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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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. But what, in practice, do they mean – and how are the two intertwined?

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Malwarebytes

JULY 10, 2022

So, your business has just suffered a data breach and it’s time to dig deep in your pockets to pay all the resulting expenses. Without cyber insurance , you can expect to pay a dizzying amount of cash. Here are four ways your business can save money on its insurance. How is cyber insurance priced?

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Cyber Insurance Insurance Data breaches Phishing 105

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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Cyber Insurance Insurance Ransomware Cybersecurity 137

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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Cyber Insurance Insurance Ransomware Marketing 136

Security Boulevard

OCTOBER 1, 2022

The list of companies that have experienced data breaches in 2022 continues to grow, including Meta, Samsung, Twilio, Twitter, Uber and more. If these companies – with their large, dedicated cybersecurity teams – are vulnerable, so is every other company. The post Preparing for Cyber Insurance?

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Cyber Insurance Insurance Data breaches Marketing 111

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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Cyber Insurance Insurance Cyber Attacks Ransomware 129

Hacker's King

DECEMBER 24, 2024

As the digital landscape evolves, cybersecurity remains a critical concern for businesses, governments, and individuals alike. With the advent of new technologies and rising cyber threats , 2025 promises significant shifts in the cybersecurity domain. YOU MAY ALSO WANT TO READ ABOUT: Can Cybersecurity Make You a Millionaire?

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CyberSecurity Insiders

MAY 1, 2023

This legal turn is supported by a study conducted by BakerHostetler, which confirms that lawsuits against companies that suffer data breaches are becoming more common and may increase by the end of this year. Now the big question: Is there any benefit in filing a lawsuit against the technology service provider for a data breach?

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Data breaches Cyber Insurance Insurance Technology 138

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 Insurance Hacking Ransomware 128

CSO Magazine

JUNE 14, 2023

With an ever-increasing number of cybersecurity threats and attacks, companies are becoming motivated to protect their businesses and customer data both technically and financially. The global cyber insurance market was valued at $13.33 million — more than twice the global average of $4.35 billion in 2023 to $84.62

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Insurance Data breaches Cyber Insurance Marketing 121

CyberSecurity Insiders

NOVEMBER 15, 2022

Cyber Insurance premiums are becoming dearer and the reason for such a rise is claimed to be sophistication in attacks that are making mitigation and recovery expensive. Most companies are showing laxity in following basic cyber security hygiene, leading to a surge in cyber-attacks and data breaches.

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Cyber Insurance Insurance Marketing Ransomware 84

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

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 Cyber Attacks 77

The Hacker News

APRIL 10, 2023

With the increasing use of technology in our daily lives, cybercrime is on the rise, as evidenced by the fact that cyberattacks caused 92% of all data breaches in the first quarter of 2022. Staying current with cybersecurity trends and laws is crucial to combat these threats, which can significantly impact business development

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Cyber Insurance Insurance Cybersecurity Data breaches 99

Adam Levin

AUGUST 26, 2019

The data breach of Capital One was big news, but it was also a familiar story: a major financial company with the budget and means to secure its data didn’t bother to do so, and the personal information of over a hundred million of its customers and applicants was exposed. Cloudy with a Chance of Client Error.

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Data breaches Cyber Insurance Hacking Insurance 142

Security Boulevard

NOVEMBER 23, 2022

As organizations around the globe grapple with the consequences of data breaches, MSSPs have a unique opportunity to help their clients build and manage mature security programs and employ other necessary protections to keep their businesses safe.

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Cyber Insurance Insurance Data breaches Risk 69

Duo's Security Blog

OCTOBER 7, 2022

Small business cyber insurance: Is it really needed? However, according to Security Magazine , 43% of all cyberattacks target small businesses, and 60% of all small business victims of a data breach permanently close their doors within six months of the attack.

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Small Business Cyber Insurance Insurance Cyber Risk 98

SC Magazine

FEBRUARY 8, 2021

Every time a driver buckles up or an airbag is deployed we see the powerful influence of the insurance companies who insisted those measures become mandatory. Now, those insurers are poised to drive cybersecurity investment by insisting that organizations meet certain criteria to qualify for coverage. A maturing model.

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Insurance Cybersecurity Cyber Insurance Government 126

Duo's Security Blog

MAY 23, 2022

Cyber incidents rose 35% in 2020 with data breaches costing businesses an average of $4.24 million per year , resulting in cyber insurance premiums jumping up by 50-100%. No doubt, cyber insurance is a hot topic right now. It is now: how much of this insurance should you buy? Do you need it?

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Insurance Cyber Insurance Data breaches Backups 105

SC Magazine

JULY 13, 2021

million patients have been impacted by a health care data breach so far in 2021, a whopping 185% increase from the same time period last year where just 7.9 The attacks on our nation’s critical infrastructures, which includes our hospital systems, has resulted in government agencies showing a renewed focus on cybersecurity.”.

