In late December last year, Mario Greco, the chief executive of insurance giant Zurich sent shockwaves through the business world when he announced that cyberattacks are set to become uninsurable. Cyber insurance providers are left with no choice but to tighten their policies, or risk going bankrupt.
UK Financial Regulator: Country’s Cyber Insurance Providers Lack Consistency in Risk Assessments, Modeling Capability
The UK financial regulator found that cyber insurance firms "mostly" weathered the stress test, in the sense that only a small number reported concluding the scenario with an amount of funds on hand that would put them beneath national solvency capital requirements.
2020 and 2021 were record years for ransomware payments at about $765 million. The take collected by ransomware operators is now down 40% to $457 million in 2022.
Things have been tough recently in the cyber insurance industry. Businesses have a difficult time finding affordable policies while underwriters struggle to return loss ratios to profitable levels. These challenging times, however, are forging a resurgence in cyber business intelligence.
How To Satisfy the Cyber Insurance Requirement for Multi-factor Authentication for Critical Self-Hosted Applications
Cyber insurance providers wants to be sure that the company is proactively managing their cybersecurity risk and one of the requirements is to implement multi-factor authentication (MFA) for all applications and APIs. what is the fastest and most cost-effective path to connecting all your self-hosted apps to your identity platform and enabling MFA?
Amid Surge in Ransomware Attacks, More Organizations Are Being Rejected for Cyber Insurance — What Can Leaders Do?
Surge in ransomware attacks and the complex cybersecurity landscape – complicated by the growing adoption of remote work – are giving cyber insurance companies leverage to hike premiums at alarming rates. Here are three strategies to help you find keep costs affordable and get approved for coverage you need.
80% Of Companies Filing Cyber Insurance Claims Portends Higher Costs, New Requirements for Security Controls
Requirements by insurers to implement security controls are already on the rise as 80% of cyber insurance policyholders have filed a claim and 50% have filed more than one.
Given that compromised credentials are a leading cause of cyber attacks, many cyber insurance underwriters are looking for robust privileged access management (PAM) and multifactor authentication (MFA) controls before pricing out their policies.
2021 was the year of ransomware, with attacks almost doubling in 2020. Cyber insurance providers, reeling from an historic couple of years, are maturing their qualification processes and raising the bar for pay-outs, so businesses can no longer rely on insurance alone as a protection and recovery strategy.
Only 55% of the organizations surveyed are carrying any cyber insurance at all. And of those that are insured, just under 20% have more than $600,000 in coverage; not enough to meet the usual ransomware payment, let alone the potential cleanup costs.