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When considering adding a cyberinsurance 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 cyberinsurance can help ensure compliance with these requirements. Can companies live without cyberinsurance?
We talk to Bruce McDonnell of the East West Institute about how insurers are responding. Related Stories Episode 155: Disinformation is a Cyber Weapon and APTs warm to Mobile Malware Podcast Episode 117: Insurance Industry Confronts Silent CyberRisk, Converged Threats NotPetya Horror Story Highlights Need for Holistic Security.
In this episode of the podcast (#117), we go deep on one of the hottest sectors around: cyberinsurance. In the first segment, we talk with Thomas Harvey of the firm RMS about the problem of “silent cyber” risk to insurers and how better modeling of cyber incidents is helping to address that threat.
“You literally cannot continue operations of a manufacturing plant or a pipeline if you don’t have the continuity of business to manage” the logistics, he said. “So So this was a failure of business operations, but it shows the fragility of certain industrial operations like manufacturing,” said Caltagirone.
The data supports a June Avanan report , which confirmed health care has been among the most targeted with phishing attacks during the first half of 2021, alongside the IT and manufacturing industries. Lastly, the report warns entities not to rely on cyberinsurance as the rates have skyrocketed in response to the rise in ransomware attacks.
The US, manufacturing sector, and professional, scientific, and technical services (PSTS) sector are primary targets amidst an overall increase in ransomware attacks. GreyMatter DRP generates alerts that are categorized by risk type and provides context that can allow organizations to take proactive remediation responses.
The US, manufacturing sector, and professional, scientific, and technical services (PSTS) sector are primary targets amidst an overall increase in ransomware attacks. GreyMatter DRP generates alerts that are categorized by risk type and provides context that can allow organizations to take proactive remediation responses.
The impact will be felt well beyond the involved countries of Canada, USA, Mexico, and China," said Kenrick Bagnall , Founder, KONCYBER & RB-Cyber Assurance; Royal Candian Mounted Police (RCMP) Contractor/Instructor; Toronto Police Service (Cybercrime Unit) (Ret.). " These tariffs will create real cyberrisks.
In this blog, I’m exploring these changes, grouped under key categories that I’ve used in previous years, to help business leaders and cyberrisk owners better prepare for the evolving landscape. CyberInsuranceCyberinsurance will become an essential component of risk management strategies.
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