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Data breaches trigger increase in cyber insurance claims

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Data breaches trigger increase in cyber insurance claims 2024-10-15 at 06:31 By Help Net Security Cyber claims have continued their upwards trend over the past year, driven in large part by a rise in data and privacy breach incidents, according to Allianz. Cyber claims frequency exceeds €1 million The frequency of large cyber claims (>€1 […]

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Cyber insurance set for explosive growth

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Cyber insurance set for explosive growth 2024-09-13 at 06:31 By Help Net Security Cyber insurance is poised for exponential growth over the coming decade, but it remains a capital-intensive peril that requires structural innovation, according to CyberCube. The mid-range projection suggests that the US standalone cyber insurance market could reach $45 billion in premiums by

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Cyber insurance 2.0: The systemic changes required for future security

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Cyber insurance 2.0: The systemic changes required for future security 2024-07-22 at 06:31 By Help Net Security Digitalization has evolved into a systemic risk for organizations – and, therefore, cyber insurers. With the global cost of cybercrime skyrocketing, something has to change. In this Help Net Security video, Vishaal Hariprasad, CEO at Resilience, discusses how

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Cyberinsurance Premiums are Going Down: Here’s Why and What to Expect

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Cyberinsurance Premiums are Going Down: Here’s Why and What to Expect 2024-07-02 at 14:31 By Kevin Townsend The change in premium rates is more likely to be the insurers’ correction than the insureds’ improvement in security. The post Cyberinsurance Premiums are Going Down: Here’s Why and What to Expect appeared first on SecurityWeek. This article

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Are you meeting your cyber insurance requirements?

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Are you meeting your cyber insurance requirements? 2024-05-14 at 06:31 By Help Net Security Cyber insurance policies are specifically designed to offer financial protection to organizations in the face of cyber attacks, data breaches, or other cybersecurity incidents. While they can provide a sense of security, it’s crucial to be aware of their limitations. In

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AI outsourcing: A strategic guide to managing third-party risks

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AI outsourcing: A strategic guide to managing third-party risks 2024-02-15 at 08:01 By Help Net Security In an era of artificial intelligence (AI) revolutionizing business practices, many companies are turning to third-party AI services for a competitive edge. However, this approach comes with its own set of risks. From data security concerns to operational disruptions,

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Seeing is Believing… and Securing

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Seeing is Believing… and Securing 2024-02-13 at 14:46 By Danelle Au Because you can’t secure what you can’t see, having real-time asset visibility across the network is vital to maximizing security, minimizing risk, and protecting the enterprise. The post Seeing is Believing… and Securing appeared first on SecurityWeek. This article is an excerpt from SecurityWeek

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What makes ransomware victims less likely to pay up?

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What makes ransomware victims less likely to pay up? 2024-01-26 at 08:34 By Zeljka Zorz There’s a good reason why ransomware gangs started exfiltrating victims’ data instead of just encrypting it: those organizations pay more. University of Twente researcher Tom Meurs and his colleagues wanted to know which factors influence victims to pay the ransom

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Ransomware negotiation: When cybersecurity meets crisis management

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Ransomware negotiation: When cybersecurity meets crisis management 2024-01-18 at 07:01 By Mirko Zorz In this Help Net Security interview, Tim Morris, Chief Security Advisor at Tanium, discusses ransomware negotiation, how it typically unfolds, and how organizations should have a playbook that clearly outlines what to do, when to do it, who is notified, who will

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CISO Conversations: Jason Rebholz and Jason Ozin From the Insurance Sector

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CISO Conversations: Jason Rebholz and Jason Ozin From the Insurance Sector 2024-01-08 at 14:31 By Kevin Townsend SecurityWeek interviews two CISOs from the insurance sector: Jason Rebholz at Corvus Insurance and Jason Ozin at UK-based PIB Group. The post CISO Conversations: Jason Rebholz and Jason Ozin From the Insurance Sector appeared first on SecurityWeek. This

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Merck Settles NotPetya Insurance Claim, Leaving Cyberwar Definition Unresolved

