Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

As cyber insurers become more experienced in what kinds of claims are being presented, and the threat action details therein, specific types of coverages are no longer being included. I’ve written quite a few times about specific cyber insurance claim cases that required going to court to settle. And in most of them, the courts sided with the insurer because the wording in the cyber insurance policy made certain it was covering specific use cases.

As more and more businesses and individuals rely on technology and the Internet, cyber threats such as data breaches, malware attacks, and cyber extortion are becoming increasingly common. Overall, cyber insurance can help mitigate the financial, legal, and reputational risks associated with cyber incidents.

A ransomware outfit is advising its victims to secretly tell them how much insurance they have, so their extortion demands will be met. As security researchers at Varonis describe, a new strain of the HardBit ransomware has taken the unusual step of asking targeted companies to spill the beans of whether they have cyber insurance (and the terms of that insurance) anonymously.

‍Cyber insurance is becoming increasingly important and necessary as cyber attacks become more sophisticated and frequent. Healthcare is one of the most targeted industries because of the valuable medical data they handle and the lack of proper cybersecurity protections. Although cyber insurance doesn’t prevent security breaches, it provides a safety net for businesses to cover their financial losses.

The political and economic uncertainty throughout the world today is growing. The danger of malicious hacking is increasing as more and more parts of daily life simultaneously transition to the digital realm. An attack on another country or region by a state or an individual could have catastrophic results. Possible targets include utilities like power plants and communications networks.

To cope with increasingly costly pay-outs, providers are redefining the terms of cyber insurance to reduce their exposure. The implications could spell myriad changes for the cyber security industry. Whatever the outcome, it’s time for organisations to re-evaluate whether their policy will cover them against the attacks they are most susceptible to.

Policyholders prefer a digital style of interaction over a physical one. However, identity verification problems frequently stand out, which causes significant onboarding dropout rates. This blog article examines how to resolve this using an AI-powered verification method. According to a recent study, 44% of those between the ages of 18 and 29 who had insurance purchased their plans online. This proportion is expected to rise as broadband penetration rates continue to rise.