IT Security Guru

FEBRUARY 28, 2023

Cyber insurers are losing money. Their loss ratios – total claims plus the insurer’s costs, divided by total premiums earned – are now consistently above 60%, which presents something of an existential threat to the insurance industry, making cyber risk a potentially uninsurable area due to falling profitability.

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Cyber Insurance Insurance Marketing Cyber Attacks 131

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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Cyber Insurance Insurance Cyber Risk Marketing 112

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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Cyber Insurance Insurance Cyber Risk Data breaches 122

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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Cyber Insurance Insurance Marketing Small Business 121

SC Magazine

MAY 19, 2021

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.

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Insurance Cyber Insurance Marketing Ransomware 102

SC Magazine

FEBRUARY 8, 2021

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.

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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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SecureWorld News

OCTOBER 20, 2021

However, we were most interested in seeing how Accenture articulated a particular business risk: the risk from a cyberattack. Especially because Accenture was hit with ransomware this year. On page 34 of the report, Accenture dives into the risk that cyber poses to the business.

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SC Magazine

MAY 24, 2021

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 information security officer for insurance giant AIG. Photo by Spencer Platt/Getty Images).

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Cyber Insurance Insurance Marketing Cyber Risk 94

Security Affairs

NOVEMBER 29, 2020

IT services provider Sopra Steria estimates that a recent ransomware attack will have a financial impact ranging between €40M and €50M. At the end of October, French IT outsourcer Sopra Steria has been hit by a ransomware attack. The Group’s insurance coverage for cyber risks totals €30 million.”

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Ransomware Insurance Cyber Risk Media 135

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

Duo's Security Blog

JUNE 9, 2022

From these conversations, it is clear cyber liability insurance is steadily rising to the top of the agenda, due to the sheer amount and scale of cyber-attacks hitting firms. As we discussed on the webinar, it's undoubtedly our common adversary, ransomware. So how do insurers get hold of that kind of insight?

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Insurance Marketing CISO Cyber Insurance 97

IT Security Guru

JUNE 17, 2024

Reports suggest annual revenues from ransomware attacks are already in the tens of billions, while some predict ransomware damage costs will exceed $265 billion by 2031. Reports suggest annual revenues from ransomware attacks are already in the tens of billions, while some predict ransomware damage costs will exceed $265 billion by 2031.

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SecureWorld News

AUGUST 25, 2021

Ransomware. Ransomware. Ransomware. What will our insurance cover? As ransomware attacks have spiked in the last year, a common theme for many organizations is that the attack was the result of failed cybersecurity. But in the world of emerging ransomware perspectives, some argue it could be more about bad luck.

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Ransomware Insurance Cyber Risk Cyber Insurance 98

BH Consulting

JUNE 22, 2021

Organisations are coming under increasing pressure to take out cybersecurity insurance cover. Also known as cyber risk insurance, it’s now a prerequisite in some public sector tenders. Sometimes, contracts or proposals ask suppliers for both cybersecurity insurance and documented security controls.

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Insurance Cybersecurity Cyber Insurance Cyber Risk 83

Duo's Security Blog

OCTOBER 18, 2021

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.

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Insurance Education Risk Cyber Insurance 97

Duo's Security Blog

DECEMBER 7, 2022

Much has been published about how the demand — and subsequent cost — for cyber liability insurance has skyrocketed in line with increasing incidents of cyberattacks. But what are the risks with this approach? Of course, insurance cover is not the only measure that can be taken.

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Insurance Cyber Insurance Ransomware Risk 98

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 72

Security Boulevard

JUNE 1, 2022

cyber insurance carriers in 2021 rose 92% year-over-year, largely in response to a surge in ransomware. Cyber risk insurers are also declining coverage to companies with substandard cybersecurity controls, as well as changing the fine print for sublimits to reduce coverage for types of losses one by one.

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Cyber Insurance Insurance Cyber Risk Risk 72

CyberSecurity Insiders

JANUARY 24, 2022

CINCINNATI–( BUSINESS WIRE )–Great American Insurance Group recently launched EagleEye? According to Betty Shepherd, Divisional Senior Vice President, Great American Cyber Risk, EagleEye is a valuable loss prevention tool for insureds. We jumped at the opportunity to build a compelling solution for insureds.

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Security Boulevard

NOVEMBER 24, 2023

First published by HelpNetSecurity  — Matthew Rosenquist Cybersecurity insurance is a rapidly growing market, swelling from approximately $13B in 2022 to an estimated $84B in 2030 (26% CAGR), but insurers are struggling with quantifying the potential risks of offering this type of insurance. to 130.6%).

