Security News
With cybersecurity threat vectors evolving every day and with attackers employing a more innovative and unpredictable approach through combining various types of attack, it's no surprise that the global cyber insurance market is expected to grow from a worth of $7bn in gross written premiums in 2020 to $20.6bn by 2025, according to GlobalData. In this Help Net Security video, Manoj Bhatt, Head of Security and Advisory at Telstra Purple, discusses how with increasing product complexity and compliance requirements, ever-rising product premiums, and access to cover restricted for many organizations, many security teams are questioning the value of cover in the first place.
The Australian Federal Police has pointed to Russia as the location of the attackers who breached local health insurer Medibank, accessed almost ten million customer records, and in recent days dumped some customer data onto the dark web. The release of customer data - some it containing intimate details of health services customers accessed using their insurance - came after Medibank refused to pay a ransom to secure the data on grounds that doing so would not guarantee customers' safety.
The rise in the costs of data breaches, ransomware, and other cyber attacks leads to rising cyber insurance premiums and more limited cyber insurance coverage. This cyber insurance situation increases risks for organizations struggling to find coverage or facing steep increases.
As insurance companies struggle to stay afloat amid rising cyber claims, Swiss Re has recommended a public-private partnership insurance scheme with one option being a government-backed fund to help fill the coverage gap. Global cyber insurance premiums hit $10 billion in 2021, according to Swiss Re's estimates.
Beginning in Autumn 2024, existing photo-less national health insurance cards will no longer be accepted, officially replaced by My Number Cards. There's only one problem: Japan residents seem reluctant to adopt them, with an online petition to keep current health cards quickly gathering 100,000 signatures.
Luckily, there's a new eBook dedicated to helping small security teams better understand cyber insurance policies and how they may impact an organization's cybersecurity measures. Organizations with even the smallest cybersecurity teams are now looking at cyber insurance to protect their businesses from cyber-attacks.
The data snafu dates back to 2020, and, according to EyeMed, it's likely the result of one of its people falling for a phish. The investigation later revealed that the intrusion ran from around June 24 to July 1, 2020, during which time miscreants read and stole emails and attachments containing consumers' non-public health information, including data concerning minors, that date back six years prior to the cyberattack.
In the world of insurance providers and policies, cyber insurance is a fairly new field. And many security teams are trying to wrap their heads around it. What is it and do they need it? And with...
Health insurance provider Medibank has confirmed that a ransomware attack is responsible for last week's cyberattack and disruption of online services.Medibank Private Limited is one of Australia's largest private health insurance providers, covering over 3.7 million people and having 4,000 employees.
As cyber threats grew, so did the appetite for risk transfer, with the US Government Accountability Office noting a dramatic increase in the proportion of insurance clients taking out cyber insurance policies. The change in infrastructure and access methods created yet more layers of security risk, making cyber risk transfer even more problematic for underwriters.