CyberSecurity Insiders

FEBRUARY 21, 2023

But now a new file encrypting malware variant has emerged onto the block that demands ransom, based on the insurance cover. ransomware does so during negotiations and tries to find the exact amount to be covered with the cyber insurance and then demands ransom.

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Duo's Security Blog

FEBRUARY 4, 2025

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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CSO Magazine

MAY 15, 2023

Companies with cyber insurance are more likely to get hit by ransomware, more likely to be attacked multiple times, and more likely to pay ransoms, according to a recent survey of IT decision makers. To read this article in full, please click here

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Security Affairs

AUGUST 21, 2020

.” According to the University, the ransomware encrypted only 0.02% of the data stored on its servers. University of Utah officials explained that the university’s cyber insurance policy covered part of the ransom. ” continues the statement.

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eSecurity Planet

JULY 12, 2022

Screens then started to display a ransom demand, which said files had been encrypted by the NetWalker ransomware virus. Cyber Insurer Provides Help. As Spectra Logic had the foresight to take out cyber insurance , Chubb representatives were professional and helpful, according to Mendoza. The ransom demand was $3.6

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Security Affairs

MAY 1, 2020

The hackers claim to have compromised the Banco BCR’s network in August 2019, and had the opportunity to exfiltrate its information before encrypting the files. Maze Ransomware ransomware operators recently disclose other attacks against different organizations, including IT services giant Cognizant , and cyber insurer Chubb.

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CyberSecurity Insiders

JULY 29, 2022

Hive Ransomware group has reportedly locked down a school from digital access and is demanding £500,000 to free up data from encryption. Yes, what is being read is true as Wootton Upper School in Bedfordshire-part of Wootton Academy Trust was victimized by the file encrypting malware spreading gang and are adamant in their demand.

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SecureWorld News

AUGUST 18, 2020

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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SecureWorld News

AUGUST 21, 2020

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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SecureWorld News

MAY 9, 2023

While most of the payment was covered by insurance, County officials did not disclose the details of the remaining $600,000 paid to the hacker. On one hand, paying the ransom is a quick and easy way to regain access to encrypted files—albeit no guarantee. Should organizations be required to have cyber insurance?

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eSecurity Planet

OCTOBER 18, 2022

However, even with the best planning, organizations can find a few users, machines, or systems that were overlooked or whose backup may be corrupted or encrypted. First, call the cyber insurance company that issued the organization’s cybersecurity policy. How Does Ransomware Encryption Work?

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CyberSecurity Insiders

SEPTEMBER 21, 2021

But we never think or bother about the hidden/unexpected costs that a file encrypting malware attack brings with it. As soon as we hear or read about a ransomware attack on a company, we are in a state of mind that the business needs to pay only the ransom in order to avoid a loss to its data continuity on a permanent loss.

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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. Lloyd’s of London.

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CyberSecurity Insiders

APRIL 19, 2022

And that about 30% of them have sought cyber insurance as a cover to business loss, just in case another digital assault strikes them. Means, they are just interested in freeing up their data from encryption, instead of proactively investing on threat monitoring and detection tools.

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CyberSecurity Insiders

JANUARY 26, 2022

Merck was one of the company that was targeted by the said file encrypting malware gang. The pharmaceutical company thought that its cyber insurance will cover the incurred losses and so tried its best to recover from the consequences by diverting its annual budgetary funds for the damaged IT infrastructure.

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Malwarebytes

FEBRUARY 3, 2023

The video covers how ransomware made the leap from “just” encrypting your files to double- or even triple-threat ransomware. Keeping the enemy at the gate The video finishes with a run through some of the ways organisations can avoid the perils of ransomware, and the realisation that cyber insurance may not solve every problem.

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Security Affairs

FEBRUARY 21, 2023

For those who have cyber insurance against ransomware attacks. Insurance companies require you to keep your insurance information secret, this is to never pay the maximum amount specified in the contract or to pay nothing at all, disrupting negotiations. Very important! reads the ransom note.

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Webroot

SEPTEMBER 7, 2023

This is all happening while companies are spending trillions digitizing their business operations and trying to obtain secure cyber insurance while keeping up with regulatory changes in GDPR, HIPAA, and Sarbanes-Oxley. The best way to weather these challenges is to become a cyber resilient business.

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Thales Cloud Protection & Licensing

NOVEMBER 9, 2021

Shared responsibility is about controlling your own security – anything from data encryption to managing the encryption keys. Having full control and access to the encryption keys places more trust and confidence on leveraging the powers of the cloud. This is exactly why organizations like Thales and Google are working together.

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eSecurity Planet

OCTOBER 18, 2021

” Cyber Insurance No Longer Reliable. ” Crockett said unofficial numbers indicate that only about 10 percent of such cyber insurance claims are paid out. ” Crockett said unofficial numbers indicate that only about 10 percent of such cyber insurance claims are paid out.

