In the first half of 2023, cyber insurance claims frequency increased by 12%, all whilst claims severity increased by 42%. What exactly is causing this sudden shift in the market?
Join this upcoming webinar to learn more on:
The trends driving cyber insurance to increase & lessons from 2023;
Businesses have long relied on cyber insurance policies as a hedge against the cost of cyberattacks, including loss of sensitive data, consequences of its public disclosure and lost business from downtime and data loss. In this virtual conference, our insurance and cybersecurity industry panelists will explore the...
In the ever-evolving battlefield of cybersecurity, merely detecting and responding to threats is no longer enough. It's time to adopt a proactive approach and accelerate your organization's cyber resilience.
Check out this whitepaper to learn how to unveil powerful strategies to move beyond traditional detection...
Chicago-based CommonSpirit is still waiting to hear back on its insurance claim for an October 2022 ransomware attack, but the hospital chain said disruption of some facilities and "significantly" hampered billing and collection activities contributed to a $1.4 billion operating loss for the year.
To some extent, ransomware has become like COVID-19 - a threat we all need to learn to live alongside. But Aaron Bugal, field CTO of Sophos, says there is still much that security and technology leaders can do to reduce their risk by addressing activity that often precedes a ransomware attack.
According this report, the rate of ransomware attacks has remained steady. Sixty-six per cent of research respondents said their organization was hit by ransomware in the previous year. With adversaries now able to consistently execute attacks at scale, ransomware is arguably the biggest cyber risk facing...
According to the latest Sophos State of Ransomware report, there is a ransomware pandemic infecting businesses across the Asia Pacific region.
Ransomware is like COVID-19 – a threat that all businesses need to learn to live with.
In this e-book, Sophos’ Field CTO for Asia Pacific Aaron Bugal discusses with...
It is increasingly important for healthcare entities to carefully examine their cyber and other insurance policies to see what risks are covered in the event of a cyber incident, especially as the threat landscape continues to evolve, said attorney Peter Halprin, a partner at law firm Pasich LLP.
In the latest weekly update, ISMG editors discuss the shifting dynamics of cyber insurance, why APAC is approaching privacy regulations around emerging technologies, and how U.S. authorities charged the co-founders of cryptocurrency mixer Tornado Cash with money laundering.
The cyber insurance landscape has evolved significantly over the last 10 to 15 years. Initially, renewals were relatively straightforward, but with the rise of cyberthreats such as ransomware, the market has shifted dramatically to reduce risk exposure.
Over the past decade, the cyber insurance industry operated much like the wild west, in which over-eager underwriters wrote policies without fully understanding their risk — or in some cases even understanding cybersecurity at all. But that’s all changing as the industry is starting to standardize.
Fears that cyber insurance coverage drives companies into paying ransomware demands more easily than not appear unfounded, concludes a British think tank study that also suggests insurers should do more to enact corporate discipline. Cyber insurance has been dogged by accusations of moral hazard.
Cyber insurance companies gather a lot of information on the cost of breaches, but security organizations need to know the bigger picture. Jack Jones, chairman of the FAIR Institute, discussed identifying risk and evaluating overall costs with the FAIR model.
"Insurance is a tool," said Libby Benet, the global chief underwriting officer for AXA XL. "When you buy an insurance policy, you are buying a network of professional crisis managers." In this episode of "Cybersecurity Insights," Benet discussed present and future cybersecurity insurance issues.
Hospital chain CommonSpirit has upped its estimate on the financial toll incurred by a ransomware incident last fall that disrupted IT systems and patient services at some of its facilities for weeks. But company officials reportedly expect many of the costs to be covered by the company's insurance.