IT Security Guru

FEBRUARY 28, 2023

Cyber insurers are losing money. Their loss ratios – total claims plus the insurer’s costs, divided by total premiums earned – are now consistently above 60%, which presents something of an existential threat to the insurance industry, making cyber risk a potentially uninsurable area due to falling profitability.

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Cyber Insurance Insurance Marketing Cyber Risk 130

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.

Cyber Insurance 143

Cyber Insurance Insurance Small Business Marketing 143

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.

Cyber Insurance 90

Cyber Insurance Insurance Cyber Attacks Risk 90

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

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.

Cyber Insurance 100

Cyber Insurance Insurance Risk Technology 100

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. ·

Cyber Insurance 111

Cyber Insurance Insurance Cyber Risk Financial Services 111

CyberSecurity Insiders

FEBRUARY 4, 2021

An analysis by the Risk Based Security data related to millions of customers might have accessed by hackers from a MySQL Databases exposing around 91 sensitive database, accounting to 22GB. The post Data of US Car company leaked in a Cyber Attack appeared first on Cybersecurity Insiders.

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Cyber Attacks Insurance Scams Accountability 142

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.

Insurance 73

Insurance Cyber Attacks Cyber Insurance Marketing 73

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

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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Cyber Insurance Insurance Risk CISO 100

CyberSecurity Insiders

SEPTEMBER 13, 2022

Chief Financial Officers aka CFOs are ignoring billions of dollars loss incurred through cyber risks and threats, says a survey. 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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Cyber Risk Risk Cyber Insurance Insurance 131

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

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

The Last Watchdog

AUGUST 12, 2019

From Atlanta to Baltimore to school districts in Louisiana, cyber criminals have launched a wave of ransomware attacks on governments across the country. A 2018 study by the Ponemon Institute showed that 67 percent of SMBs experienced a cyber attack. It is not of a matter of “if” but “when.”

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Cyber Attacks Small Business Government Insurance 147

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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Insurance Risk Cyber Insurance Cyber Attacks 78

Schneier on Security

MARCH 26, 2020

Interesting article discussing cyber-warranties, and whether they are an effective way to transfer risk (as envisioned by Ackerlof's "market for lemons") or a marketing trick. Our preliminary analysis suggests the majority of cyber warranties cover the cost of repairing the device alone.

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Cyber Insurance Marketing Insurance Risk 197

CyberSecurity Insiders

SEPTEMBER 12, 2022

Currently, there is zero evidence that the data has been misused or compromised and claimed that the info of its 2030 employees was safe and risk free. If in case a breach occurs, businesses should notify victims of what type of data was exposed, risks involved and actions taken to help prevent and mitigate the risks from the company side.

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Data breaches Cyber Attacks Identity Theft Banking 114

Security Boulevard

AUGUST 30, 2022

Lloyd's Backs Off Insurance for State-Sponsored Cyberattacks. Cyber related businesses are ‘evolving risk’. issued a market bulletin dated August 16, 2022 setting out new rules for standalone cyber-attack policies that would exclude coverage for damages from state-sponsored attacks. brooke.crothers.

Insurance 95

Insurance Cyber Attacks Government Marketing 95

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

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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Cyber Insurance Insurance Data breaches Phishing 95

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 Authentication 77

Security Affairs

NOVEMBER 6, 2018

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?

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Insurance Cryptocurrency Cyber threats Marketing 96

eSecurity Planet

FEBRUARY 11, 2022

Risk management is a concept that has been around as long as companies have had assets to protect. The simplest example may be insurance. Life, health, auto, and other insurance are all designed to help a person protect against losses. What is Cybersecurity Risk Management? Setting Up Your Risk Management System.

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Risk Cybersecurity Encryption Technology 130

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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Cyber Insurance Insurance Data breaches Cyber Attacks 74

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. A company’s loss of control over its business practices may lead to various risks, which cybercrim­inals quickly exploit. Until next week, John.

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Cyber Attacks Artificial Intelligence Education Cyber Insurance 110

The Last Watchdog

JUNE 2, 2022

Third-Party Risk Management ( TPRM ) has been around since the mid-1990s – and has become something of an auditing nightmare. Related: A call to share risk assessments. This is because third-party risk has become a huge problem for enterprises in the digital age. Cyber risks profiling. Cyber hygiene boost.

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Cyber Risk Risk Digital transformation Insurance 266

Security Boulevard

AUGUST 9, 2021

In the face of mounting cyber attacks, many organizations look to mitigate their risk through insurance. But what is cyber liability insurance exactly? The post What Is Cyber Liability Insurance? The post What Is Cyber Liability Insurance? appeared first on JumpCloud.

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Insurance Cyber Attacks Risk Government 59

Security Boulevard

MAY 11, 2022

Cyber-attacks are becoming more sophisticated and devastating, especially for small and medium enterprises (SMEs). With ransom demands rising and the cost of data breaches soaring, businesses are investing heavily in building their cyber defenses. However, cybersecurity is not bullet-proof.

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Cyber Risk Insurance Authentication Risk 52

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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Cyber Insurance Insurance Passwords Cyber Attacks 64

Security Boulevard

AUGUST 31, 2021

Organizations around the world must fulfill an increasing number of regulatory requirements including NIST, Sarbanes-Oxley Act (SOX), Health Insurance Portability and Accountability Act (HIPAA), Payment Card Industry Data Security Standard (PCI-DSS) and General Data Protection Regulation (GDPR) as well as federal and state data breach laws.

Risk 114

Risk Data breaches Healthcare Financial Services 114

SecureWorld News

DECEMBER 5, 2023

The NCUA regulates and insures these financial orgs. 'I I can confirm that approximately 60 credit unions are currently experiencing some level of outage due to a ransomware attack at a third-party service provider,' the NCUA spokesperson said. federal agency.

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Cyber Attacks Insurance Ransomware Cybersecurity 102

SecureWorld News

DECEMBER 4, 2023

Fidelity National Financial (FNF), one of the largest title insurance providers in the United States, announced on November 21 that it fell victim to a sophisticated cyberattack. Disruptions to real estate transactions: Cyberattacks can disrupt real estate transactions, causing delays, cancellations, and title insurance claims.

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Cyber Attacks Insurance Ransomware Education 97

Security Affairs

NOVEMBER 14, 2022

Are the directors of a company hit by a cyberattack liable for negligence in failing to take steps to limit the risk. As the risk of a cyberattack grows, it is pivotal to consider whether the directors of a company hit by a ransomware attack, for example, can bear any liability for negligence in failing to take steps to limit the risk.

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Cyber Risk Insurance Cyber Attacks Risk 143

Thales Cloud Protection & Licensing

AUGUST 3, 2021

Protecting Medical Data Against a Cyber-Attack Pandemic. Cyber criminals are always eager to take advantage of emergencies to further launch their nefarious actions. Besides dealing with the public health pandemic, healthcare providers must deal with another pandemic: cyber-attacks. An expanding attack surface.

Cyber Attacks 87

Cyber Attacks Healthcare IoT Encryption 87

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 55

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.

Cyber Insurance 57

Cyber Insurance Insurance Cyber Risk Marketing 57

Duo's Security Blog

APRIL 25, 2022

For as long as organizations have existed to grow crops, move goods or produce items there have been insurance firms to help these markets survive cyclical events. It’s been fascinating to see this most traditional of industries being thrust into the center of one of the most relevant business topics of our era — cybersecurity risk.

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Insurance Risk Marketing Authentication 74