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CyberSecurity Insiders

DECEMBER 29, 2022

In one of the strange decisions taken by Ohio Supreme Court over a previous judgement pronounced earlier by Ohio Second District Court, the law stated that there must be a direct physical loss or damage to a company in the event of a file encrypting malware disaster.

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eSecurity Planet

OCTOBER 5, 2021

We should encrypt data at rest. Paying for internal assessments and penetration tests by a third party can provide fresh thinking and a level of assurance for stakeholders such as customers, the board of directors, and the insurance company that wrote our cyber insurance policy. We should use multi-factor authentication.

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The Last Watchdog

OCTOBER 5, 2023

Byron: It’s gone from simple file encryption to multifaceted, multi-staged attacks that leverage Dark Web services, such as initial access brokers (IABs,) as well as make use of Living off the Land (LotL) embedded tools. Erin: Do you think cyber insurance should play a bigger role in companies’ cybersecurity strategies?

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Malwarebytes

MARCH 10, 2021

This quickly became a mess of arguments over paying the ransom , and the world of cyber insurance and whether it would actually insure against these types of attacks. Whereas typical ransomware attacks involve encryption of all available files. This time it’s personal.

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eSecurity Planet

MARCH 17, 2023

Managed Detection and Response Product Guide Top MDR Services and Solutions Encryption Full disk encryption, sometimes called whole disk encryption, is a data encryption approach for both hardware and software that involves encrypting all disk data, including system files and programs.

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Schneier on Security

FEBRUARY 28, 2024

One possible solution, touted by former Department of Homeland Security Secretary Michael Chertoff on a recent podcast , would be for the federal government to step in and help pay for these sorts of attacks by providing a cyber insurance backstop.

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CyberSecurity Insiders

JUNE 10, 2021

The meat processing business firm that is a subsidiary of Brazilian Firm JBS SA had to lose a day-long production of beef, lamb, pork, and chicken as a result of the file-encrypting malware attack.

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CyberSecurity Insiders

JUNE 24, 2021

The International Information System Security Certification Consortium (ISC)², has made an official announcement that its Professional Development Institute(PDI) Courses related to ransomware: Identity, protect, defend and recover will be available for free of cost until July 31st this year.

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Malwarebytes

SEPTEMBER 14, 2022

Machine-in-the-middle attacks : A good DNS filter uses DNS encryption, which secures the connection between your computer and the DNS resolver. Bonus: Cyber insurance. Without cyber insurance, you can expect to pay a dizzying amount of cash. Read more: 4 ways businesses can save money on cyber insurance.

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Hacker Combat

JULY 31, 2020

Carry Cyber Insurance. This makes carrying a cyber insurance policy with a reputable carrier a good idea. In addition to providing vital financial assistance in the wake of a data breach, cyber insurers scrutinize your security arrangements before agreeing to issue a policy. This must be addressed head-on.

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eSecurity Planet

APRIL 6, 2023

Ransomware is a type of malicious program, or malware, that encrypts files, documents and images on a computer or server so that users cannot access the data. These keys are available to the attacker, and the encryption can only be decrypted using a private key. How Does Ransomware Work?

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Security Boulevard

FEBRUARY 8, 2023

Click here to watch the roundtable and learn about the future of cyber insurance from leading experts. In partnership with Cysurance, BlastWave hosted a roundtable entitled “The Future of Cyber Insurance and MSP Insurability. The expert panelists held an honest discussion about insurability difficulties for MSPs.

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CyberSecurity Insiders

OCTOBER 26, 2022

While many equate ransomware with encrypted files and potential ransom payments, the consequences go even further in terms of the costs and requirements of an organization. From a budgetary standpoint, ransom payments and cyber insurance premiums have continued to rise over time. The Dangers of Ransomware Attacks.

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Thales Cloud Protection & Licensing

AUGUST 11, 2021

Too many businesses cannot continue their activities until they recover the data encrypted by ransomware. Many collaborative platforms can help you recover the data encrypted by ransomware. Your own systems may fail to process the encryption key. And do not forget about data encryption, both data in transit and static.

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SecureWorld News

DECEMBER 1, 2022

Endpoint encryption for all laptops. Cyber insurance (critical). Well documented policies and standards for employees (data handling). Enterprise endpoint protection and remediation (anti-malware, anti-virus software). Intrusion detection and response. And more (listen in for the full list). "I

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Malwarebytes

DECEMBER 20, 2022

The typical game plan is to encrypt files, and then threaten to leak files if their demands are not met. A little recovery time Don’t wait until ransomware is in your network and encrypting everything to ask if someone has a backup. Has it already been encrypted by your business to prevent network intruders taking a peek?

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CyberSecurity Insiders

OCTOBER 20, 2021

When trying to log on to their computers, users were getting a message saying the systems had been encrypted with Ransom.Robinhood ransomware. On the business side, the plan should address elements such as having a communication plan for the CISO, CIO and company executives as well as a risk management component that includes cyber insurance.

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