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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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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Joseph Steinberg

AUGUST 5, 2021

While leveraging cyber-liability insurance has become an essential component of cyber-risk mitigation strategy, cyber-liability offerings are still relatively new, and, as a result, many parties seeking to obtain coverage are still unaware of many important factors requiring consideration when selecting a policy.

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IT Security Guru

JUNE 28, 2022

Enter cyber insurance. We insure almost everything – our homes, our cars, even our lives. At first glance, it seems odd that most businesses don’t insure against something as potentially devastating as cybercrime. Unfortunately, transferring traditional insurance models to the cyber-sphere isn’t an easy task.

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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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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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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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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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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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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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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. Can companies live without cyber insurance?

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eSecurity Planet

APRIL 22, 2022

That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks.

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SecureWorld News

JANUARY 11, 2024

In this digital battlefield, cyber insurance has emerged as a crucial shield, offering financial protection against data breaches, ransomware attacks, and other cyber incidents. This puts a strain on insurance companies, who are forced to adjust premiums to maintain solvency.

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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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We Live Security

JUNE 26, 2024

Why organizations of every size and industry should explore their cyber insurance options as a crucial component of their risk mitigation strategies

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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. Insurers Assessing Risks.

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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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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. Growing losses from ransomware attacks have…emphasized that the current reality is not sustainable for insurers either.

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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. On top of this, a significant 41% of victims opted to pay the ransom, which is a difficult decision that's fraught with its own respective complexities and risks.

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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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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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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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CSO Magazine

OCTOBER 21, 2021

Could such variations trigger changes in the cyber insurance market and, if so, how will they impact insurance carriers and organizations? Learn the 7 keys to better risk assessment. | Get the latest from CSO by signing up for our newsletters. ]. Shifting ransomware priorities impacting claim costs.

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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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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.

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Security Boulevard

MARCH 15, 2022

With the cyber threat landscape showing no sign of becoming less risky, many businesses want to transfer some of their risk to cyber insurance providers. In fact, by 2020, 78% of corporate risk managers bought some type of cyber insurance coverage for their company. The post What is Cyber Insurance?

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Schneier on Security

FEBRUARY 13, 2019

Zurich Insurance has refused to pay Mondelez International's claim of $100 million in damages from NotPetya. Those turning to cyber insurance to manage their exposure presently face significant uncertainties about its promise. Yet no cyber insurance policies cover this entire spectrum. Mondelez is suing.

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Security Boulevard

JULY 14, 2022

A survey of 400 global insurers finds the cyber insurance business “isn’t working for insurers, brokers or their customers.” The post Survey Shows Cyber Insurance Marketplace Badly Needs Risk Quantification appeared first on Security Boulevard.

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CSO Magazine

APRIL 20, 2023

Cyber insurance provider At-Bay has announced the launch of a new InsurSec solution to help small-to-mid sized businesses (SMBs) improve their security and risk management postures through their insurance policy. To read this article in full, please click here

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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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CSO Magazine

JUNE 2, 2021

I recently had to renew the cyber insurance policy for the office and it was interesting to see the evolution of questions asked over the years. At first, most of the cyber insurance questions involved basic computer security and merely checked to see if we had firewalls and antivirus and not much else.

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Digital Guardian

FEBRUARY 10, 2021

With the world in flux and cybercrime an increasingly pervasive threat, cyber insurance has seen rapid adoption. How can a cyber insurance plan be effective? NYDFS has released a new framework to help.

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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 RUSI's research challenges the notion that cyber insurance is a direct catalyst for ransomware.

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CSO Magazine

DECEMBER 6, 2022

As the frequency and severity of ransomware, phishing, and denial of service attacks has increased, so has demand for cyber insurance. billion in direct written premiums were recorded in 2021, a 61% increase over the prior year, according to an October 2022 memorandum from the National Association of Insurance Commissioners.

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Dark Reading

MAY 26, 2021

From limiting claims payments to tying payments to policyholders' actions, the cyber insurance industry is in "a very dynamic place right now," says Corvus Insurance CEO Phil Edmundson.

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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. (Antoine Taveneaux, CC BY-SA 3.0 link] , via Wikimedia Commons). Of course, the attackers aren’t necessarily limited to a ransomware strategy.

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Krebs on Security

OCTOBER 1, 2020

In addition, insurance providers often help facilitate the payments because the amount demanded ends up being less than what the insurer might have to pay to cover the cost of the affected business being sidelined for days or weeks at a time. jurisdiction) and making it a crime to transact with them.

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