Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Cyber insurance has great potentials in improving cybersecurity practices and protecting organizations against the impact of security incidents, but these potentials “have yet to fully materialize.” This is the key highlight of a recent report developed by the Royal United Services Institute for Defence and Security Studies (RUSI) and the University of Kent in the UK. The report provides a comprehensive list of recommendations for both governments and organizations.

Protecting sensitive data with multi-factor authentication (MFA) has become a requirement for cyber insurance policies. Recent attacks (SolarWinds, Colonial Pipeline, Kaseya) and mandates like the White House’s Executive Order to implement MFA in 180 days or less, are proving that identity and password-related vulnerabilities are a top security threat, and one where you can lose a lot of money.

While threat actors continue to vary attack methods, these 10 essential cyber security controls can significantly improve your security posture, therefore making it harder for cyber criminals to compromise your network and increasing your opportunities for cyber insurance coverage.

As insurance organizations look to attract and engage customers, the growing use of web applications has increased their cyber exposure and the risks of cyberattacks. In this benchmark study, we analyzed the attack surface of the top 10 insurers in Europe to highlight the common attack vectors and security weaknesses that could be exploited – from page creation method to vulnerable components – and our top tips for reducing web application security risks.

The connected nature of business environments has increased the severity and frequency of cyberattacks in the insurance sector. Insurance companies face a greater threat than most industries because they deal with sensitive and valuable data stemming from numerous avenues. This has resulted in several high-profile cyberattacks on insurance providers over the past few years.

Almost exactly a year ago, cybersecurity professionals were locked in a heated debate about insurance. While some were keen to point out that the future of the industry would need to include some form of insurance market, others argued that cyber insurance would never be worth the premiums, especially given the inherently volatile nature of cybersecurity. The pandemic has changed all of that.