Cyber insurance only forms part of the puzzle in bolstering cyber resilience. Even with cyber insurance, businesses must not consider themselves immune from ransomware attacks. They must still implement cyber hygiene practices as part of a holistic data protection and recovery strategy.
Victory for Pharma Giant Merck in NotPetya Cyber Attack Suit Redefines “Act of War” Insurance Claims
Victory for Merck in the long-simmering suit on the 2017 NotPetya cyber attack means that cyber insurers now have much less ground to stand on when denying insurance claims on an "act of war" basis.
In today’s cyber security environment, organizations always strive for getting the best return on investment when shopping for cyber insurance. Companies desire low-cost policies without accurately assessing risk. Insurers want low risk and to cover as little as possible. How did we get here and where do we go?
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.