Cyber Insurance

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Cyber Insurance

Cyber Insurance: The Policy Changes Needed To Save the Industry

February 9, 2023

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.

Bank of England building showing UK financial regulator stress test report on cyber insurance

Cyber Security News

UK Financial Regulator: Country’s Cyber Insurance Providers Lack Consistency in Risk Assessments, Modeling Capability

February 7, 2023

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.

Crypto coins on a laptop keyboard and hundred-dollar bills in neon light showing ransomware payments

Cyber Security News

Cyber Criminal Revenue Takes a Dive as Organizations Increasingly Refuse Ransomware Payments

January 25, 2023

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.

Businessman holding umbrella in data center showing cyber insurance and cyber business intelligence

Cyber Security Insights

Why Cyber Insurance Will Revive Cyber Business Intelligence

January 16, 2023

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.

Businessman using smartphone showing cyber insurance and multi-factor authentication

Cyber Security Insights

How To Satisfy the Cyber Insurance Requirement for Multi-factor Authentication for Critical Self-Hosted Applications

January 9, 2023

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?

Businessman caught in heavy rain hiding under his jacket showing cyber insurance

Cyber Security Insights

Amid Surge in Ransomware Attacks, More Organizations Are Being Rejected for Cyber Insurance — What Can Leaders Do?

November 28, 2022

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.

Engineer holding umbrella in data center showing cyber insurance and security controls

Cyber Security News

80% Of Companies Filing Cyber Insurance Claims Portends Higher Costs, New Requirements for Security Controls

November 17, 2022

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.

Man typing on keyboard of laptop showing PAM and MFA affects cyber insurance premiums

Cyber Security Insights

How PAM, MFA Helps Organizations Meet Cyber Insurance Requirements

September 27, 2022

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.

Computer system hack warning showing ransomware attack and cyber insurance

Cyber Security Insights

Prevention Is Better Than Cure: Ransomware Insurance Is Not a Cybersecurity Strategy

September 13, 2022

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.

Girls take shelter with umbrellas from strong wind and rain showing cyber insurance coverage for ransomware payment

Cyber Security News

“Cyber Insurance Gap” Growing as 80% Of Business Coverage Below Median Ransomware Payment Demand

September 7, 2022

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.

Cyber Insurance

Cyber Insurance: The Policy Changes Needed To Save the Industry

UK Financial Regulator: Country’s Cyber Insurance Providers Lack Consistency in Risk Assessments, Modeling Capability

Cyber Criminal Revenue Takes a Dive as Organizations Increasingly Refuse Ransomware Payments

Why Cyber Insurance Will Revive Cyber Business Intelligence

How To Satisfy the Cyber Insurance Requirement for Multi-factor Authentication for Critical Self-Hosted Applications

Amid Surge in Ransomware Attacks, More Organizations Are Being Rejected for Cyber Insurance — What Can Leaders Do?

80% Of Companies Filing Cyber Insurance Claims Portends Higher Costs, New Requirements for Security Controls

How PAM, MFA Helps Organizations Meet Cyber Insurance Requirements

Prevention Is Better Than Cure: Ransomware Insurance Is Not a Cybersecurity Strategy

“Cyber Insurance Gap” Growing as 80% Of Business Coverage Below Median Ransomware Payment Demand

Data Breach of Financial Service Provider Latitude Jumps From 328,000 to 14 Million Records Stolen

Ferrari Disclosed a Data Breach Impacting Customer Data but Refused to Pay Ransom

The Anatomy of a Comprehensive Penetration Test

Partial Twitter Source Code Leak on GitHub Uploaded Shortly After First Round of Layoffs