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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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. As a result, it’s difficult to gauge how at risk an organisation is. It didn’t take off.

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Cyber Insurance Insurance Small Business Marketing 142

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

SecureWorld News

JANUARY 11, 2024

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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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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Cyber Insurance Insurance Cyber Risk Financial Services 111

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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eSecurity Planet

MAY 27, 2021

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. Insurers Assessing Risks.

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CSO Magazine

OCTOBER 21, 2021

Could such variations trigger changes in the cyber insurance market and, if so, how will they impact insurance carriers and organizations? Learn the 7 keys to better risk assessment. | Get the latest from CSO by signing up for our newsletters. ]. Shifting ransomware priorities impacting claim costs.

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Cyber Insurance Insurance Ransomware CSO 133

CSO Magazine

DECEMBER 1, 2021

Cyber insurance definition. Cyber insurance, also referred to as cyber risk insurance or cyber liability insurance coverage (CLIC), is a policy with an insurance carrier to mitigate risk exposure by offsetting costs involved with damages and recovery after a cyber-related security breach or similar event.

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Cyber Insurance Insurance CSO Cyber Risk 109

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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SecureWorld News

MARCH 20, 2024

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. On top of this, a significant 41% of victims opted to pay the ransom, which is a difficult decision that's fraught with its own respective complexities and risks.

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Cyber Insurance Insurance Ransomware Risk 102

CSO Magazine

FEBRUARY 20, 2023

With cyberattacks rising at an alarming rate around the world, cyber insurance has become an increasingly popular layer of protection for businesses across all sectors.

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Cyber Insurance Insurance Cyber Risk Risk 112

Security Boulevard

NOVEMBER 1, 2022

Solving distinctly separate challenges like cyber insurance, compliance and regulations, and visibility for the board is an overwhelming task, but what if you could solve these issues with a single solution? The post Cyber Risk Quantification: Three Key Use Cases appeared first on Axio.

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Cyber Risk Risk Cyber Insurance Insurance 86

SecureWorld News

JULY 2, 2024

Global cyber insurance premiums are declining despite an uptick in ransomware attacks, according to a recent report by insurance broker Howden. This trend reflects improved business security practices, evolving insurance industry dynamics, and changing attitudes toward cyber risk management.

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Cyber Insurance Insurance Cyber Risk Marketing 93

SecureWorld News

MAY 1, 2024

Department of the Treasury's Federal Insurance Office (FIO) announced a major new initiative this week to improve the insurance industry's capabilities around modeling and underwriting terrorism and catastrophic cyber risks.

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Cyber Risk Risk Insurance Cyber Insurance 99

eSecurity Planet

APRIL 22, 2022

That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks.

Cyber Insurance 110

Cyber Insurance Insurance Marketing Small Business 110

SecureWorld News

APRIL 29, 2022

Cyber insurance is a topic that many industry professionals have an opinion on. No matter what side of the debate you land on, one thing is certain: the cost of cyber insurance has been rising for years and will likely continue to do so. cyber insurance rate changes.

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Cyber Insurance Insurance Cyber Risk Security Defenses 89

SecureWorld News

NOVEMBER 3, 2023

Third, cyber risks are constantly evolving, and insurance companies may not be able to keep up. New threats are emerging all the time, and it can take time for insurance companies to update their policies. This means that there may be some cyber risks that are not covered by your policy.

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Insurance Cyber Risk Risk Cyber Insurance 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 Authentication 77

SC Magazine

MAY 24, 2021

Overall, insurance companies seem to be responding to increased demand from clients for cyber-specific insurance, and one survey found that the two things most likely to spur a purchase of cyber insurance are when a business experiences a cyber attack and when they hear about other companies being hit by a cyber attack.

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Cyber Insurance Insurance Marketing Cyber Risk 94

Krebs on Security

DECEMBER 12, 2018

For years, potential creditors have judged the relative risk of extending credit to consumers based in part on the applicant’s credit score — the most widely used being the score developed by FICO , previously known as Fair Isaac Corporation. Data accidentally released by FICO about the Cyber Risk Score for ExxonMobil.

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Cyber Risk Energy and Utilities Risk Marketing 224

Security Boulevard

OCTOBER 30, 2024

Cybersecurity is a leading concern for risk managers as AI-related cyber risks surge, and despite growing investments, many businesses still lack comprehensive cyber insurance, according to a Nationwide survey.

