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

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 130

SecureWorld News

APRIL 29, 2022

Cyber insurance is a topic that many industry professionals have an opinion on. Some believe it should be a requirement for organizations to have in the event of a cyberattack, while others might prefer to rely on their security defenses and avoid paying a costly rate. cyber insurance rate changes.

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Cyber Insurance Insurance Cyber Risk Security Defenses 97

Joseph Steinberg

JULY 8, 2021

Somehow, however, when it comes to one of the most common and costly dangers to businesses, we, as a society, continue to dismiss the potential of catastrophic risks; a significant percentage of smaller business concerns are not only underinsured against cyberlosses, but, in many cases, carry no insurance at all.

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Insurance Cyber Insurance Cybersecurity Small Business 364

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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Cyber Insurance Insurance Ransomware Risk 111

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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Cyber Insurance Insurance Risk Technology 100

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

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

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 68

Duo's Security Blog

OCTOBER 7, 2022

In fact, a recent report by Howden Insurance Brokers states that the number of brokers reporting rising demand for cyber liability insurance coverage has risen by 89%, and the number of brokers reporting an increase in claims has risen by 72%. Small business cyber insurance: Is it really needed?

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Small Business Cyber Insurance Insurance Cyber Risk 98

CSO Magazine

FEBRUARY 21, 2023

But enterprise cybersecurity is a team sport involving multiple players—encompassing everything from technology vendors to cyber insurance providers and cyber defense platforms. Keep reading for our top takeaways from the event, and click here to watch the full webinar recording.

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SecureWorld News

SEPTEMBER 10, 2020

Trends of cyber insurance claims for 2020. Coalition, a cyber insurance company, recently released a report detailing the categories of cyber attacks as well as the cause behind the attacks for the first half of 2020. 4 key takeaways from cyber insurance industry report. Cyber insurance works.

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Cyber Insurance Insurance Ransomware Cyber Attacks 63

Security Boulevard

JUNE 7, 2023

For many companies, that means investing in security information and event management (SIEM). Is it the only answer to… The post How SIEM Helps With Cyber Insurance appeared first on LogRhythm. The post How SIEM Helps With Cyber Insurance appeared first on Security Boulevard.

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Cyber Insurance Insurance Network Security 59

Schneier on Security

MARCH 26, 2020

Worse still, buyers cannot compare across cyber-incident warranty contracts due to the diversity of obligations and exclusions. Ambiguous definitions of the buyer's obligations and excluded events create uncertainty over what is covered.

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Cyber Insurance Marketing Insurance Risk 212

Webroot

JULY 25, 2022

The first in-person event for RSA since the global pandemic had a slightly lower turnout than in years past (26,000 compared to 36,000 attendees). Here are some of the key trends which we observed at this year’s first marquee cybersecurity event post-pandemic: 1. Cyber insurance becomes mainstream discussion.

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Cyber Insurance Insurance Marketing Ransomware 136

Duo's Security Blog

MAY 23, 2022

Cyber liability insurance can be a lifeline in the event of a major incident or breach. 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%. Do you need it? How do you qualify for it?

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Insurance Cyber Insurance Data breaches Backups 105

Security Boulevard

FEBRUARY 24, 2021

Since the early 2000s, many companies have purchased cyber insurance to protect them when data is stolen, networks are breached, regulatory agencies levy fines, or other related incidents occur. In recent years, cyber insurance is also used to protect against increasingly popular ransomware events.

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Insurance Cyber Insurance Ransomware 96

Security Boulevard

MARCH 7, 2024

Originating from the conference’s events situated at the Anaheim Marriott ; and via the organizations YouTube channel. Woods, Rainer Böhme, Josephine Wolff, Daniel Schwarcz – Lessons Lost: Incident Response in the Age of Cyber Insurance and Breach Attorneys appeared first on Security Boulevard.

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Cyber Insurance Insurance Network Security 64

Security Boulevard

MARCH 3, 2021

In this part of the blog series on the connection between cybersecurity and insurance, we go through a real-life situation that demonstrates how insurance policies may or may not provide you the necessary coverage in the event of a cyber-attack. A Standalone Cyber Insurance Policy Isn’t Enough As discussed in our previous blog, a.

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Insurance Cyber Attacks Cyber Insurance Cybersecurity 105

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.

Insurance 113

Insurance Cyber Insurance Ransomware InfoSec 113

SecureWorld News

MARCH 17, 2025

The timing of the attack, just ahead of a major promotional event, appears designed to disrupt critical revenue streams and shake consumer confidence. Impact on operations and finances Digital sales represent roughly 15.5% of Krispy Kreme's revenue , making the online disruption particularly significant.

