Major Cyber Insurance Overhaul Begins Now
Lohrman on Security
APRIL 9, 2023
From Lloyd’s of London to the new National Cybersecurity Strategy, the future of cyber insurance is evolving fast. What do you need to watch?
GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment
The Last Watchdog
JANUARY 20, 2020
To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities.
Cyber Insurance 
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CyberSecurity Is Not Enough: Businesses Must Insure Against Cyber Losses
Joseph Steinberg
JULY 8, 2021
Note: In an article that I am writing together with Mark Lynd, Head of Digital Business at NETSYNC, and that will appear on this website next week, we will discuss some of the important Considerations when purchasing cyber insurance.
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On Cybersecurity Insurance
Schneier on Security
SEPTEMBER 10, 2019
Good paper on cybersecurity insurance: both the history and the promise for the future. From the conclusion: Policy makers have long held high hopes for cyber insurance as a tool for improving security. Cyber insurance appears to be a weak form of governance at present.
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How Attorneys Are Harming Cybersecurity Incident Response
Schneier on Security
JUNE 7, 2023
New paper: “ Lessons Lost: Incident Response in the Age of Cyber Insurance and Breach Attorneys “: Abstract: Incident Response (IR) allows victim firms to detect, contain, and recover from security incidents. It should also help the wider community avoid similar attacks in the future.
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Are Cyber Insurers Cybersecurity’s New Enforcers?
Security Boulevard
NOVEMBER 12, 2021
The post Are Cyber Insurers Cybersecurity’s New Enforcers? That means cyberattacks targeting enterprises and individuals are happening at a rate of about one attack every few seconds. The average ransom payment made by a business to. appeared first on Security Boulevard.
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News Alert: QBE North America launches new cyber insurance program with Converge
The Last Watchdog
JULY 27, 2023
New York, NY, July 27, 2023 – QBE North America today announced the launch of a cyber insurance program with new MGA, Converge, acting as program administrator. The program will be broken down into two separate distribution structures, each with a distinct revenue focus and cyber security data access formation.
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Cyber Insurance: The Good, the Bad, and the Ugly
IT Security Guru
JUNE 28, 2022
The past decade has seen cybersecurity barge its way into the mainstream. 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. It didn’t take off.
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Insurance and Ransomware
Schneier on Security
JULY 1, 2021
Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. Although it is a societal problem, cyber insurers have received considerable criticism for facilitating ransom payments to cybercriminals.
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Four years after NotPetya, cyber insurance is still catching up
CSO Magazine
APRIL 21, 2021
Faced with increasing payouts and a likely storm of litigation around the recent SolarWinds and Microsoft Exchange server compromises, cyber insurers are facing an “existential battle” for their future, a leading cybersecurity researcher and privacy consultant has warned.
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Is it Time to Update Your Cyber Insurance Strategy?
Security Boulevard
FEBRUARY 11, 2021
In 2021, rethinking your cyber insurance strategy should be a top priority for CISOs and executive leadership. The elevated risk landscape is driving growing demand for cyber insurance: Nearly four out of five organizations. The post Is it Time to Update Your Cyber Insurance Strategy?
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Safeguarding Cyber Insurance Policies With Security Awareness Training
Security Boulevard
OCTOBER 31, 2024
With cybersecurity threats continuing to evolve at an accelerated pace, organizations need to ensure that their cyber insurance policies remain active at all times. The post Safeguarding Cyber Insurance Policies With Security Awareness Training appeared first on Security Boulevard.
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The future of cyber insurance
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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SMBs and Cyber Insurance – Third Certainty #27
Adam Levin
SEPTEMBER 7, 2020
With the average cost of a data breach exceeding three million dollars, cyber insurance has become a necessity for SMBs. The post SMBs and Cyber Insurance – Third Certainty #27 appeared first on Adam Levin. Find out more on the latest episode of Third Certainty with Adam Levin.
