Security News > 2022 > November > Re-Focusing Cyber Insurance with Security Validation

The rise in the costs of data breaches, ransomware, and other cyber attacks leads to rising cyber insurance premiums and more limited cyber insurance coverage.

This cyber insurance situation increases risks for organizations struggling to find coverage or facing steep increases.

Their cybersecurity practice co-head, Michelle Reed, adds, "The reduced coverage amount can no longer shield policyholders from cyber losses. A $10 million policy can end up with a $150,000 limit on cyber frauds."

This request is in addition to the assessment led conjointly by the Federal Insurance Office and the Department of Homeland Security's Cybersecurity and Infrastructure Security Agency to determine "The extent to which risks to critical infrastructure from catastrophic cyber incidents and potential financial exposures warrant a federal insurance response."

Cyber insurance coverage used to cover only business interruption, data recovery, and infrastructure damage.

Continuous security validation techniques such as Breach and Attack Simulation, Attack Surface Management, and Threat Exposure Assessment that optimize security programs, minimize exposure and provide quantified KPIs that can be monitored over time are game changers.

News URL

https://thehackernews.com/2022/11/re-focusing-cyber-insurance-with.html