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Lloyd’s excluding nation-state cyber attacks from Cyber Insurance

CyberSecurity Insiders

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 Insurers Pull Back Amid Increase in Cyber Attacks, Costs

eSecurity Planet

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.

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Cyber Insurance: The Good, the Bad, and the Ugly

IT Security Guru

A meteoric rise in attack rates during COVID-19 , major incidents such as the Colonial Pipeline attack, and an increasingly tense geopolitical landscape have all contributed to cybersecurity’s current position at the top of global news feeds. Enter cyber insurance. The story so far. It didn’t take off. The problems.

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Cyber Insurance and the Changing Global Risk Environment

Security Affairs

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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Checklist for Getting Cyber Insurance Coverage

Thales Cloud Protection & Licensing

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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Insurance company says it will no longer cover state funded Cyber Attacks

CyberSecurity Insiders

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. And the new rule applies to all companies operating in France, Japan, Russia, China, United States and United Kingdom.

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4 ways businesses can save money on cyber insurance

Malwarebytes

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.