Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Arctic Wolf

Why You Need Cyber Insurance and How to Obtain It

May 29, 2023 By Arctic Wolf In Arctic Wolf
Cyber risk is everywhere. From credential theft to misconfigurations to vulnerabilities and even phishing attempts, there are cybercriminals poking and prodding at organizations from every angle. This means that organizations not only need to up their cybersecurity, but they also need to think about it in terms of risk and how to holistically mitigate that risk — from identifying threats to protecting against them and responding to them.
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knowbe4

Cyber Insurance: Is Paying a Ransom Counter-Productive?

May 22, 2023 By Jacqueline Jayne In KnowBe4
Food for thought as discussed on May 18, 2023, an article posted in The Australian Insurance Council: Banning paying a ransom to cyber hackers is counter-productive where Andrew Hall, the Chief Executive of the Insurance Council of Australia (ICA), stated that “attempts to ban businesses from paying ransoms for cyber attacks risks eroding trust and relationships with government.”
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knowbe4

The State of Organizational Cyber Defenses Impacts Cyber Insurance Availability, Cost, and Terms

May 15, 2023 By Stu Sjouwerman In KnowBe4
A new report highlights the direct connection between how strong your organization’s security stance is and how easy it is to obtain cyber insurance. Like any insurance policy, the insurer has figured out the indicators of risk and includes a form of assessment when considering issuing you a policy. When you want to obtain car insurance, they ask about your driving record, where you live, and even what your credit score is – all to determine how much of a risk you are.
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upguard

How Cybersecurity Affects the Insurance Industry

May 15, 2023 By Kyle Chin In UpGuard
Insurance companies are among the businesses more reliant than ever on technology and information systems for daily processes. Insurance technology, or insurtech, improves the efficiency of the insurance industry but can also increase attack surfaces, making the data insurers collect more vulnerable to theft.
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The Dark World of Cybercrime and the Illusion of Cyber Insurance | James Rees

May 15, 2023 By Razorthorn In Razorthorn
James Rees, the cybersecurity expert from Razorthorn Security, delves into the intricate workings of cybercrime groups and the challenges they pose to organizations worldwide. James sheds light on the independent nature of these groups, comprising affiliates, access brokers, and analysts, who operate with alarming efficiency. He reveals how analysts assess a company's vulnerability and potential payout based on various factors, including cyber insurance coverage. Prepare to be shocked as James delivers a harsh reality check on the efficacy of cyber insurance in today's ever-evolving threat landscape.
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knowbe4

Cyber Insurance Demand Grows as Cybercrime is Expected to Rise to $24 Trillion by 2027

May 11, 2023 By Stu Sjouwerman In KnowBe4
As cyber attacks continue to grow in sophistication, frequency, cyber insurers are expecting their market to double in the next two years. I’ve spent a lot of time here on this blog educating you on attack specifics, industry trends, and the impacts felt by attacks. I’ve also talked quite a bit about cyber insurance and the trends therein. But seldom have we been able to combine the two and present the state of cyber attacks from an insurer’s perspective.
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knowbe4

WSJ: "Merck's Insurers On the Hook in $1.4 Billion NotPetya Attack, Court Says"

May 3, 2023 By Stu Sjouwerman In KnowBe4
I get the WSJ Cybersecurity newsletter, which by the way is warmly recommended. Kim Nash today reported a shocker which will make everyone's insurance premiums go even further up: "Six years after the worldwide NotPetya cyberattack, a court ruled insurers for Merck & Co. must help cover $1.4 billion in losses. New Jersey appellate division judges rejected the insurers' argument that the 2017 attack, which U.S. officials later blamed on Russia, was akin to an act of war normally excluded from coverage.
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tripwire

Despite Soaring Prices, Cybersecurity Insurance Keeps Growing Briskly

Apr 27, 2023 By Tripwire Guest Authors In Tripwire

Most cybersecurity professionals know that cyber breaches increase each year. So it’s no surprise that the cybersecurity insurance business also keeps growing briskly. According to data from Markets and Markets and Polaris Market Research, the cyber insurance market swelled to $11.9 billion worldwide in 2022, up from $10.1 billion the previous year, and is projected to grow to more than $29 billion by 2027.

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knowbe4

More Companies with Cyber Insurance Are Hit by Ransomware Than Those Without

Apr 20, 2023 By Stu Sjouwerman In KnowBe4
In an interesting twist, new data hints that organizations with cyber insurance may be relying on it too much, instead of shoring up security to ensure attacks never succeed. Cyber insurance should be seen as an absolute last resort and shouldn’t be seen as a sure thing (in terms of a claim payout).
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one identity

Top Ten Tips to Lower Your Cyber Insurance Costs

Apr 18, 2023 By Csaba Galffy In One Identity

As cyber-attacks become more sophisticated and frequent, businesses are turning to cyber insurance policies as a means of protection. Increasingly, CISO’s and Board of Directors are eager to take advantage of “risk transference” as part of a holistic cyber risk management strategy. However, the cost of such policies can often be a significant concern for organizations.

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