Security News
As the digital revolution changes the claims process, both carriers and customers are increasingly concerned about data privacy, according to LexisNexis Risk Solutions. "Especially among younger age demographics, digital claims channels are becoming increasingly popular, but growth in self-service options among insurers absolutely must be met with investments in tools to mitigate digital identity fraud. Insurers with a multi-layered approach to mitigating digital identity fraud experience fraud costs that are 25% lower than those who do not, according to our research," added Sheehan.
Protect your website or app from DDoS attacks with Gcore's global DDoS protection service. Small and medium-sized enterprises may need help meeting the cyber insurance requirements that keep company data safe.
A ransomware threat called HardBit has moved to version 2.0 and its operators are trying to negotiate a ransom payment that would be covered by the victim's insurance company. Specifically, the threat actor tries to convince the victim that it is in their interest to disclose all insurance details so they can adjust their demands so the insurer would cover all costs.
The Hacker News is thrilled to announce the launch of our new educational webinar series, in collaboration with the leading cybersecurity companies in the industry! Get ready to dive into the world of enterprise-level security with expert guests who will share their vast knowledge and provide you with valuable insights and information on various security topics. Skyrocketing claims in 2020 sent shockwaves through the insurance industry, forcing insurance providers to reinvent the criteria for acquiring or renewing cyber insurance.
Among these are a mandate to enforce multi-factor authentication across all admin access in a network environment as well as protect all privileged accounts, specifically machine-to-machine connections known as service accounts. How do you compile an accurate list of every admin user? While some can be easily identified - for example, IT and helpdesk staff - what about so-called shadow admins? These include former employees that may have left without deleting their admin accounts, which then continue to exist in the environment along with their privileged access.
SMBs are aware of increasing cyber threats and allocating resources and investing in areas such as network and cloud security, according to Datto. 69% of SMBs currently have cyber insurance and 34% of those without cyber insurance are highly likely to get it in the next year.
In 2022, significant geopolitical developments have led to equally significant changes within the cyber insurance market. In this Help Net Security video, Chris Denbigh-White, Global Director of Customer Success for Next DLP, discusses how, with the increasing number of breaches, insurers are left with no choice but to increase premiums, making the notion of insuring cyber risk unrealistic, leaving businesses paying the highest premiums to date.
Financial and insurance sectors in Europe have been targeted by the Raspberry Robin worm, as the malware continues to evolve its post-exploitation capabilities while remaining under the radar. "What is unique about the malware is that it is heavily obfuscated and highly complex to statically disassemble," Security Joes said in a new report published Monday.
Notably, survey results reveal that more than 68% of founders have experienced a cyber attack on one of their businesses - which may address why 86% of founders surveyed already have some cyber insurance protections in place. The high percentage of startups with cyber insurance can partially be attributed to pressures from investors and/or board members, as nearly half cite cybersecurity insurance protections as required by one or both of these entities.
Although companies are spending billions on preventative security measures, attacks are a common occurrence. Business continuity requires enterprises to go beyond prevention and prioritize a strategic recovery plan.