Security News
Cybersecurity insurance is a rapidly growing market, swelling from approximately $13B in 2022 to an estimated $84B in 2030, but insurers are struggling with quantifying the potential risks of offering this type of insurance. Cyber attackers escalate and adapt quickly, which undermines the historical-based models that insurance companies rely on.
Specops research shows that in an analysis of 800 million breached passwords, 83% of compromised passwords satisfy the password length and complexity requirements of regulatory password standards. Data from a LastPass survey shows 83% of businesses reported having to prove to their insurance provider that they have multi-factor authentication or password management in order to qualify for coverage or receive a lower premium rate.
One solution to help organizations protect themselves is cyber insurance, despite the rising costs of cyber insurance, where the average price in the U.S. rose 79% in the second quarter of 2022. While cyber insurance is not a one-size-fits-all solution and may not cover every possible scenario, it can help organizations mitigate the financial and reputational risks associated with cyber-attacks and data breaches.
Insurers, just like health systems themselves, need the full context of clinical operations to see the true impact. Better informed health systems with strong cybersecurity governance will pose a lower risk to insurers, creating greater opportunity for a more sustainable insurance market.
In this Help Net Security video, Fawaz Rasheed, Field CISO at VMware, discusses how cyber insurance remains the high tide that rises ships. For organizations choosing to purchase cyber insurance, the requirements set forth towards them are beneficial in advancing their security program.
Only 3.54% of of insurance companies have correctly implemented basic phishing and spoofing protection, according to EasyDMARC. DMARC standard adoption. The survey reviewed the deployment of the Domain-based Message Authentication, Reporting and Conformance standard among the domains of insurance companies.
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.