, has made it mandatory for organizations to disclose breaches of personal data to those affected.

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Security Boulevard

JULY 30, 2022

Staying Ahead of the Distortion of a Cyber Attack? Each firewall, IDS, MFA, and email security is built to protect and stop cyber attacks. Will cyber insurance continue to be an option that organizations can rely on? The post Staying Ahead of the Distortion of a Cyber Attack?

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CyberSecurity Insiders

APRIL 19, 2021

Hiscox Cyber Readiness Report 2021 states that most of the German firms are vulnerable to cyber attacks and are topping the list of the study group with a loss tally of $48 million. Researchers who conducted the survey concluded after gauging six key cyber security areas related to people, technology and processes.

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CyberSecurity Insiders

OCTOBER 24, 2022

These attacks also tend to be more successful in access and payout in the event of ransom demands, with 74% of attacks ending successfully for hackers. Here are a few prime examples of cyber-attacks in the education sector. Cyber insurance. Albuquerque, New Mexico hit with a one-two punch. Conclusion.

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Security Affairs

APRIL 30, 2019

Aluminum producer Norsk Hydro estimated the cost of the massive attack cyber attack targeting the company in March at around $50 million. Dollar losses due to the NotPetya ransomware massive attack. The news of the cyber attack had an immediate economic impact and caused a drop in the share price of 2.0

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Schneier on Security

FEBRUARY 28, 2024

One possible solution, touted by former Department of Homeland Security Secretary Michael Chertoff on a recent podcast , would be for the federal government to step in and help pay for these sorts of attacks by providing a cyber insurance backstop.

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Security Boulevard

NOVEMBER 24, 2023

Why is the insurance industry struggling with this? Cyber attackers escalate and adapt quickly, which undermines the historical-based models that insurance companies rely on. Attackers are continually shifting their maneuvers that identify victims, cause increasing loss, and rapidly shift to new areas of impact.

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Security Affairs

FEBRUARY 8, 2024

26 key cyber security stats for 2024 that every user should know, from rising cyber crime rates to the impact of AI technolog y. Cyber Crime Surge: During COVID-19 , cyber crimes shot up by 600%, showing how threats adapt to global changes. Phishing Attacks: Phishing is the top cyber attack, causing 90% of data breaches.

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CyberSecurity Insiders

SEPTEMBER 13, 2022

Contrarily, 66% of Chief Information Security Officers (CISOs) felt that their IT infrastructure was super vulnerable to cyber attacks, as they were ill prepared to encounter them- all due to budget constraints. So, experts want the CFOs to stay in a loop with the board to understand the risks and severity involved in cyber attacks.

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Schneier on Security

MARCH 26, 2020

Our preliminary analysis suggests the majority of cyber warranties cover the cost of repairing the device alone. Only cyber-incident warranties cover first-party costs from cyber-attacks -- why all such warranties were offered by firms selling intangible products is an open question.

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Security Boulevard

FEBRUARY 8, 2023

Click here to watch the roundtable and learn about the future of cyber insurance from leading experts. In partnership with Cysurance, BlastWave hosted a roundtable entitled “The Future of Cyber Insurance and MSP Insurability. The expert panelists held an honest discussion about insurability difficulties for MSPs.

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