cyber insurance
Could better backups reduce cyber insurance premiums?
Cyber insurance is now becoming more widely adopted with 43% of businesses now holding a policy and premiums have fallen for the first time this year, with the Global Insurance Market Index showing a decline of 6% over the last three quarters of 2024. This is due in part to the market maturing and providers […]
Ransomware news headlines trending on Google
Patelco Credit Union Hit by Ransomware Attack Affecting 726,000 Customers Patelco Credit Union, a U.S. nonprofit financial institution, has disclosed a ransomware attack that compromised its IT systems on June 29 of this year. The attack was carried out by a ransomware group known as Ransom HUB. The breach resulted in the exposure of sensitive […]
Cyber Insurance demand fall as businesses bolster their cybersecurity infrastructure
Businesses are increasingly recognizing the critical need to enhance their cybersecurity defenses amid today’s evolving cyber landscape. Consequently, they are strategically investing in fortifying their existing infrastructure. This proactive approach has led to a notable decline in the demand for cyber insurance premiums across the UK. According to a study conducted by cyber insurance firm […]
Disadvantages of Cyber Insurance
Cyber insurance provides financial protection for businesses in the event of a cyber attack. However, despite its benefits, there are several drawbacks to consider before committing to a policy. Here are some key disadvantages: Evolving Cyber Threats: The landscape of cyber threats is constantly changing as cybercriminals develop new tactics to exploit vulnerabilities. This poses […]
Five 5 benefits of having a cyber insurance cover on hand
In the age of digitization, securing IT assets through insurance coverage presents a challenge, particularly in convincing board members to allocate funds for cybersecurity. However, the investment yields significant benefits, as outlined below: Comprehensive Coverage: Cyber insurance shields businesses from various repercussions following a cyber attack, including financial losses, legal fees, and recovery expenses. It’s […]
Essential Tips for Claiming Cyber Insurance Coverage
In an era dominated by digital transactions and interconnected networks, the importance of cyber insurance cannot be overstated. Cybersecurity threats loom large, making it crucial for businesses to not only invest in robust preventive measures but also secure a comprehensive cyber insurance policy. However, the real test comes when a cyber incident occurs, and it’s […]
Insurance cover becoming impossible for Cyber Attacks
Insurance companies like Lloyd offer cyber insurance policies that cover a business from facing a business loss during a cyber-attack. However, in coming days, cyber attacks will become uninsurable, as per Mario Greco, the Chief of Zurich Insurance. Mario, who leads the Europe’s biggest insurance firms, predicted that digital attacks will lose their sheen with […]
Premium for Cyber Insurance has soared over the past few years
Cyber Insurance premiums are becoming dearer and the reason for such a rise is claimed to be sophistication in attacks that are making mitigation and recovery expensive. Most companies are showing laxity in following basic cyber security hygiene, leading to a surge in cyber-attacks and data breaches. Marsh’s Market Index shows the cyber insurance market […]
Lloyd’s excluding nation-state cyber attacks from Cyber Insurance
Lloyd’s London, one of the largest insurance services providers in the world, has disclosed that it is making amendments to its cyber insurance laws that will come into effect from March 2023. And as per the latest, all risks emerging from cyber attacks that are funded by nations will be excluded from the cyber insurance […]
What is not included in a Cyber Insurance Policy
Ever wondered what is covered and what is not in your Cyber Insurance Policy? If not, you better review the guidelines and inform all your C-level employees on strategies to cope with the losses that remain out of the cyber insurance cover. Next, any company offering a cyber policy will surely conduct a pre-check about […]
