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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.

When American International Group launched the first cyber insurance policy in 1997, it stepped into completely unknown territory to gain market share. While in the UK adoption rates of cyber insurance vary significantly depending on the size of an organization, the US has seen a notable spike in demand across many markets for the past two years, with premiums increasing by 50% in 2022, in large part due to increasing ransomware attacks.

Cyber insurance is a type of insurance policy that provides financial protection and support to individuals and organizations in the event of cyber incidents, including data breaches, hacking, ransomware attacks, and other cyber threats. It typically covers expenses such as data recovery, legal fees, notification costs, public relations efforts, and regulatory fines, helping policyholders manage the financial impact and recovery process following a cyberattack or data breach.

Overall cyber insurance claims frequency increased by 12% in the first half of 2023, according to Coalition. Companies with over $100 million in revenue saw the largest increase in the number of claims as well as more substantial losses from attacks - with a 72% increase in claims severity from 2H 2022.

A significant gap is emerging between insurance providers, as organizations skip the fine print and seek affordable and comprehensive coverage, potentially putting them in a tough place when they need to use this safety net, according to a Delinea report. This year, companies that used their cyber insurance more than once increased to 47%, while 67% of respondents noted that their insurance rates increased 50-100% upon application or renewal.