‍Cyber insurance is becoming increasingly important and necessary as cyber attacks become more sophisticated and frequent. Healthcare is one of the most targeted industries because of the valuable medical data they handle and the lack of proper cybersecurity protections. Although cyber insurance doesn’t prevent security breaches, it provides a safety net for businesses to cover their financial losses.

The political and economic uncertainty throughout the world today is growing. The danger of malicious hacking is increasing as more and more parts of daily life simultaneously transition to the digital realm. An attack on another country or region by a state or an individual could have catastrophic results. Possible targets include utilities like power plants and communications networks.

To cope with increasingly costly pay-outs, providers are redefining the terms of cyber insurance to reduce their exposure. The implications could spell myriad changes for the cyber security industry. Whatever the outcome, it’s time for organisations to re-evaluate whether their policy will cover them against the attacks they are most susceptible to.

Policyholders prefer a digital style of interaction over a physical one. However, identity verification problems frequently stand out, which causes significant onboarding dropout rates. This blog article examines how to resolve this using an AI-powered verification method. According to a recent study, 44% of those between the ages of 18 and 29 who had insurance purchased their plans online. This proportion is expected to rise as broadband penetration rates continue to rise.

A venerable leader in the property and casualty and life insurance space, Zurich shares how it fights cybercrime with help from Tanium.

Organizations seeking cyber insurance coverage are typically required by their insurer to provide evidence of a panoply of controls around information security, disaster recovery, and related risk and technology requirements and best practices.

When talking about big influences on cybersecurity, we tend to think about sweeping trends like digital transformation and the hybrid work revolution. And that makes sense. Cloud adoption, for example, has created complex corporate infrastructures. This is forcing the security industry to rethink how they protect data.

Five worthy reads is a regular column on five noteworthy items we’ve discovered while researching trending and timeless topics. This week we are exploring cyber insurance, how it can help businesses in the event of a cyberattack, and why it is necessary for your organization.

In a key bulletin published in August 2022, Tony Chaudhry, the Underwriting Director of Lloyds, addressed the risk posed by cyber security threats to the insurance industry, stating that “losses have the potential to greatly exceed what the insurance market is able to absorb”.

Cyber insurance is a specialized insurance policy that was created to protect businesses from the losses that can occur as a result of cyber attacks. The size of your business does not matter when it comes to needing cyber insurance, and it shouldn’t be your only priority when it comes to your business’s cybersecurity. Read on to learn more about cyber insurance coverage and its cost.