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New SEC Rules Add Challenges in Uncertain Cyber Insurance Market

Jeremy King is a partner at Olshan Frome Wolosky. He wrote an article for Bloomberg where he analyzed cyber risk management issues that companies should prioritize in response to new SEC reporting requirements for cybersecurity incidents and threats. Here is a quick summary and I suggest you send the link to your InfoSec budget holder so that they can assess the importance. Ransomware is a big deal these days.


What is cyber insurance and how does it benefit MSPs?

In today’s threat landscape, it is essential for companies to have a good cybersecurity strategy that is supported by cyber liability insurance. The global average cost of a data breach now reaches $4.45 million, according to IBM data. However, a 2022 survey highlights that only 19% of companies state that their insurance covers more than six hundred thousand dollars.


How to Negotiate the Best Cyber Insurance Policy

Most companies will quickly accept the insurance provider's first offer when negotiating cybersecurity insurance policies. Although a relatively new component of the insurance sector, providers have still been conducting cyber assessments and offers for years and are the so-called expert. ‍ However, this way of thinking costs enterprises thousands, if not millions, of dollars a year in deductibles.


What is Cyber Insurance? (And Is It Worth the Costs?)

Cyber attacks have grown significantly over the last few years, and their cost to victim organizations marches ceaselessly upward as well. Now many of those victim organizations are learning the hard way that business insurance policies often won’t cover the regulatory fines from security incidents that are considered “preventable.” Hence the need for extra protections from “cyber insurance” to fill any coverage gaps you might have.

Webinar: Insuring Your Digital Future - Understanding Cyber Insurance Requirements

With cyber threats becoming increasingly common, businesses of all sizes must be prepared to protect themselves from potential data breaches and other cyber attacks. Cyber insurance can be an important tool for managing these risks, but understanding the requirements of cyber insurance can be challenging. These requirements typically vary depending on the specific policy and insurer, but they often include factors such as the size and type of business, the industry in which the business operates, and the risk level associated with its IT infrastructure and data. In addition to meeting these eligibility requirements, businesses may need to comply with certain cybersecurity protocols and standards to maintain their coverage. This webinar will discuss these cyber insurance requirements and offer potential solutions for protecting your business from data breaches and other cyber threats.
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Why cyber insurance should be part of any comprehensive risk management strategy

The recent rise of ransomware, attacks on supply chains and increasing costliness of privacy regulations has made cyber insurance an important topic of discussion. But it can be tricky to keep up with cyber insurance requirements. One of the most robust ways to meet those requirements is with multi-factor authentication (MFA).


Insurance Services Company Imagine360 Gets Breached, Exposing 125k Individuals

Imagine360 is a Pennsylvania-based company that works with employers to develop custom health plans for their workers. The organization specializes in helping companies save money on insurance while giving better insurance to their employees. The company works with medium and large businesses and handles a large amount of data for its clients. Imagine360 LLC was recently a victim of two different file transfer data breaches, which means that health-related data and personal data have been exposed.


What to Expect When Seeking Cybersecurity Insurance

Cybersecurity liability insurance has progressed dramatically since the first bona fide policies emerged in the late 1990s. Some of the greatest changes that have occurred in recent years include insurance companies no longer insuring against state-sponsored attacks or ransomware events. The insurers do not want to become part of a cyber-war.