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SecureWorld News

OCTOBER 20, 2021

Cyberrisk is business risk. But how should we communicate this risk to the business, to clients, or to investors? Accenture annual report: risks we face from cyberattacks. However, we were most interested in seeing how Accenture articulated a particular business risk: the risk from a cyberattack.

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Cyber Risk Risk Insurance Cyber Insurance 86

Security Boulevard

JUNE 1, 2022

cyber insurance carriers in 2021 rose 92% year-over-year, largely in response to a surge in ransomware. Cyber risk insurers are also declining coverage to companies with substandard cybersecurity controls, as well as changing the fine print for sublimits to reduce coverage for types of losses one by one.

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Cyber Insurance Insurance Cyber Risk Risk 72

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 59

SecureWorld News

JANUARY 31, 2024

Cyber risk is an existential issue for companies of all sizes and in all industries. However, it also exposes companies to additional layers of risk. However, it also exposes companies to additional layers of risk. Real estate portfolios are uniquely exposed to cyber-physical damage risk?

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Risk Cyber Insurance Insurance Data breaches 91

Trend Micro

JANUARY 8, 2024

As the threat landscape evolves and the cost of data breaches increase, so will cyber insurance requirements from carriers. Cyber Risk Specialist Vince Kearns shares his 4 predictions for 2024.

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Cyber Insurance Insurance Cyber Risk Data breaches 52

SC Magazine

APRIL 19, 2021

AIG is one of the top cyber insurance companies in the U.S. Today’s columnist, Erin Kennealy of Guidewire Software, offers ways for security pros, the insurance industry and government regulators to come together so insurance companies can continue to offer insurance for ransomware. eflon CreativeCommons CC BY 2.0.

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Insurance Cyber Insurance Ransomware InfoSec 113

Joseph Steinberg

AUGUST 5, 2021

While leveraging cyber-liability insurance has become an essential component of cyber-risk mitigation strategy, cyber-liability offerings are still relatively new, and, as a result, many parties seeking to obtain coverage are still unaware of many important factors requiring consideration when selecting a policy.

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SC Magazine

APRIL 23, 2021

Richards argues that this rise has a dramatic impact on a company’s risk profile and one reason why security ratings scores are not always useful. And, because of this, cyber insurance companies using these scores rely on an inaccurate assessment of target-company risk. FBI CreativeCommons CC PDM 1.0. Usually not.

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CyberSecurity Insiders

DECEMBER 11, 2021

(NYSE: NET), the security, performance, and reliability company helping to build a better Internet, today announced it is partnering with leading cyber insurance companies to help businesses manage their risks online. As a result, some insurance companies have had to raise premiums to cover their costs.

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Cyber Insurance Insurance Cyber Risk Risk 52

SC Magazine

MAY 19, 2021

.” While ultimately driven by the bottom line, he still believed the approach to be “good for businesses as, through the insurance process, they will gain better visibility into their cyber risks and measures they can deploy to keep digital operations secure and compliant to data privacy regulations.”.

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Insurance Cyber Insurance Marketing Ransomware 102

Security Boulevard

DECEMBER 17, 2023

Articles related to cyber risk quantification, cyber risk management, and cyber resilience. The post Developing Industry Loss Curves for Cyber Insurance Using the Crimzon™ Framework | Kovrr Blog appeared first on Security Boulevard.

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Cyber Insurance Insurance Cyber Risk Risk 59

Security Boulevard

FEBRUARY 26, 2024

Why insurance matters when considering SEC cyber rule compliance We are still riding high on our recent win at the Cyber Insurance Awards Europe 2024. Axio was recently awarded Cyber Read More The post Making Companies Whole: The Impact of Cyber Insurance on Materiality appeared first on Axio.

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Cyber Insurance Insurance Cyber Risk Risk 64

Dark Reading

AUGUST 8, 2023

More-effective cyber-risk management controls can help bolster a company's policy worthiness. Start with these 10 tips to manage risk as underwriter requirements get more sophisticated.

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Security Boulevard

JANUARY 9, 2023

Cybersecurity budgets under pressure…regulators tightening risk disclosure rules.breakdown in the cyber insurance market. As 2022 ended, a series of trends lined up that will set the agenda in 2023 for cyber risk and security leaders.

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Cyber Risk Risk Cyber Insurance Insurance 52

Centraleyes

JUNE 6, 2024

Quantitative Risk models have long been applied in the financial and insurable risk fields and are now being used extensively in cybersecurity. Quantifying risk helps manage risk by breaking it down and expressing it mathematically. What is Cyber Risk Quantification? What is Cyber Risk Quantification?

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Cyber Risk Risk Cyber threats Insurance 52