Security News

56% of all 2023 claims were a result of funds transfer fraud or business email compromise, highlighting the importance of email security as a critical aspect of cyber risk management, according to Coalition. The 2024 Cyber Claims Report is based on reported claims data from January 1 to December 31, 2023.

As cyber threats become more prevalent, the company shall cover financial losses resulting from various types of cybercrime activities to mitigate potential damages to the company. Reimbursement for financial losses resulting from unauthorized access to bank accounts, wire transfer fraud or other forms of financial manipulation conducted by cybercriminals.

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Insurance broker and risk advisor Marsh revealed that US cyber insurance premiums rose by an average of 11% in the first quarter of 2023, and Delinea reported that 67% of survey respondents said their cyber insurance costs increased between 50% and 100% in 2023. Reinforcing Active Directory security is one way to protect an organization's critical infrastructure and manage or even potentially reduce the costs of cyber insurance.

69% consider this data storage essential to their corporate cybersecurity, and only 12% of those who deployed immutable data storage say it is not essential. This is followed by France at 96%, Germany at 94% and the UK at 85%. While a relatively low number of IT leaders worldwide who currently use immutable data storage do not regard it as "Essential" to their cybersecurity strategy, a larger percentage resides in the UK: 24% of UK respondents have deployed it but say it is not essential to their cybersecurity, compared to 11% in France, 9% in the US and 6% in Germany.

One possible solution, touted by former Department of Homeland Security Secretary Michael Chertoff on a recent podcast, would be for the federal government to step in and help pay for these sorts of attacks by providing a cyber insurance backstop. A cyber insurance backstop would provide a means for insurers to receive financial support from the federal government in the event that there was a catastrophic cyberattack that caused so much financial damage that the insurers could not afford to cover all of it.

Toyota Tsusho Insurance Broker India, an Indo-Japanese joint insurance venture, operated a misconfigured server that exposed more than 650,000 Microsoft-hosted email messages to customers, a security researcher has found. Zveare then examined the calculator web page on the TTIBI website and saw that it included a client-side function that created a request to send email using a server-side API. "This caught my eye because this was a client-side email sending mechanism," he wrote in a post describing his findings.

First American Financial Corporation, the second-largest title insurance company in the United States, took some of its systems offline today to contain the impact of a cyberattack. "First American has experienced a cybersecurity incident," the company said in a statement published on a website dedicated to the cyberattack.

In this Help Net Security video, Dara Gibson, Senior Cyber Insurance Manager at Optiv, discusses cyber insurance and what we should expect to see in 2024: Ransomware, BEC, and pixel privacy claims...

Insurance giant American Family Insurance has confirmed it suffered a cyberattack and shut down portions of its IT systems after customers reported website outages all week.American Family Insurance is an insurance company focusing on commercial and personal property, casualty, auto, and life insurance, as well as offering investment and retirement planning The company employs 13,000 people and has a 2022 revenue of $14.4 billion.