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Chief Financial Officers aka CFOs are ignoring billions of dollars loss incurred through cyberrisks and threats, says a survey. So, as to understand the investment strategies, expenditure and risks involved in evading budget allotment to cyber incidents. So, how CFOs should respond to such situations?
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.
Is it fair to judge an organization’s informationsecurity posture simply by looking at its Internet-facing assets for weaknesses commonly sought after and exploited by attackers, such as outdated software or accidentally exposed data and devices? the security posture of vendor partners). How useful is such a score?
When security fails, cyberinsurance 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 cyberriskinsurance.
In a report released May 20, the Government Accountability Office looked at how the private cybersecurity insurance market has developed over the past five yearsRich Baich is global chief informationsecurity officer for insurance giant AIG. Photo by Spencer Platt/Getty Images).
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.
CINCINNATI–( BUSINESS WIRE )–Great American Insurance Group recently launched EagleEye? According to Betty Shepherd, Divisional Senior Vice President, Great American CyberRisk, EagleEye is a valuable loss prevention tool for insureds. We jumped at the opportunity to build a compelling solution for insureds.
Organisations are coming under increasing pressure to take out cybersecurity insurance cover. Also known as cyberriskinsurance, it’s now a prerequisite in some public sector tenders. Does it carry out regular security audits or checks (ideally by a separate third party)?
One area where campuses have been collaborating recently are changes around cyber liability insurance for higher education, an opportunity for campus cybersecurity teams to combine forces with their risk management team. In a recent Duo blog post, we gave an overview of cyber liability insurance.
We talk to Bruce McDonnell of the East West Institute about how insurers are responding. Related Stories Episode 155: Disinformation is a Cyber Weapon and APTs warm to Mobile Malware Podcast Episode 117: Insurance Industry Confronts Silent CyberRisk, Converged Threats NotPetya Horror Story Highlights Need for Holistic Security.
The chief executive of insurance giant Zurich warns that cyber attacks, rather than natural catastrophes, will become uninsurable. Mario Greco, chief executive of insurer giant Zurich, has warned that cyber attacks will become soon “uninsurable.”.
Kip Boyle is the virtual Chief InformationSecurity Officer (vCISO) for several companies. He helps senior decision makers overcome cybersecurity sales objections and manages unlimited cyberrisks through rigorous prioritization. A : I own a small business called CyberRisk Opportunities LLC.
The Group’s insurance coverage for cyberrisks totals €30 million.” .” “The remediation and differing levels of unavailability of the various systems since 21 October is expected to have a gross negative impact on the operating margin of between €40 million and €50 million. ” the company added.
Security researcher and pentester Vinny Troia tells SecureWorld that although some hackers love making headlines and the notoriety of it all, most have a very specific motivation for their attacks: "Money, money. Ransomware attacks: another argument for cyberinsurance? And number one is cyberinsurance.
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.
If you are responsible for IT security in the financial services industry, you may have been asked by a regulator to disclose details on your company’s preparedness for cyber-attacks. NopSec has received requests for help from customers at banks, credit unions, and insurance.
For the last eight-plus years, I've been working as a fractional Chief InformationSecurity Officer (CISO). Before that, I worked as a full-time CISO for an insurance company for seven years. Most people just sign the data security addendum with only a casual glance and then hope for the best. Here's the first example.
Integrating CyberRisk into Business Risk Decisions Cybersecurity failures are now business risks that CEOs and Boards must own. Many regulatory bodies, insurance providers, business partners, and customers take cybersecurity very seriously and now hold the CEO and Board accountable. Times change.
Chief InformationSecurity Officers (CISO) have the luxury of being an incredibly hot commodity, so they can pretty much pick and choose where they work, as they are almost guaranteed to have a job waiting for them somewhere. And this is increasing cyberrisk. In hopes of defending against attacks like these, Gov.
Case in Point : In 2019, First American Title Insurance Company experienced a significant data exposure incident, revealing sensitive customer documents due to a vulnerability in their document-sharing application. New Risk Assessment Standards New updates mandate independent third-party risk assessments.
Security executives: CISOs, business informationsecurity officers (BISOs) and other security executives require accurate risk posture assessment to improve investment decisions, make decisions about insurability, meet regulatory and compliance requirements and drive organizational improvement.
These vendors drilled down on “governance and attestation,” coming up with advanced ways to enable companies to monitor and report cyberrisk profiles to government and industry auditors. Governance and attestation quickly became a very big deal.