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Cyber War now excluded from Cyber Insurance
CyberSecurity Insiders
FEBRUARY 17, 2022
For all those companies who are planning to renew their cyber insurance policy or are in a procedure to take one, here’s a piece of information that might interest you. Most of the Cyber Insurance companies have excluded ‘Cyber War’ consequences from their policies. that’s insane….isn’t isn’t it? that’s insane….isn’t
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Cyber Insurance Premiums Decline as Businesses Boost Security Measures
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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Top 8 Cyber Insurance Companies for 2022
eSecurity Planet
APRIL 22, 2022
That’s where cyber insurance may be able to help. If your company has not already experienced a significant cybersecurity event, it is probably only a matter of time before it does. However, a good cyber insurance provider can also leverage their partnerships to help your company afford better security controls.
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The Cyber Insurance Landscape Has Grown More Complicated
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. Is it required?
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Cyber Insurance Costs Soaring: Is Your Organization Covered Enough?
SecureWorld News
JANUARY 11, 2024
Cybersecurity threats are a growing menace, wreaking havoc on businesses and individuals alike. In this digital battlefield, cyber insurance has emerged as a crucial shield, offering financial protection against data breaches, ransomware attacks, and other cyber incidents.
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Cyber insurance giant CNA hit by ransomware attack
Graham Cluley
MARCH 28, 2021
Insurance firm CNA Hardy says that it has suffered a “sophisticated cybersecurity attack” that has impacted its operations, including its email system.
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Buying cyber insurance in 2021? Expect greater scrutiny, higher premiums
CSO Magazine
APRIL 27, 2021
Organizations will face significant challenges in purchasing, renewing, and benefitting from cyber insurance policies this year as various factors drive the sector towards a stricter, more specialized position, global specialists in law, risk, and cybersecurity predict.
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Cyber Insurance Market Evolves as Threat Landscape Changes
Security Boulevard
JULY 24, 2024
Taking a risk-based approach to cyber risk and quantifying cyber risk empowers businesses to truly focus on mitigating the risks that really matter. The post Cyber Insurance Market Evolves as Threat Landscape Changes appeared first on Security Boulevard.
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Black Hat USA 2024: How cyber insurance is shaping cybersecurity strategies
We Live Security
AUGUST 8, 2024
Cyber insurance is not only a safety net, but it can also be a catalyst for advancing much-neededsecurity practices and standards.
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Scant evidence that cyber insurance boom is leading to better security
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. However, in practice, it is still yet to be seen if cyber insurance can fulfil this promise.”.
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The Evolving Role of Cyber Insurance in Mitigating Ransomware Attacks
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. Here, cyber insurance serves as an invaluable safety net by offering essential financial coverage and support services in the event of a ransomware attack occurring.
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The Seven Things You Need to Know About Cyber Insurance
Security Boulevard
JUNE 16, 2024
Cyber insurance and cybersecurity, when combined, can provide a powerful combination of protection and risk management. The post The Seven Things You Need to Know About Cyber Insurance appeared first on Security Boulevard.
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Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs
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.
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The Comprehensive Value of Investing in Both Cybersecurity and Cyber Insurance
Security Boulevard
MARCH 15, 2023
With ransomware attacks, social engineering, and data breaches at an all-time high, terms like “cybersecurity” and “cyber insurance” are being thrown around in conversation more than ever before. The post The Comprehensive Value of Investing in Both Cybersecurity and Cyber Insurance appeared first on Security Boulevard.
Are Cyber Attacks at Risk of Becoming 'Uninsurable'?
Lohrman on Security
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?
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New Cyber Insurance Guidelines for New York businesses
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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The Role of Security Frameworks in Determining Cyber Insurance Risks | Apptega
Security Boulevard
OCTOBER 13, 2021
Will NYDFS’s Cyber Insurance Framework Set a Precedent for the Cyber Insurance Industry? As ransomware attacks reach unprecedented numbers and the number of record exposures continues to skyrocket, an increasing number of organizations are at risk of attack—and the cyber insurance industry is taking note.