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SecureWorld News

AUGUST 18, 2020

The Carnival Corporation, which has canceled cruises for months now as a result of COVID-19, says one of its cruise brands was hit with a ransomware cyberattack. What do we know about the Carnival Cruises ransomware attack? Ransomware attacks 2020: what do cybercrminals want? Hackers exfiltrated (removed) some data.

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Cyber Insurance Ransomware Insurance Technology 98

SecureWorld News

AUGUST 21, 2020

Now you can add a ransomware attack to the list of disruptions the University is juggling. What are details of the University of Utah ransomware attack? Hackers and cybercriminals have evolved the way they use ransomware in cyberattacks. The University just shared what happened, and when, regarding the cyberattack.

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Security Affairs

NOVEMBER 14, 2022

As the risk of a cyberattack grows, it is pivotal to consider whether the directors of a company hit by a ransomware attack, for example, can bear any liability for negligence in failing to take steps to limit the risk. The size of the cyber risk to companies cannot be underestimated.

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Cyber Risk Insurance Cyber Attacks Risk 142

Webroot

JULY 25, 2022

Cyber insurance becomes mainstream discussion. As cyberattacks have become more costly and more challenging to track, cyber insurance has gained prominence across the industry. The cyber insurance market is expected to reach around $20B by 2025.

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Cyber Insurance Insurance Marketing Ransomware 136

Thales Cloud Protection & Licensing

JULY 4, 2022

How Cybersecurity Insurance Can Work To Help An Organization. For many years, organizations had limited options for addressing data protection risks. A company could never eliminate risk, but they could try to reduce or mitigate it. The function of cybersecurity insurance. What does cybersecurity insurance cover?

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Insurance Cybersecurity Risk Ransomware 71

The Hacker News

FEBRUARY 14, 2023

From a cyber risk perspective, attacks on data are the most prominent threat to organizations. Regulators, cyber insurance firms, and auditors are paying much closer attention to the integrity, resilience, and recoverability of organization data – as well as

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Cyber Insurance Backups CISO Insurance 93

The Security Ledger

OCTOBER 23, 2018

In this episode of the podcast (#117), we go deep on one of the hottest sectors around: cyber insurance. 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.

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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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Security Affairs

DECEMBER 28, 2022

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.”.

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Cyber Attacks Cyber Insurance Insurance Cyber Risk 98

CyberSecurity Insiders

DECEMBER 14, 2021

INDIANAPOLIS–( BUSINESS WIRE )– Pondurance , a leader in Managed Detection and Response (MDR) services, today launched Cyber Risk Assessments powered by MyCyberScorecard. Roadmaps to cyber resilience. Interactive reporting that is easy to export and effectively communicate to senior management. About Pondurance.

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The Last Watchdog

DECEMBER 5, 2018

The compromised databases included names, addresses, dates of birth, insurance policy details, medical record numbers, account balances and dates of service — of both guarantors and patients. The fact that this incident is being labeled “the Atrium breach” in the media also shows where the reputational risk lies. Sticky problem.

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Data breaches Healthcare Insurance Risk 153

CyberSecurity Insiders

OCTOBER 23, 2021

By tapping into the advanced capabilities of our IT scanning technology, we’re proud to share actionable data to increase awareness around the current state of cyber risk technology and help eliminate the impact of adverse events — especially as we approach the end of a pivotal year,” said Madhu Tadikonda, President of Corvus Insurance. “We

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Insurance Cyber Risk Ransomware Technology 59

Security Affairs

MARCH 27, 2019

Norwegian aluminum giant Norsk Hydro estimates more than $40 million losses in the first week following the ransomware attack that disrupted its operations. The news of the cyber attack had an immediate economic impact and caused a drop in the share price of 2.0 SecurityAffairs – Norsk Hydro, ransomware). Pierluigi Paganini.

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Insurance Cyber Attacks Ransomware Advertising 109

Security Boulevard

JULY 13, 2023

London, July 13, 2023 — Beazley, the leading specialist insurer, today published its latest Risk & Resilience report: Spotlight on: Cyber & Technology Risks 2023.

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Cyber Risk Risk Insurance Technology 52

SecureWorld News

MAY 5, 2023

The City of Dallas, Texas, was forced to shut down police communications and IT systems on Monday morning, May 1, due to a suspected ransomware attack. Subsequently, the City has confirmed that a number of servers have been compromised with ransomware, impacting several functional areas, including the Dallas Police Department Website."

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