Articles about cyber insurance

According to a new report 45 percent of MSPs admit to having a dedicated pool of money set aside for ransomware payments. This is despite increasing pressure from insurers and global governments to avoid paying ransoms to stop fueling criminal enterprises and encourage proactive resilience.

The findings, from cyber risk specialist CyberSmart, also show that 36 percent opt to protect themselves with cyber insurance instead. Worryingly though, 11 percent of MSPs say they have no dedicated budget for ransomware payments or cyber insurance, in many cases leaving them without a contingency plan.

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A new report from cyber insurance specialist Coalition finds the majority of 2024 claims (60 percent) originated from business email compromise (BEC) and funds transfer fraud (FTF) incidents, with 29 percent of BEC events resulting in FTF.

Ransomware claims did stabilize in 2024 but they remain the most costly and disruptive type of cyberattack.

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A new report from cyber insurance provider Cowbell shows that supply chain attacks have increased by an astounding 431 percent since 2021.

It also shows that large enterprises (those with greater than $50 million revenue) are 2.5 times more likely to encounter cyber incidents. Manufacturing is the most vulnerable sector, driven by its reliance on automation and exposure to intellectual property threats.

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A new report from insurance provider Coalition finds that that ransomware claims severity spiked by 68 percent in the first half of 2024 to an average loss of $353,000.

While high ransomware demands have come back into vogue, funds transfer fraud (FTF) has also seen a notable decrease in both frequency (two percent) and severity (15 percent).

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In a move that is sure to be celebrated by consumers, Acronis has announced the return of True Image, a household name for home cybersecurity since 2003. While the software never actually went away, it was previously renamed “Cyber Protect Home Office,” which never really caught on with the public.

Acronis True Image 2024, as it is now named, is designed for home users and small businesses, offering both protection and backup capabilities. This latest version brings bug improvements in security and performance, providing users with an integrated suite of anti-ransomware, anti-malware protections, and a dependable backup service.

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