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Cyber Insurance Prices Continue to Rise
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.
4 ways businesses can save money on cyber insurance
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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Report: Cyber Insurance Not Driving Ransomware Market
SecureWorld News
AUGUST 1, 2023
One aspect of these cyberattacks that has been hotly debated is the role that cybersecurity insurance plays in these incidents. To better understand the relationship between insurance and ransomware, U.K.-based This widely-held belief has fueled debates in policy-making circles and cybersecurity discussions.
Cybersecurity Insurance Not Paying for NotPetya Losses
Schneier on Security
MARCH 8, 2019
This will complicate things: To complicate matters, having cyber insurance might not cover everyone's losses. Zurich American Insurance Company refused to pay out a $100 million claim from Mondelez, saying that since the U.S.
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The key considerations for cyber insurance: A pragmatic approach
We Live Security
SEPTEMBER 4, 2024
Would a more robust cybersecurity posture impact premium costs? These are some of the questions organizations should consider when reviewing their cyber insurance options Does the policy offer legal cover?
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Preparing for Cyber Insurance? 6 Questions to Ask Your IT Team Today
Security Boulevard
OCTOBER 1, 2022
If these companies – with their large, dedicated cybersecurity teams – are vulnerable, so is every other company. No wonder the cyber insurance market is expected to grow at a compound average rate of almost 25 percent […]. The post Preparing for Cyber Insurance? The post Preparing for Cyber Insurance?
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Policyholders may be the primary target in hack of cyber insurance provider CNA
SC Magazine
MARCH 24, 2021
Insurance firm CNA Financial, a prominent provider of cyber insurance, confirmed a cyberattack against its systems, which has some concerned that cybercriminals may target policyholders. Moreover, understanding the “scope of the incident, with the type and volume of data impacted, is paramount when a cyber incident occurs.
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Cyber Insurance and the Changing Global Risk Environment
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. If the technology were to become unavailable, the resulting business impact could be mitigated with cyber insurance.
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Organizations are Embracing Cyber Insurance, But It’s Not Easy: Survey
Security Boulevard
JANUARY 25, 2024
The growing number and sophistication of cyberattacks and the financial impact such incidents can have a company’s financial picture are driving more organizations to take out cybersecurity insurance, according to a survey from endpoint management firm Recast Software.
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Cyber attacks on Microsoft Exchange Email Servers could surge up cyber insurance claims
CyberSecurity Insiders
APRIL 1, 2021
CyberCube, a cyber analytics firm, claims that the rise in cyber-attacks on Microsoft servers could also increase cyber insurance claims filed by many companies. . The post Cyber attacks on Microsoft Exchange Email Servers could surge up cyber insurance claims appeared first on Cybersecurity Insiders.
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How Cyber Insurance Drives DevSecOps
Security Boulevard
FEBRUARY 9, 2022
By the end of 2021, SolarWinds had spent more than $40 million on response and repairs, according to an end of year analysis by Cybersecurity Dive. Insurers are aware that third-party software is being targeted, which is driving up insurance rates, says Rob Beeler, CTO and cofounder of Trava Security.
Major Cyber Insurance Overhaul Begins Now
Security Boulevard
APRIL 9, 2023
From Lloyd’s of London to the new National Cybersecurity Strategy, the future of cyber insurance is evolving fast. The post Major Cyber Insurance Overhaul Begins Now appeared first on Security Boulevard. What do you need to watch?
The MSP’s Role in Cyber Insurance
Security Boulevard
AUGUST 8, 2023
Prioritizing cyber insurance in a comprehensive information security program is a relatively new concept and navigating the process can be confusing. Even insurance companies sometimes have a hard time keeping up with the changing landscape. The post The MSP’s Role in Cyber Insurance appeared first on Security Boulevard.
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