SecureWorld News

APRIL 17, 2023

When considering adding a cyber insurance policy, organizations, both public and private, must weigh the pros and cons of having insurance to cover against harm caused by a cybersecurity incident. Having cyber insurance can help ensure compliance with these requirements. Can companies live without cyber insurance?

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Security Boulevard

SEPTEMBER 3, 2023

Cyber insurance offers financial protection and support in the event of a cyber attack, data breach, or other cyber-related incidents. Ironically, the security that insurance brings to policyholders stands in contrast to the shifting, dynamic state of the cyber insurance market in general.

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Cyber Insurance Insurance Marketing Data breaches 117

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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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. Growing losses from ransomware attacks have…emphasized that the current reality is not sustainable for insurers either.

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Cyber Insurance Insurance Ransomware Marketing 136

CyberSecurity Insiders

DECEMBER 9, 2021

Lloyd’s of London Insurance, simply known as Lloyd’s Insurance, has released a media update that it will no longer cover losses that were incurred because of cyber wars among nations. The post Insurance company says it will no longer cover state funded Cyber Attacks appeared first on Cybersecurity Insiders.

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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 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. All insurance companies exclude the risks inferred from war like situations.

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Cyber Insurance Insurance Cyber Attacks Risk 90

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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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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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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Insurance Cyber Attacks Social Engineering Cyber Insurance 145

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. Our reliance on digital technology and the inherited risk is a key driving factor for buying cyber risk insurance.

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Cyber Insurance Insurance Risk Technology 100

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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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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Insurance Cyber Attacks Cyber Insurance Cybersecurity 105

SecureWorld News

MARCH 17, 2025

Despite these setbacks, the company has stated that, with its cyber insurance coverage and ongoing remediation efforts, it doesn't expect a long-term material impact on its business fundamentals. The incident contributed to a short-term stock price dip of about 2% and added to operational expenses during the recovery phase.

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Cyber Attacks Digital transformation Threat Detection Penetration Testing 113

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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Cyber Insurance Insurance Cyber Risk Marketing 81

SecureWorld News

DECEMBER 27, 2022

Cyber is the risk to watch, according to a Financial Times article in which insurer Zurich's top executive is quoted. What will become uninsurable is going to be cyber,” said Mario Greco, CEO at Zurich, one of Europe's biggest insurance companies, in the Dec. 26 article. The two sides later settled.

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Insurance Cyber Attacks Cyber Insurance Marketing 98

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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Insurance Cyber Attacks Cyber Insurance Hacking 103

SC Magazine

MAY 24, 2021

In a report released May 20, the Government Accountability Office looked at how the private cybersecurity insurance market has developed over the past five yearsRich Baich is global chief information security officer for insurance giant AIG. Photo by Spencer Platt/Getty Images).

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Cyber Insurance Insurance Marketing Cyber Risk 94

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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Cyber Insurance Insurance Cyber Risk Cyber Attacks 77

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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Cyber Insurance Insurance Ransomware Cyber Attacks 74

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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Cyber Insurance Insurance Marketing Ransomware 84

Duo's Security Blog

OCTOBER 7, 2022

In this blog, we explain why it makes sense for these firms to work with managed service providers (MSPs) to help bolster their security posture and increase their chances of getting cyber liability insurance cover as insurers continue to raise the bar. Small business cyber insurance: Is it really needed?

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Small Business Cyber Insurance Insurance Cyber Risk 98

Joseph Steinberg

AUGUST 5, 2021

Understanding the difference between the two is also essential when seeking to obtain – and when acquiring – cyber-liability insurance. First-party cyber-liability risks refer to risks that directly endanger an organization. First-Party Risks And Coverage.

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Duo's Security Blog

FEBRUARY 4, 2025

With the rate that new threats emerge, it may come as no surprise that cyber liability insurance can be traced back to 1997. In its modern iteration, cyber liability insurance mitigates the losses and business costs associated with cyber incidents and resulting downtime. What would an insurer do?

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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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Cyber Attacks Cyber Insurance Risk Insurance 98

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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Cyber Attacks Cyber Insurance Insurance Cyber Risk 98

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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Cyber Insurance Marketing Insurance Risk 209

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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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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Cyber Attacks Cyber Insurance Insurance Advertising 106

Digital Shadows

NOVEMBER 26, 2024

The US, manufacturing sector, and professional, scientific, and technical services (PSTS) sector are primary targets amidst an overall increase in ransomware attacks. This is likely because threat actors perceive US-based organizations to be more financially capable of paying ransoms due to well-developed cyber insurance.

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Cyber Attacks Phishing Ransomware Cyber Insurance 59

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 Affairs

FEBRUARY 6, 2021

” WestRock confirmed that it has cyber insurance business interruption insurance. The Company maintains a variety of insurance policies, including cyber insurance and business interruption insurance. If you want to receive the weekly Security Affairs Newsletter for free subscribe here.

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Ransomware Insurance Cyber Insurance Technology 145

Security Boulevard

NOVEMBER 24, 2023

First published by HelpNetSecurity  — Matthew Rosenquist Cybersecurity insurance is a rapidly growing market, swelling from approximately $13B in 2022 to an estimated $84B in 2030 (26% CAGR), but insurers are struggling with quantifying the potential risks of offering this type of insurance. to 130.6%).

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Insurance Risk Cyber Insurance Cybersecurity 72

CyberSecurity Insiders

MAY 26, 2021

A team of experts from the cyber arm of Congress is busy studying the costs involved when the critical infrastructure is targeted by cyber attacks. The post Congress to review Federal Cyber Terrorism Risk Insurance Program appeared first on Cybersecurity Insiders.

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Security Affairs

JANUARY 14, 2019

Zurich American Insurance Company is refusing to refund its client because consider the attack as “an act of war” that is not covered by its policy. Considering that Mondelez International’s net revenues were $6.4bn in Q1, it is possible to quantify the overall economic impact of a cyber attack.

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Cyber Insurance Insurance Cyber Attacks Advertising 108

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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Duo's Security Blog

JUNE 9, 2022

From these conversations, it is clear cyber liability insurance is steadily rising to the top of the agenda, due to the sheer amount and scale of cyber-attacks hitting firms. So how do insurers get hold of that kind of insight? Here are my key takeaways.

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