Security | Threat Detection | Cyberattacks | DevSecOps | Compliance


Cyber Insurance Reduces Risk: Five Ways to Lower Your Rates

Yep, it’s that time of year again. The moment when that dreaded questionnaire from your Cyber Insurer lands on your desk like a ton of digital bricks. Suddenly, panic mode kicks in, and you’re transported back to those school days, facing an exam that seemed more daunting than Mount Everest. Remember how you used to play the skipping game with exam questions, hoping for a miracle to help you conjure up some brilliant answers? Yeah, it’s like déjà vu all over again.

Navigating the Digital Transformation in the Insurance Sector

The insurance industry stands at a crossroads, with digital transformation dictating a new direction for traditional practices and operations. As customer expectations evolve and technology advances at an unprecedented pace, insurers are pressed to adapt, redefining their business models and strategies. This adaptation is not merely about adopting new technologies but also about embracing a cultural shift towards innovation, agility, and customer-centricity.

It's Official: Cyber Insurance is No Longer Seen as a 'Safety Net'

A new report on the state of email security sheds some light on how organizations are viewing and approaching cyber insurance as they shift strategy toward being cyber resilient. The topic of cyber insurance has been covered quite a bit here on this blog. From when cyber insurance first began as a concept, to the challenges it poses for organizations looking as their last resort after an attack, to changes in insurance policy and law.

How Insurers Evaluate Cyber Risk

Arctic Wolf and SC Media surveyed an audience of more than 500 North American IT security professionals in the fall of 2023 and discovered that, among those who currently have cyber insurance policies, 47% of them have had coverage for 12 months or less. A significant increase among the insured reflects the kind of growth one might expect from an industry that has seen monumental change in just a few short years.

81% of Underwriters Expect Cyber Insurance Premiums to Increase as Risk is Expected to Soar

New data from cyber insurance underwriters shows what they think the biggest threats will be in 2024 and what organizations should do about it. Because insurance underwriters analyse lots of risk data to make decisions about insurance premiums and policies, it makes sense to hear their perspective on 2024’s outlook will be. According to insurer Woodruff Sawyer’s Cyber Looking Ahead Guide 2024, there’s some good news and some bad news.

Mergers and acquisitions insurance

Evaluating risk is paramount in any software transaction. In the realm of mergers and acquisitions (M&As), a thorough risk assessment is essential to identify a target company’s potential pitfalls, financial liabilities, and legal obligations. The analysis of such risks is pivotal for informed decision-making, ensuring that acquirers are aware of the risks they may inherit. For insurers, risk evaluation is fundamental to establishing coverage limitations and pricing uninsurable risks appropriately.

How to Prepare for a Cyber Insurance Assessment to Get Cost-Effective Coverage

As cyberattacks become more sophisticated, strong cybersecurity measures might not be enough to protect your organization. It’s not a matter of “if” cybersecurity incidents will occur but rather “when”. That’s why many organizations turn to cyber insurance for financial protection against cyber threats.