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Merck Settles NotPetya Insurance Claim, Leaving Cyberwar Definition Unresolved 2024-01-05 at 18:32 By Kevin Townsend In a landmark case that blurs the lines between cyber and kinetic warfare, Merck reached a settlement with insurers over a $1.4 billion claim stemming from the NotPetya malware attack. The post Merck Settles NotPetya Insurance Claim, Leaving Cyberwar Definition

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Cyber insurance predictions for 2024

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Cyber insurance predictions for 2024 16/11/2023 at 08:01 By Help Net Security In this Help Net Security video, Dara Gibson, Senior Cyber Insurance Manager at Optiv, discusses cyber insurance and what we should expect to see in 2024: Ransomware, BEC, and pixel privacy claims will remain at the forefront of cyber insurance claims Cyber insurance

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Travelers to Acquire Cyberinsurance Firm Corvus for $435 Million

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Travelers to Acquire Cyberinsurance Firm Corvus for $435 Million 06/11/2023 at 22:27 By SecurityWeek News Property and casualty insurance giant Travelers has entered into an agreement to acquire Corvus Insurance Holdings for approximately $435 million. The post Travelers to Acquire Cyberinsurance Firm Corvus for $435 Million appeared first on SecurityWeek. This article is an excerpt

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Companies scramble to integrate immediate recovery into ransomware plans

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Companies scramble to integrate immediate recovery into ransomware plans 30/10/2023 at 08:01 By Help Net Security More than one-third of companies still do not have a well-rounded, holistic ransomware strategy in place, according to Zerto. Immediate recovery crucial for businesses’ survival The survey also found that companies are reevaluating their data protection and cyber resilience

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Cyber attacks cause revenue losses in 42% of small businesses

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Cyber attacks cause revenue losses in 42% of small businesses 30/10/2023 at 07:32 By Help Net Security 85% of small business leaders say they are ready to respond to a cyber incident despite a record-high 73% reporting an attack in 2023, according to Identity Theft Resource Center. Employee and consumer data continue to be the

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Keeping up with the demands of the cyber insurance market

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Keeping up with the demands of the cyber insurance market 12/10/2023 at 08:01 By Help Net Security Cyber insurance has been around longer than most of us think. When American International Group (AIG) launched the first cyber insurance policy in 1997, it stepped into completely unknown territory to gain market share. Now, 26 years later,

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Cyber insurance costs pressure business budgets

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Cyber insurance costs pressure business budgets 09/10/2023 at 06:01 By Help Net Security Cyber insurance is a type of insurance policy that provides financial protection and support to individuals and organizations in the event of cyber incidents, including data breaches, hacking, ransomware attacks, and other cyber threats. It typically covers expenses such as data recovery,

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MGM Resorts Says Ransomware Hack Cost $110 Million

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MGM Resorts Says Ransomware Hack Cost $110 Million 06/10/2023 at 21:47 By Ryan Naraine MGM Resorts said costs from a disruptive ransomware hack has exceeded $110 million, including $10 million in one-time consulting cleanup fees. The post MGM Resorts Says Ransomware Hack Cost $110 Million appeared first on SecurityWeek. This article is an excerpt from

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CISO’s compass: Mastering tech, inspiring teams, and confronting risk

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CISO’s compass: Mastering tech, inspiring teams, and confronting risk 03/10/2023 at 07:32 By Mirko Zorz In this Help Net Security interview, Okey Obudulu, CISO at Skillsoft, talks about the increasing complexity of the CISO role and challenges they face. He discusses the business environment, tech innovation, the evolving regulatory landscape, limited resources, and budgets. Obudulu

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SMEs overestimate their cybersecurity preparedness

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SMEs overestimate their cybersecurity preparedness 22/09/2023 at 06:02 By Help Net Security 57% of SMEs have fallen victim to at least one cybersecurity breach, among whom 31% reported that their business experienced a breach within the past 12 months alone, according to Guardz. The increasing number of evolving cyber threats poses a significant risk to

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