Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

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.

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.

These statistics show that organizations struggled to maintain basic cybersecurity practices in 2023. But what can organizations do to improve their networks and help prevent attacks in 2024?

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.

Just like other insurance markets, subjectivities have become a staple of cyber insurance. When a cyber insurance underwriter issues a quote to the broker and insured, there may be additional requirements that must be met before the policy and coverage are activated. The management and resolution of these subjectivities creates friction for all stakeholders involved. It takes longer for insureds to obtain coverage, for underwriters to collect premiums, and for brokers to earn their commission.

As discussed in the previous blog, the insurance sector, like other financial institutions, face various unique cybersecurity challenges. Of primary concern is its responsibility for safeguarding sensitive customer data. This data has long been a prime target for cybercrime — a trend that has endured even as today’s IT landscape, and the threats against it, continue to evolve.

Insurance companies, like other financial institutions, face a range of unique cybersecurity challenges and considerations. Responsible for safeguarding treasure troves of sensitive data, the industry has long been a prime target for cybercrime — a trend that has endured even as today’s IT landscape, and the threats against it, continue to evolve.

The past half-decade has been a particularly tumultuous one for cybersecurity. It has borne witness to some of the most damaging attacks in history, unprecedentedly high data breach rates, and a staggering number of emerging threat groups. However, a new report from cyber insurance provider Coalition suggests that things are beginning to stabilize.

In a world where technology is intertwined with everything we do, the digital domain is often so commonplace we don’t think about it unless something dreadful happens. Who hasn’t had a stomach-dropping phone call from the bank letting you know that thieves have stolen your credit card number? For better or worse, technology is part of our daily lives. From working remotely to shopping online to managing finances, we’re constantly connected.