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Insurance

elastic

Why CISOs are the new champions of insurance transformation

The insurance industry's business model is rapidly evolving as the latest consumer and business technologies deliver greater quantities of real-time data than ever before. McKinsey predicts that by 2030, processes like underwriting as we know it will cease to exist — machine and deep learning models will automate policies and reduce delivery time to seconds.

upguard

Lowering Cyber Insurance Premiums in the Education Industry

In the past, purchasing cybersecurity insurance was considered a luxury rather than a necessity. However, as the number of cyber attacks continues to grow, many educational institutions have started to buy insurance policies to cover the damaging costs of malware and ransomware attacks. The education sector saw the most cyber attacks in 2021 and 2022 compared to every other industry, including healthcare and finance.

upguard

How to Reduce Your Cybersecurity Insurance Premium in 2022

Cyberattacks are growing in prevalence and sophistication, and so are the damage costs associated with these events. According to a 2022 cost of data breach report, the average damage cost of a data breach has reached a record high of USD 4.35 million. Provoked by increased data breach damage costs, a growing number of US businesses are partnering with Cybersecurity Insurers, who, in turn, respond to this increased demand by inflating cyber insurance premiums.

manageengine

Guide to keeping cyber insurance premiums low amidst rising threats

Cyberattacks have become an unavoidable part of the technology landscape in recent years with attacks like ransomware, phishing, and whaling reaching an all-time high. According to IBM’s Cost of Data Breach Report 2022, the average cost of a ransomware attack is $4.54 million and the average cost of a breach in the US alone is $9.44 million. Cyber insurance is important in these instances, because it helps cover the financial losses incurred.

Why Cyber Insurance Is Not Enough

“My company has cyber insurance. Isn’t that enough to protect us?” NO. Cyber insurance will help you cover the damages but won’t protect you from being hacked in the 1st place or recover as soon as possible if you’re attacked. In fact, a lot of progressive cyber insurance companies today also provide preventative care tools (like SecurityScorecard). They know the importance of having an entire cybersecurity toolset rather than just having insurance.
Arctic Wolf

Cyber Insurance Sticker Shock: Now What?

Cyber insurance has become increasingly expensive for most policyholders. Various organizations, including industry heavyweights such as Aon who have predicted premium hikes between 20% and 50% this year. There are even reports of premium increases as high as 1,000% for organizations with the highest risk. Unfortunately, many of these premium increases occur with little warning, often within a few weeks of a policy renewal.

Is Cyber Insurance Enough to Protect You?

Your cyber insurance won't protect you from ransomware. Here's why: It doesn't make your company resilient in and of itself. Think of it like regular house insurance: Just because you have insurance, it doesn't mean you shouldn't get a smoke alarm in your house and get contractors to check for gas leaks. Here are 2 recommendations to be prepared for a ransomware attack.
tripwire

Multi-Factor Authentication: A Key to Cyber Risk Insurance Coverage

Cyber-attacks are becoming more sophisticated and devastating, especially for small and medium enterprises (SMEs). With ransom demands rising and the cost of data breaches soaring, businesses are investing heavily in building their cyber defenses. However, cybersecurity is not bullet-proof. Buying a cyber risk insurance program can help outsource residual risk, and deploying multi-factor authentication is a prerequisite not only for getting coverage but also for lowering premiums.

alienvault

Next CISO headache: Vendor cyber insurance

Cyber insurance coverage? Through the roof these days. Also, coverage is not that easy to get. The many breaches and the dollar judgements handed down make cyber insurance another costly operating investment. A mid-sized client of mine, as an example, pays $1 million in annual cyber insurance costs just to do business with its commercial and government customers. The issue adds another twist to the topic of third-party risk.