As threat actors continue to evolve their attacks to circumvent security measures, cyber insurers are raising the bar for prospective healthcare security clients. Underwriters are increasing their scrutiny and adding new coverage requirements, said Chris Henderson of cybersecurity company Huntress.
Competition has been increasing in the cyber insurance market, leading to a "moderate" decrease in insurance premiums after several years of rate increases. So reports Moody's Ratings, which said that the changes were driven by an influx of new players that is likely to continue.
The CrowdStrike outage exposed recovery challenges, highlighting cloud systems' resilience over physical infrastructure. Jonathan Hatzor, co-founder and CEO of Parametrix, advises CIOs and CISOs on strategies that can effectively manage, mitigate and transfer risks.
The global IT outage triggered by a faulty CrowdStrike software update could lead to $400 million to $1.5 billion in payouts to cyber insurance policyholders, although the nonstandardized language used for such policies will make determining final losses a "lengthy process," analysts say.
Erik Decker, CISO, Intermountain Health, and Erik Hart, CISO, Cushman & Wakefield, discuss how proactive risk management strategies safeguard business continuity, enhance resilience and help mitigate cyberthreats effectively.
Keith Bergin, vice president of corporate claims at Tokio Marine HCC, explains how cyber insurers evaluate security measures such as MFA and administrative access control, and describes the integration of threat intelligence and pre-breach services to enhance policyholder security.
As cyberattacks continue unabated and the cost of ransomware increases, insurance claim payouts exceed insurance premiums. The insurance industry can’t sustain these conditions and is working to right the ship.
In this paper, we explore the state of cyber risk insurance and how insurers react to the current...
The booming cyber insurance market is a reaction to the explosion of cyberattacks and data breaches in the last few years. In 2021, attacks increased 50%, much more than businesses or insurers expected or budgeted for.
Given that most cyber incidents involve compromised credentials, it’s no wonder insurance...
Even the most accomplished executive can find the vetting and purchasing of appropriate cyber insurance overwhelming. Understanding that "cyber insurance" is not a legal term or a standard insurance industry term can make this conundrum even more onerous. However, with some background knowledge, preparation, and...
Generali Poland’s innovative approach to cyber insurance includes an anti-phishing initiative and market education efforts to enhance cyber resilience. Learn how these measures aim to support small and medium-sized businesses in Poland - and bridge the knowledge gap in cybersecurity.
In the latest weekly update, ISMG editors discussed key takeaways from RSA Conference, the surge in synthetic ID fraud in the auto lending industry, and a new initiative by the U.K.'s National Cyber Security Center and major insurance associations to combat ransomware threats.
Traditional cybersecurity and insurance providers have struggled to meet the specific needs of SMBs, failing to offer cost-effective solutions tailored to their requirements, according to Thom Dekens, chief business officer and general manager, At-Bay Security.
The Conservative government of British Prime Minister Rishi Sunak says it won't champion a reinsurance plan for cyber insurance similar to flood insurance, telling a parliamentary committee it doesn't want to "damage competition." Global ransomware payments surged to record levels during 2023.
Merck & Co.'s proposed settlement with insurers over a $1.4 billion claim related to the NotPetya attack will change the language the insurance industry uses to exclude acts of war in its policies, and organizations need to consider how those changes affect risk, said attorney Peter Halprin.
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