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Cyber Attacks Digital transformation Threat Detection Penetration Testing 103

SecureWorld News

DECEMBER 27, 2022

While claims due to natural catastrophes are expected to top $100 billion in 2022 -- as it did in 2021 -- losses due to cyber attacks continue to climb. Insurance underwriters have no choice but to try and limit exposure through providing less coverage or hiking up the cost of cyber insurance.

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Insurance Cyber Attacks Cyber Insurance Marketing 94

SecureWorld News

AUGUST 18, 2020

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. And number one is cyber insurance.

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Cyber Insurance Ransomware Insurance Technology 98

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

Webroot

AUGUST 19, 2024

Our new features include: Device Isolation: In the event of a threat, it’s crucial to prevent its spread across the network. Why these features matter These lightweight, yet powerful enhancements to your security toolkit are essential components that have the potential to aid in fulfilling cyber-insurance requirements.

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Cyber Insurance Insurance Cyber threats Cybersecurity 116

Adam Levin

JUNE 30, 2020

In the same survey, 35 percent thought CEOs should be fined for a cyber failure, and 30 percent wanted to see a CEO lose his or her right to run any company following a serious cyber event. Another 23 percent thought the CEO should face a prison sentence. What can CEOs do?

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Ransomware Insurance Cyber Insurance Manufacturing 186

SecureWorld News

JANUARY 31, 2024

While this is standard practice for addressing liability within the universe of real estate, deliberate and precise actions are required when negotiating cyber insurance coverage. 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 102

Security Affairs

FEBRUARY 8, 2024

Cyber Insurance: US cyber insurance premiums soared by 50% in 2022, reaching $7.2 Cyber Skills Gap: By 2025, there could be 3.5 million unfilled cyber security jobs, showing a big need for skilled professionals. Without any further ado, let’s have a look at the 7 most recent cyber security events.

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Social Engineering Cyber Attacks Cyber Insurance IoT 141

eSecurity Planet

OCTOBER 18, 2021

The legal complaint [PDF] notes that on July 9, 2019, the day it was hit by a ransomware attack, Springhill Memorial Hospital contended that the event had “not affected patient care.” ” Cyber Insurance No Longer Reliable. Also read: Cyber Insurers Pull Back Amid Increase in Cyber Attacks, Costs. .

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Ransomware Cyber Insurance Insurance Digital transformation 105

Krebs on Security

JULY 24, 2018

The second exclusion in the C&E rider negates coverage for “loss involving automated mechanical devices which, on behalf of the Insured, disburse Money, accept deposits, cash checks, drafts or similar Written instruments or make credit card loans.”. Everest National Insurance Company did not respond to requests for comment. .

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Banking Insurance Computers and Electronics Cyber Insurance 198

SC Magazine

FEBRUARY 8, 2021

The relationship between enterprises and insurers, like the cyber insurance market itself, is evolving. That’s quite the incentive for insurers to assert themselves in this market. Others factors will increase pressure on strengthening cybersecurity, too, as will unexpected events like, for instance, a global pandemic.

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Insurance Cybersecurity Cyber Insurance Government 126

Security Boulevard

AUGUST 22, 2022

Even with ransomware costing billions of dollars in losses and cyber insurance claims, organizations are still impacted beyond the checkbook. These attacks have driven the cost of cyber insurance premiums higher. Cyber insurance has become more critical to organizations to help offset the risk to the company.

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Cybersecurity Cyber Insurance Insurance CISO 98

Security Boulevard

MAY 12, 2022

Is The Cost Of Predictive Cyber Security Worth The Investment? Cybersecurity Events Becoming More Predictable ? Fraud investigation services related to any damaged related to a specific event. What Is Not Covered Under Cyber Insurance? Below is a list of adaptive controls needed for cyber insurance.

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Cyber Insurance Insurance Marketing Firewall 105

Webroot

JUNE 2, 2022

Leveraging this human security expertise, MDR integrates, synthesizes and contextualizes security and other event information to hunt for, understand and respond to security incidents. MDR services offer threat detection and response capabilities by augmenting cybersecurity tools with human security intelligence.

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Threat Detection Cyber Insurance Small Business Insurance 116

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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Software Ransomware Insurance Cyber Insurance 99

Security Boulevard

JULY 30, 2022

While enforcement of FERPA is left to the department of education, there is some sense of data accountability and disclosure of events. Should the organization release a statement to the public confirming the event in the timeline required by law? Should the organization deny the event publically as a possible distortion campaign?

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Cyber Attacks Artificial Intelligence Education Cyber Insurance 110

Joseph Steinberg

AUGUST 5, 2021

Interestingly, sometimes, the line between first-party damage and third-party damage can become blurred – especially if a business and its client have both been breached, and forensic analysis cannot conclusively establish either the sequence of events leading up to the breach and/or how the breach occurred. Which Do You Need?

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Insurance Risk Data breaches Artificial Intelligence 141