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The Importance of Proactive Cybersecurity In light of the guidance from the Federal Trade Commission (FTC) and the National Association of Insurance Commissioners (NAIC) suggesting that companies consider cyber insurance as a means of resilience against cyberattacks, it is important to recognize that while cyber insurance is an essential tool in risk management, it is…
## Insurance Companies Face Increasing Cyberattacks: The Threat to Confidential Data In recent years, insurance companies have become prime targets for cyberattackers, who are increasingly focused on exploiting the vast amount of personal, medical, corporate, and other confidential data that can be monetized after a successful breach. This trend has only intensified in 2023, with…
The Impact of a $15 Million Cyber Insurance Payout on Insurers Introduction In a recent Security and Exchange Commission (SEC) filing, Progress Software, the company responsible for the MOVEit file transfer software that has been used to breach numerous major organizations, stated its intention to fully collect on its $15 million cyber insurance policy. This…
Insurance Industry Faces Increasing Cybersecurity Threats The Growing Target on Insurance Companies Insurance companies have become prime targets for cyber attackers due to the abundance of personal, medical, corporate, and other confidential data they hold. In recent years, the number of cyberattacks on insurance companies has surged, with multiple high-profile incidents occurring just in 2023….
Delinea Introduces Multi-Factor Authentication to Enhance Privileged Access Management Overview Delinea, a leading provider of Privileged Access Management (PAM) solutions, has unveiled an update to its award-winning vault solution, Secret Server. The update introduces Multi-Factor Authentication (MFA) enforcement on credentials, offering an additional layer of security for highly sensitive information. This new functionality aims to…
The Growing Gap in Cyber Insurance Coverage Introduction The demand for cyber insurance has reached unprecedented levels as organizations increasingly recognize the need to protect themselves from the ever-evolving threat landscape. However, a recent report by Delinea reveals a significant gap emerging between insurance carriers and organizations seeking comprehensive and affordable coverage. The study, based…
The Reality of Cyberinsurance in 2023 Introduction The cyberinsurance industry has seen significant growth and maturation in recent years. Initially, insurers accepted cyber risk without much scrutiny, resulting in financial losses. However, insurers have now become more cautious, leading to increased premiums, exclusions, and refusals. This has created a gap between insurers and insureds, causing…
Black Hat Summit Explores Cybersecurity and Insurance Collaboration Black Hat USA hosted a mini summit focused on the relationship between cybersecurity and insurance, highlighting the need for collaboration and refinement in these industries. The summit sparked discussions about the necessity of cyber insurance, its assessment process, and how Chief Information Security Officers (CISOs) can utilize…
Increasing Concerns About Cybersecurity Breaches Drive Demand for Cyber Insurance Introduction As cyberattacks continue to rise, organizations are increasingly turning to cyber insurance as a vital tool for managing cyber-risk. In fact, a recent study shows that 48% of organizations have already invested in cyber insurance for identity-related incidents, and another 32% plan to do…
Cyber Insurance UK Think Tank Proposes Greater Ransomware Reporting From Cyberinsurance to Government Introduction In a recent report titled “Cyber Insurance and the Ransomware Challenge,” the Royal United Services Institute (RUSI), an independent UK think tank, has examined the relationship between cyberinsurance and ransomware. RUSI proposes greater reporting from ransomware victims to the government, enforced…