Security News
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 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.
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.
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 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 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 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.
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.
Since cyberinsurance is relatively new, some business owners are concerned about what's involved and if it makes sense. Adrian Mak, CEO of AdvisorSmith, a business insurance consulting firm, has pulled together a Cyberinsurance Cost report that looks at what to expect.
San Francisco-based cyber insurance and security company Coalition has achieved unicorn status after raising $175 million at a $1.75 billion valuation. The latest funding round brings the total raised by Coalition to more than $300 million.