Security News
A Panaseer survey of global insurers across the UK and US found that 82% are expecting the rise in premiums to continue, with 74% of insurers agreeing that their inability to accurately understand a customer's security posture is impacting price increases. To help combat the ransomware crisis, researchers found that 87% of insurers want a consistent approach to analysing cyber risk, and 89% want direct access to customer security metrics and measures proving the status of security controls.
We're now seeing a shift back to traditional risk measurement, with underwriters approaching cyber insurance in a manner similar to physical insurance - by assessing where the biggest risks are and determining whether they should exclude certain risks from coverage, as well as establishing a bar to define what constitutes reasonable care. By the end of 2020, more than half of cyber insurance policy holders saw the price of their coverage rise by as much as 30 percent, according to GAO. While the current conflict in Ukraine will likely lead to a rise in cyber insurance purchases, the harsh reality is that most coverage will not protect enterprises from nation-state attacks or even ransomware.
Insurance exists to protect the insured party against catastrophe, but the insurer needs protection so that its policies are not abused - and that's where the fine print comes in. In the case of ransomware insurance, the fine print is becoming contentious and arguably undermining the usefulness of ransomware insurance.
Pure IR retainers typically don't offer security leaders flexibility to maximize their investment, but by being permitted to use credits toward preparedness, testing, simulations and so forth, cyber risk can be mitigated. There are three key elements to achieving an effective cyber risk retainer: negotiation, structure and execution.
While most people would not think of the insurance sector as a focus for cyberattacks, new findings show that the industry may have a serious security problem. The recently released Cyber Insurance Risk in 2022 report from Black Kite shows that 82% of the largest insurance carriers are the focus of ransomware attacks from cyber criminals.
Black Kite released a report that examines rising cyber risk concerns and ransomware susceptibility in the insurance sector. The most notable takeaway: nearly 20% of the top 99 insurance carriers have a high susceptibility to ransomware.
The increase in frequency and cost of ransomware attacks has made ransomware a board-level risk and put the cyber insurance industry under extreme pressure. The proliferation of ransomware has led to an increase in the frequency and value of cyber insurance claims.
A phishing campaign used the guise of Instagram technical support to steal login credentials from employees of a prominent U.S. life insurance company headquartered in New York, researchers have revealed. According to a report published by Armorblox on Wednesday, the attack combined brand impersonation with social engineering and managed to bypass Google's email security by using a valid domain name, eventually reaching the mailboxes of hundreds of employees.
Aon, the British-American provider of insurance and pension administration, has brought in external specialists to help probe a "Cyber incident". In addition to broader risk insurance options, Aon sells cyber insurance policies and related solutions to customers, including Cyber Risk Financing, Cyber Impact Analysis, Security Testing, Incident Response Retainers, and Stroz Friedberg Digital Forensics.
Professional services and insurance giant AON has suffered a cyberattack that impacted a "Limited" number of systems. AON is a multinational professional services firm offering a wide array of solutions, including business insurance, reinsurance, cybersecurity consulting, risk solutions, healthcare insurance, and wealth management products.