In this Spotlight podcast* we’re joined by Andrew Jaquith, the CISO at QOMPLX to talk about how the COVID pandemic is highlighting longstanding problems with cyberrisk management and cyber resilience. Andy Jaquith is the Chief InformationSecurity Officer at QOMPLX Inc. Read the whole entry. »
In just a few years, cyber has transformed from the nerd in the corner into the Kim Kardashian of risk. businesses can be built on, and destroyed by, cyberrisk. Ask your cyber exec to explain the threats facing the organisation. Your HR, IT and security teams should work together on this?—?discuss
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.
If you are a CISO today who is not getting face time with the board, look at this as an opportunity to continue to press for the need to discuss the current state and cyberrisks currently being faced by the company. What about providing D&O (directors and officers liability) insurance to CISOs? That's not addressed either."
They emphasize regulatory risks and compliance requirements. CyberRisk Register Template Cyberrisk templates, or informationsecurityrisk register templates focus on managing risks related to informationsecurity and cyber threats, helping organizations protect digital assets and respond effectively to incidents.
For a solid rundown of what the updates mean, check out this SecureWorld article from Kip Boyle , vCISO, CyberRisk Opportunities LLC. Defending and Investigating Advanced Intrusions on Secure Email Gateways" at SecureWorld Dallas on Oct. 19, Detroit on Sept. 8 (day 1 of the 2-day conference).
However, this is not just another nameless, faceless piece of litigation; this one specifically names the company's Chief InformationSecurity Officer. A group of investors filed the suit which specifically calls out SolarWinds, its former CEO, and also Tim Brown, who is VP of Security and CISO.
Organizations increasingly turn to automated, integrated, and AI-powered solutions to enhance their cyberrisk management capabilities. These technologies offer a more comprehensive view of an organization’s risk posture, allowing for faster, more informed decision-making.
Informationsecurity products , services, and professionals have never been in higher demand, making for a world of opportunities for cybersecurity startups. With robust encryption policies, Evervault can help reduce insurance premiums and offers PCI-DSS and HIPAA compliance automation. Cowbell Cyber.
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It is vital for any enterprise landscape to ensure viable, open, and reliable corporate communications – fostering innovation and economic prosperity, with respect to safeguarding against disruption and serious cyberrisk perception. What are the benefits of cybersecurity awareness trainings?
Over half of AwareGO’s customers come from industries that are number one targets for cybersecurity attacks, including finance and insurance as well as manufacturing and energy. Monthly active users grew by 200% and monthly recurring revenue grew by 116%. About AwareGO.
The Cloud is changing, and cloud security solutions must evolve to keep the pace. In this article we will explore how to anticipate the unexpected emerging cyberrisks and establish proactive cyber-resilience for effective IT operations and business continuity. Who is managing those processes?
It applies to financial entities such as banks, insurance companies, investment firms, and crypto-asset service providers. DORA sets clear standards, norms, and guidelines to guide financial organizations in managing IT and cyberrisks. National competent authorities will oversee and enforce compliance where necessary.
While both HITRUST and HIPAA have substantial relevance in ensuring data security in the healthcare sector, they are very different standards. HIPAA, or the Health Insurance Portability and Accountability Act of 1996, is a federal law, whereas HITRUST is a comprehensive control framework. HITRUST vs. HIPAA: What Sets Them Apart?
He explained that entities frequently consider the security of medical devices as an issue that exists – but primarily for other providers and that it’s less likely to occur within their environment. As the former chief informationsecurity officer of Boston Medical Center, Sehgal has seen a shift in the focus hospitals place on security.
Mo Wehbi, VP, InformationSecurity & PMO, Penske Automotive Group: The Good and the Bad "The Good: Widespread Adoption of AI and Machine Learning for Threat Detection: AI will become more sophisticated and integral in identifying threats in real-time, reducing response times and mitigating risks faster than ever before. 'The
As demand for cyberriskinsurance increases, two recent developments could have policyholders scrambling to check their cover. In the United States, a judge dismissed a claim against an insurance company that refused to pay extra for losses due to business email compromise. And the cyberinsurance market keeps growing.
The Internet Security Alliance ( ISA ) is a trade association and think tank whose members include prominent corporations in a wide cross section of industries. In February, ISA, in partnership with the National Association of Corporate Directors ( NACD ), published the 2020 edition of their Cyber-Risk Oversight Handbook for Corporate Boards.
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