Security News
The cost of CrowdStrike's apocalyptic Falcon update that brought down millions of Windows computers last week may be in the billions of dollars, and insurance isn't covering most of that. Parametrix says insurance might only pay out about $540 million to $1.1 billion of that hit for the Fortune 500, or between 10 and 20 percent.
Digitalization has evolved into a systemic risk for organizations - and cyber insurers. With the global cost of cybercrime skyrocketing, something has to change.
Improved cyber hygiene among businesses has led to a reduction in cyber insurance premiums by 15% worldwide over the last two years, a new report from Howden Insurance Brokers has found. "Sarah Neild, head of cyber retail U.K. at Howden, explained why the cost of cyber insurance has declined. She told TechRepublic in an email,"Increased risk awareness off the back of persistent and high-profile attacks is one reason.
American financial services holding company Globe Life says attackers may have accessed consumer and policyholder data after breaching one of its web portals.The insurance company believes that taking down the affected web portal will not significantly impact its operations.
"Our report delivers a clear message: ransomware attacks will continue, be more severe than predicted, and the overall impact will cost organizations more than they expect. Organizations must take action to ensure cyber resiliency and acknowledge that rapid, clean recovery matters most," added Russell. Despite increased focus on cyber-preparedness, organizations still face a misalignment between their backup and cyber teams.
The WebTPA Employer Services data breach disclosed earlier this month is impacting close to 2.5 million individuals, the U.S. Department of Health and Human Services notes. A recent update on the U.S. Department of Health and Human Services data breach portal shows that the number of affected individuals is 2,429,175.
Cyber insurance policies are specifically designed to offer financial protection to organizations in the face of cyber attacks, data breaches, or other cybersecurity incidents. While they can provide a sense of security, it's crucial to be aware of their limitations.
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.
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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.