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Cyber Insurance Costs Soaring: Is Your Organization Covered Enough?

SecureWorld News

In this digital battlefield, cyber insurance has emerged as a crucial shield, offering financial protection against data breaches, ransomware attacks, and other cyber incidents. This rapid ascent begs the question: what's driving the price hike, and are businesses fully prepared for the escalating cost of cyber defense?

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The Evolving Role of Cyber Insurance in Mitigating Ransomware Attacks

SecureWorld News

Ransomware attacks have become a significant threat to organizations of all kinds worldwide, with attackers encrypting data and demanding payment for its release. In this regard, many have touted cyber insurance as the knight in shining armor, the end all-be all in terms of mitigating criminals' assaults on your network.

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LW ROUNDTABLE: Compliance pressures intensify as new cybersecurity standards take hold

The Last Watchdog

Part three of a four-part series In 2024, global pressure on companies to implement advanced data protection measures intensified, with new standards in encryption and software transparency raising the bar. emphasizes governance, while the SEC mandates cyber risk reporting and incident disclosures.

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MSPs: Becoming the Trusted Cyber Insurance Advisor

Duo's Security Blog

In its modern iteration, cyber liability insurance mitigates the losses and business costs associated with cyber incidents and resulting downtime. CyberCube, a company specializing in quantifying cyber risk, estimates that the U.S. standalone cyber insurance market could reach $45 billion in premiums by 2034.

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Ransomware Attack Hits Carnival Cruise Corporation: What We Know

SecureWorld News

Hackers encrypted some files. Here is Carnival Corporation's ransomware and cyber incident statement, in full: On August 15, 2020, Carnival Corporation and Carnival plc (together, the "Company," "we," "us," or "our") detected a ransomware attack that accessed and encrypted a portion of one brand’s information technology systems.

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Higher Ed Ransomware Attack: University Pays Hackers $450,000

SecureWorld News

The University had servers encrypted but restored the systems and the access from backups. Why pay if you have restored access to your encrypted system, the way the University of Utah was able to do? It had cyber insurance: "The university’s cyber insurance policy paid part of the ransom, and the university covered the remainder.

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Healthcare Cybersecurity Market Soars: Key Trends and Insights

SecureWorld News

Attackers are not only encrypting data but also engaging in "double extortion," stealing sensitive patient information to demand higher ransoms. Regulatory and compliance pressures: Regulators have taken note of healthcare's cyber risks, and new rules are forcing the issue.