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That’s where cyberinsurance may be able to help. According to the Ponemon Institute and IBM, the global average cost of a data breach is $4.24 But there’s a catch: Insurers are going to carefully assess your cybersecurity controls before writing any policy, and there are limits to coverage. million and climbing.
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.
However, we were most interested in seeing how Accenture articulated a particular business risk: the risk from a cyberattack. On page 34 of the report, Accenture dives into the risk that cyber poses to the business. L egal, reputational and financial risks? That's where the fine print comes in.
The development of cybersecurity insurance has played an important role in determining how companies prepare for and respond to ransomware attacks and the resulting fallout. That in itself has evolved, as insurers and insured learn just how expensive that fallout can be. The ransomware reality check for insurers.
And, ironically, while so many pundits continue to raise privacy concerns about “vaccine passports” – properly implemented passports would likely create far fewer privacy issues than we have already already created by our vaccine mismanagement.
In this episode of the podcast (#117), we go deep on one of the hottest sectors around: cyberinsurance. In the first segment, we talk with Thomas Harvey of the firm RMS about the problem of “silent cyber” risk to insurers and how better modeling of cyber incidents is helping to address that threat.
Plus, the EUs DORA cyber rules for banks go into effect. And get the latest on ransomware trends; CIS Benchmarks; and dataprivacy. Are we clear on who must be involved in assessing and mitigating AI adoption cyberrisks? Meanwhile, a report warns about overprivileged cloud accounts.
Third party cyberrisk is growing. In this Spotlight Podcast, a companion to our new eBook, Rethinking Third Party CyberRisk Management, we go deep on the topic of building a mature third party cyberrisk program with Dave Stapleton the Director of Assessment. Third party cyberrisk is growing.
The Cybersecurity and Infrastructure Security Agency (CISA) recently included security ratings or scoring as part of its cyberrisk reduction initiative. The Cybersecurity and Infrastructure Security Agency (CISA) recently included security ratings or scoring as part of its cyberrisk reduction initiative.
Data protection and privacy newsround: AI Act’s reach and very personal data Good news – maybe? – for anyone who’s been working in dataprivacy roles since 2018: you ain’t seen nothing yet. It’s a timely reminder of the ‘person’ in ‘personal data’.
Frequent SecureWorld speaker and PLUS Course instructor Shawn Tuma , Co-Chair of the DataPrivacy and Cybersecurity Practice at Spencer Fane, LLP, gives this commentary on the situation in Dallas: "This is a horrible event that will surely impact the lives of many people, and unfortunately it has become a fact of life in today's times.
There’s plenty of food for thought and perspective for anyone in security leadership or privacy roles in their organisations. We begin with a look at a contentious topic: cyberriskinsurance. The blog was inspired by the growing number of organisations coming under pressure to take out insurance cover.
Data backups. Cybersecurity preparedness/ insurance. With security risk assessments, the cybersecurity professionals within an organization can clearly see the efficiency of the organization’s controls, determine risk factors, come up with detailed plans and solutions, detect vulnerabilities and offer options to alleviate them.
Tuma often finds himself in the middle of ransomware incident response as Co-Chair of the DataPrivacy & Cybersecurity Practice at law firm Spencer Fane. Ransomware: one of your organization's top risks. Now, here is a crucial question: does your organization treat cyberrisk like it is business risk?
Mitigating Third-Party Risk: Mitigating third-party risk involves proactive steps to prevent, minimize, or transfer risks. This includes due diligence, contractual protections, ongoing monitoring, incident response planning, and considering insurance coverage. Insurance Coverage: Evaluate the need for insurance coverage.
Ethyca is compliance -focused as regulatory enforcement becomes an essential part of dataprivacy. With Ethyca, clients get a bundle of tools for privacy by design in the development process. The developer-friendly startup offers Relay to encrypt field-level data and codes to isolate and process code as needed.
Other buzz words and topics that are top of mind: Quantum computing; NIST standards; a patchwork of dataprivacy legislation and standards with hope for more consistency; foreign adversaries ramp up their efforts and the U.S. Criminals should be on high alert.they don't have all the advantages. Growing patchwork of U.S.
The proliferation of IoT devices and sensors will accelerate, allowing organisations to collect and leverage data for improved operational efficiency and real-time monitoring. CyberInsurance In 2024, the cyberinsurance landscape is expected to undergo significant changes.
In this blog, I’m exploring these changes, grouped under key categories that I’ve used in previous years, to help business leaders and cyberrisk owners better prepare for the evolving landscape. CyberInsuranceCyberinsurance will become an essential component of risk management strategies.
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