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Cyber Insurance: Is Paying a Ransom Counter-Productive?

KnowBe4

Food for thought as discussed on May 18, 2023, an article posted in The Australian Insurance Council: Banning paying a ransom to cyber hackers is counter-productive where Andrew Hall, the Chief Executive of the Insurance Council of Australia (ICA), stated that “attempts to ban businesses from paying ransoms for cyber attacks risks eroding trust and (..)

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Cyber Insurance Rates Begin to Stabilize as Insurers Gain Better Insight into Cyberattacks

KnowBe4

The latest data shows that historically massive rate increases seen over the last few years are beginning to come down, primarily due to insurers having a solid understanding of the risk.

Insiders

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One Out of Five Organizations Must Improve Their Security Posture to be Eligible for Cyber Insurance

KnowBe4

As insurers become more educated on what a “secure organization” looks like, they are tightening their requirements that puts the onus on organizations to be more secure.

Insurance 105
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Cyber Insurers Focus on Catastrophic Attacks and Required Minimum Defenses as Premiums Double

KnowBe4

Recent attacks are helping cyber insurers better understand what security strategies need to be in place and how to price policies based on the risk those policies cover.

Insurance 105
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Finance and Insurance Is the Sector Most Impacted by Data Breaches In 2022

KnowBe4

Analysis of the year’s breaches shows Finance and Insurance businesses are the most targeted and have lost a material count of records as a result.

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“Failure to Authenticate” Wire Transaction at the Heart of a Cyber Insurance Appeal Case

KnowBe4

Lawsuits over denied cyber insurance claims provide insight into what you should and shouldn’t expect from your policy – and that actions by your own users may make the difference.

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OpenText™ Cybersecurity 2024 Global Ransomware Survey: Supply chain and AI-powered attack fears intensify

OpenText Information Management

Investing in cybersecurity Awareness for ransomware threats is growing and so is regulation. According to 37% of respondents, regulatory compliance or cyber insurance requirements are the primary drivers for increasing ransomware defense investment within the software supply chain.