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Data breaches Insurance Healthcare Education 113

Cytelligence

OCTOBER 18, 2023

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. However, there is a powerful and cost-effective tool that businesses can utilize to reduce their cyber insurance costs: strong passwords.

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Security Boulevard

JUNE 29, 2022

According to Accenture , more than 68 percent of business leaders feel their cybersecurity risks are increasing. That’s no surprise really, especially when considering that data breaches exposed some 36 billion records in the first half of 2020 alone.

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Cyber Insurance Insurance Data breaches Risk 52

SecureList

NOVEMBER 9, 2022

Every year, Kaspersky experts prepare forecasts for different industries, helping them to build a strong defense against any cybersecurity threats they might face in the foreseeable future. While supply-chain is a big challenge for business right now, its cybersecurity is not merely an issue, it’s a major problem.

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Webroot

JULY 25, 2022

Here are some of the key trends which we observed at this year’s first marquee cybersecurity event post-pandemic: 1. Most customers alluded to the cybersecurity skills shortage; one of the key market drivers remains a “managed” component tailored to organizations’ response capabilities. Cyber insurance becomes mainstream discussion.

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Cyber Insurance Insurance Marketing Ransomware 136

CSO Magazine

JANUARY 24, 2023

US financial institutions see peer-to-peer fraud and other digital fraud as the biggest cybersecurity concern in 2023. CSI), followed by data breaches (23%), ransomware (20%) and a breach at a third party (15%). It was cited by 29% of respondents in a survey by Computer Systems Inc.

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Cyber threats Identity Theft Cyber Insurance Insurance 111

Joseph Steinberg

AUGUST 5, 2021

One of the important concepts about which people must be aware when evaluating their cybersecurity postures and related liabilities, but which, for some reason, many folks seem to be unaware, is the difference between first-party risks and third-party risks.

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SecureWorld News

JANUARY 31, 2024

Frequently, the liability associated with slip-and-falls is pushed up to the owner—and within that same upstream push, so goes privacy and data breach liability. All stakeholders, including insurers, need to understand whose cyber insurance policy responds to an incident.

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Risk Cyber Insurance Insurance Data breaches 103

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.

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Insurance Risk Cyber Insurance Cybersecurity 72

Krebs on Security

JULY 24, 2018

Following the 2016 breach, National Bank hired cybersecurity forensics firm Foregenix to investigate. “While it is fairly easy to write a policy around data breach liability, when it comes to actual intrusions and managing intrusions, it’s a wild wild west,” she said. ” .” ” .

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Hacker Combat

JULY 31, 2020

With that in mind, let’s take a look at some cybersecurity best practices for SMB IT. Sure, this might sound like something that doesn’t need to be said, but a surprising number of data breaches occur because people neglect to treat security as a priority. Carry Cyber Insurance. Take It Seriously.

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Security Affairs

JUNE 5, 2020

. “Just like previous data leaks, the Cyble Research Team has also identified and verified this data leak.” “As per our researchers, this data leak includes the company’s cyber insurance documents, various contract calculations worksheets, NASA give review rules, and much more.”

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Engineering Ransomware Cyber Insurance Advertising 145

SecureWorld News

MARCH 28, 2024

Department of Treasury on March 27th released a report titled "Managing Artificial Intelligence-Specific Cybersecurity Risks in the Financial Services Sector." The report highlights the growing concern around artificial intelligence (AI) and its potential to introduce new cybersecurity threats to the financial industry.

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Risk Artificial Intelligence Cybersecurity Financial Services 103

Adam Levin

JUNE 30, 2020

For instance, 71 percent of respondents said companies shouldn’t pay ransoms to hackers, but 55 percent wanted businesses to pay a ransom if their own personal data was at risk. Preventing data breaches and implementing adequate cybersecurity safeguards was a daunting assignment even before the Covid-19 pandemic.

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Security Affairs

MAY 1, 2020

“The Cyble Research Team has verified this press release in which the ransomware operators state that they executed this data breach to alert people about the poor security measures being installed by these big financial institutions. ” reads a post published by Cyble.

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Malwarebytes

JANUARY 26, 2022

Due to the evolving and growing impact of cybersecurity incidents there are some questions starting to arise about the way that insurance companies deal with the costs that are the results of such incidents. But cyber insurance comes in different flavors and sizes. Pharmaceutical giant Merck & Co. Lloyd’s of London.

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SecureWorld News

AUGUST 23, 2023

This morning, Critical Start released its first ever Cyber Risk Landscape Peer Report , which explores some of the major concerns and challenges currently confronting cybersecurity leaders as they manage risk within their organizations. Here are some comments on the cyber risk landscape from cybersecurity vendor experts.

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