Security News

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.

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.