Security News

The impact of ransomware on cyber insurance driving the need for broader cybersecurity knowlege
2021-09-10 04:30

The growing number of ransomware attacks has burdened many oganizations, but it has also greatly impacted the cyber insurance industry, which found itself having to cover large ransomware demands. This called for a chenge in policies but also the need to enhance cyber insurance with cybersecurity knowlege.

Conti ransomware prioritizes revenue and cyberinsurance data theft
2021-08-17 19:27

Training material used by Conti ransomware affiliates was leaked online this month, allowing an inside look at how attackers abuse legitimate software and seek out cyber insurance policies. An interesting tactic used by the ransomware gang is using the legitimate Atera remote access software as a backdoor for continued persistence.

Ransomware and cyber insurance: What are the risks?
2021-08-12 06:00

According to the U.S. Government Accountability Office, the number of companies opting for cybersecurity coverage grew from 26% in 2016 to 47% in 2020, and most saw breach insurance premiums increase by up to 30%. Given the clear financial stakes, it is time security leaders understand the risks before adding cyber insurance to their strategy for ransomware prevention and recovery. Most organizations are not equipped to handle a ransomware attack appropriately without expert help, so they should call reputable, experienced security consultants immediately for their extensive experience with ransomware remediation.

Cyber Insurance Firm At-Bay Raises $185 Million at $1.35 Billion Valuation
2021-07-28 09:35

Cyber insurance firm At-Bay on Tuesday announced raising $185 million in a Series D funding round at a post-money valuation of $1.35 billion, which gives the company "Unicorn" status. The latest funding round was co-led by Icon Ventures and Lightspeed Venture Partners, with participation from Khosla Ventures, M12, Acrew Capital, Qumra Capital, the HSB fund of Munich Re Ventures, entrepreneur Shlomo Kramer, and Glilot Capital.

When it comes to incident response, is your cyberinsurance carrier on your side?
2021-07-13 13:27

Just as security leaders and pros are firming up their policies and strategies to secure hybrid work for the foreseeable future-they get hit with an all-out assault of ransomware attacks. After a year of pandemic-related disruption and an uptick in ransomware and serious cyberattacks of all kinds-just as security leaders and professionals are firming up their policies and strategies to secure hybrid work for the foreseeable future -they get hit with an all-out assault of ransomware attacks.

Cyber insurance failing to live up to expectations
2021-07-06 03:30

Key findings To date, cyber insurance has failed to live up to expectations that it may act as a tool for improving organizations' cyber security practices. Not only is cyber insurance seen as a way for organizations to reduce the impact of cybercrime by transferring financial risk to insurers as the market grows and matures, cyber insurers are seen as potentially able to fulfil the role played by insurers in other industries.

The cost of cyber insurance increased 32 per cent last year and shows no signs of easing
2021-07-05 22:14

The cost of insurance to protect businesses and organisations against the ever-increasing threat of cybercrimes has soared by a third in the last year, according to international insurance brokers Howden. It found that global cyber insurance pricing has increased by an average of 32 per cent in the year to June.

Cyber insurance model is broken, consider banning ransomware payments, says think tank
2021-07-01 15:30

Cyber insurance isn't exactly driving organisations to improve their infosec practices, a think-tank has warned - and some insurers are thinking of giving up thanks to the impact of ransomware. "To date, the shortcomings of cyber insurance mean that its impact is ultimately more limited than policymakers and businesses might hope," concluded the Royal United Services Institute's latest report, Cyber Insurance and the Cyber Security Challenge.

Cyber insurance model is broken and ransomware payments should be banned, says think tank
2021-07-01 15:30

Cyber insurance isn't exactly driving organisations to improve their infosec practices, a think-tank has warned - and some insurers are thinking of giving up thanks to the impact of ransomware. "To date, the shortcomings of cyber insurance mean that its impact is ultimately more limited than policymakers and businesses might hope," concluded the Royal United Services Institute's latest report, Cyber Insurance and the Cyber Security Challenge.

Cyber-Insurance Fuels Ransomware Payment Surge
2021-06-01 21:05

Ransomware victims are increasingly falling back on their cyber-insurance. Paid ransomware attackers almost $500,000,which the city announced would be mostly covered by insurance.