In this discussion, we shed light on how insurance companies manage risks when insuring multiple businesses for the same potential threats. We explore the statistical balancing act they perform to ensure they can handle a few isolated issues without facing a widespread crisis. Dive into the intriguing world of insurance practices in the face of rising threats like ransomware attacks. Discover the unsettling dynamics where some ransomware groups tailor their demands based on your insurance coverage. It's a revealing look at the intricate strategies within the insurance industry.

Join our conversation as we explore the ins and outs of cyber insurance. We discuss the potential pitfalls, false promises, and the importance of due diligence in this ever-evolving digital landscape.

In this SaaSTrana podcast, Edgar Pimenta (Group CISO @ YNV Group) talks to Venky about the security incident management and data protection/privacy management best practices in highly regulated organizations such as telcos and financial. He also shares the steps on how orgnizations can prepare themselves in case of an incident breach and ways to recover from it quickly. Here are some key highlights from the discussion.

We delve into the complex world of cyber insurance and the staggering premiums associated with securing a £20 million policy for just one year. Join us as we discuss the astronomical costs and the limitations of cyber insurance in the face of growing cyber threats. Is it more practical to invest in comprehensive cybersecurity measures?

How has the cybersecurity landscape changed since the days of the floppy-disc? 💾 This week, we sit down with Smashing Security's Graham Cluley, to reflect on how threats have evolved. Graham also dishes his top security tips and explains why celebrating infamous hackers angers him. 🤬 Tune in for our favorite ways to use tags with 1Password in Did You Know? Plus, Roo hosts HackerNoHacker for a Matt vs Sara showdown. 🥊💥

This week on the podcast, we cover the recent HTTP/2 protocol vulnerability that lead to the largest DDoS attack ever recorded by CloudFlare. After that, we discuss Microsoft's announcement about the deprecation of VBScript and the impending removal of NTLM. We then cover a collection of data allegedly stolen from the genealogy website 23 and Me before ending with a fun bit of research targeting private servers for the Grand Theft Auto Online video game.

In the world of cyber insurance, organizations face the challenge of securing sufficient coverage for their digital assets. With cyber threats on the rise, relying solely on a single insurance policy often falls short of what's needed. As a result, organizations find themselves reinsurance and stacking policies to bolster their protection. This video explores the intricate process of navigating the cyber insurance landscape, where companies seek to cover potential losses by obtaining multiple policies and strategically distributing risk among insurers.

The issue at hand is a direct result of the significant ransomware attacks that have forced organizations to pay out millions. In response, insurance companies have adopted a seemingly superficial, tick-box approach to cybersecurity assessments. Although they are attempting to enhance their due diligence, they fall short in truly evaluating security measures. Instead of thorough testing and on-site inspections, insurance companies rely on organizations to truthfully disclose their cybersecurity measures.

Insurance is essentially a sophisticated game of chance, where insurers evaluate the balance between the payouts they might need to make during the coverage period and the premiums they can charge. This delicate equilibrium hinges on risk assessment. When it comes to insuring against specific perils like fire, insurance companies send experts to scrutinize the safety measures in place. If your risk profile resembles a scene with candles, a furnace, and someone pouring gasoline, don't expect fire insurance because the risk here is simply too high.

This case concerns a cyber attack on the pharmaceutical company, Merck, which, while not part of the national infrastructure, plays a crucial role in the healthcare ecosystem. The argument arises about whether they should be considered as critical as hospitals, as they supply medications and treatments, essentially acting as wizards in the healthcare industry.