Remove Cyber Insurance Remove Financial Services Remove Risk
article thumbnail

CyberSecurity Is Not Enough: Businesses Must Insure Against Cyber Losses

Joseph Steinberg

Ironically, while many larger enterprises purchase insurance to protect themselves against catastrophic levels of hacker-inflicted damages, smaller businesses – whose cyber-risks are far greater than those of their larger counterparts – rarely have adequate (or even any) coverage.

Insurance 364
article thumbnail

The Cyber Insurance Landscape Has Grown More Complicated

SecureWorld News

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?

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

New Cyber Insurance Guidelines for New York businesses

CyberSecurity Insiders

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. ·

article thumbnail

Top Cybersecurity Trends to Watch Out For in 2025

Centraleyes

Tools like ChatGPT and Bard, powered by large language models, showcase how generative AI transforms business processesbut they also pose new risks. In a recent survey, 93% of respondents admitted to knowingly increasing their companys cybersecurity risks. The challenge? Securing these AI models and the data they generate.

article thumbnail

New York issues cyber insurance framework as ransomware, SolarWinds costs mount

CSO Magazine

On February 4, 2021, New York became the first state in the nation to issue a cybersecurity insurance risk framework to all authorized property and casualty insurers. The framework applies to all property or casualty insurers that write cybersecurity insurance.

Insurance 106
article thumbnail

Ransomware: Number One Cyber Insurance Claim

SecureWorld News

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. These industries include consumer businesses, healthcare, and financial services.

article thumbnail

Cyber-Liability Insurance 101: First Party Vs. Third Party Risks

Joseph Steinberg

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. First-Party Risks And Coverage. Third-Party Risks And Coverage.

Insurance 141