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Insurance

It's Official: Cyber Insurance is No Longer Seen as a 'Safety Net'

A new report on the state of email security sheds some light on how organizations are viewing and approaching cyber insurance as they shift strategy toward being cyber resilient. The topic of cyber insurance has been covered quite a bit here on this blog. From when cyber insurance first began as a concept, to the challenges it poses for organizations looking as their last resort after an attack, to changes in insurance policy and law.

How Insurers Evaluate Cyber Risk

Arctic Wolf and SC Media surveyed an audience of more than 500 North American IT security professionals in the fall of 2023 and discovered that, among those who currently have cyber insurance policies, 47% of them have had coverage for 12 months or less. A significant increase among the insured reflects the kind of growth one might expect from an industry that has seen monumental change in just a few short years.

81% of Underwriters Expect Cyber Insurance Premiums to Increase as Risk is Expected to Soar

New data from cyber insurance underwriters shows what they think the biggest threats will be in 2024 and what organizations should do about it. Because insurance underwriters analyse lots of risk data to make decisions about insurance premiums and policies, it makes sense to hear their perspective on 2024’s outlook will be. According to insurer Woodruff Sawyer’s Cyber Looking Ahead Guide 2024, there’s some good news and some bad news.

Mergers and acquisitions insurance

Evaluating risk is paramount in any software transaction. In the realm of mergers and acquisitions (M&As), a thorough risk assessment is essential to identify a target company’s potential pitfalls, financial liabilities, and legal obligations. The analysis of such risks is pivotal for informed decision-making, ensuring that acquirers are aware of the risks they may inherit.

How to Prepare for a Cyber Insurance Assessment to Get Cost-Effective Coverage

As cyberattacks become more sophisticated, strong cybersecurity measures might not be enough to protect your organization. It’s not a matter of “if” cybersecurity incidents will occur but rather “when”. That’s why many organizations turn to cyber insurance for financial protection against cyber threats.

What Are the Benefits of Cloud Adoption in Insurance?

The rise of cloud computing has been one of the most transformative technologies of the past several decades. According to research firm Gartner, public cloud services spending will increase from $313 billion in 2020 to $482 billion in 2022. Further, by 2026, it will exceed 45 percent of all enterprise IT spending, up from less than 17 percent in 2021. There’s no doubt that cloud adoption will continue to increase.

How to Meet Cyber Insurance Requirements When All Identities Are at Risk

The growing frequency and sophistication of cyberattacks, especially on the ransomware front, have compelled even more companies to seek cyber insurance coverage. But as the need for coverage grows, so do the complexities. Even though we’re seeing a trend in which premiums have flattened, with expectations that this will continue as a market correction occurs, significant challenges remain for companies seeking coverage.

MOVEit Breach Creates More Victims; 105k Records Stolen from Insurance Group

The Pan-American Life Insurance Group (PALIG) provides various insurance plans across the states and beyond. PALIG employs more than 2,100 staff and has a 110-year history of providing insurance to those needing it. Companies and individuals turn to PALIG in their time of need, and PALIG returns the favor by providing high-quality insurance options.