Cyber insurance gets more expensive as ransomware attacks target backup storage
A new report reveals that 93 percent of ransomware attacks are now targeting backup storage as a way of ensuring payment.
The report from Veeam also shows that the success of attacks is having an impact on enterprises' ability to get insurance cover. 21 percent of organizations say that ransomware is now specifically excluded from their policies.
SMEs underestimate the cost of cyber incidents
A new report from cyber insurance provider Cowbell shows that 90 percent of small business leaders underestimate the cost of a cyber incident.
The study of 500 SME leaders across the US shows that 50 percent of SMEs have experienced a significant cyber incident in the past 12 months and, of those, 90 percent say the attack cost more than they anticipated.
Why cyber insurance policies may be in jeopardy [Q&A]
Cyber insurance has often been seen by business leaders as a monetary guarantee that even if hackers do break into their networks and steal their data, they can still escape financially unscathed.
Yet this premise was recently rocked after Lloyd's of London, the world's biggest insurance syndicate, redefined its policies to no longer cover for nation-state cyberattacks. There are other challenges facing the cyber insurance sector in the year ahead too.
Number of new Common Vulnerabilities and Exposures (CVEs) expected to increase in 2023
We can expect to see more than 1,900 new Common Vulnerabilities and Exposures (CVEs) per month in 2023, including 270 high-severity and 155 critical-severity vulnerabilities -- a 13 percent increase from published 2022 levels.
This is according to a report from cyber insurance provider Coalition, which finds that most CVEs are exploited within 90 days of public disclosure, with the majority exploited within the first 30 days.
The rise of the digital coworker [Q&A]
Talent shortages are affecting many industries at the moment and increasingly enterprises are turning to technologies like robotic process automation (RPA) to fill the gaps.
Now there's a new alternative in the form of the 'digital coworker', designed to work seamlessly alongside a company's human workforce. We spoke to Chaz Perera, CEO and co-founder of Roots Automation, to discover more about this latest innovation.
Fraud and ransomware dominate cyber insurance claims
Ransomware accounts for 23 percent of cyber insurance claims, while while fraudulent funds transfer (FFT) accounts for 28 percent according to insurance specialist Corvus, which has released its latest Risk Insights Index.
The impact and consistency of FFT is growing, accounting for 36 percent of all claims in the last quarter (Q3 2022), an all-time high. Indeed this metric has not dropped below 25 percent for the past six quarters.
SMBs hardest hit by ransomware
A new report from cyber risk insurance provider Coalition shows that while overall incidents are down, and ransomware attacks are declining as demands go unpaid, smaller businesses have become bigger targets.
In the first half of 2022, the average cost of a claim for a small business owner increased to $139,000, 58 percent higher than levels during the first half of 2021.
Why merchants don't need to buy fraud insurance to cover everything
The discipline of fraud prevention has changed dramatically over the past five years and continues to evolve rapidly. Consequently, former truths about fraud prevention are increasingly becoming outdated myths. Legacy vendors propagate these myths to maintain relevance, but industry leaders understand the distinction and are moving forward.
In this article, the common myth we’ll tackle is that a merchant should buy fraud insurance to cover everything -- this is typically touted in the market as a 'chargeback guarantee.' On the surface, the simplicity is appealing; the vendor is claiming to solve merchants’ fraud problems by taking liability for chargebacks, returns abuse, Item Not Received abuse, and potentially more. But the statement is very much a myth for, at the very least, five important reasons:
Cyber insurance may be cyberficial, but…
Insurance might be one of the least liked, but most valued purchases within a business when you need to use it. In previous decades, it was needed against fire, theft, and other tangible threats to a business, yet as cyber-attacks are becoming an inevitable, frequent occurrence, the demand for cyber insurance is at an all-time high.
However, qualifying for cyber insurance coverage is easier said than done. Businesses not only have to manage the soaring cost of premiums, but also meet a long list of complex criteria that deems their current security strategy and implementation eligible for financial protection.
A third of mid-sized organizations don't have a cyber-incident response plan
The rise of ransomware and other attacks has pushed cybersecurity up the agenda of businesses, yet according to a new study 36 percent of mid-sized organizations don't have a formal incident response plan in place.
The report from Egnyte, based on a survey of 400 US executives conducted by Wakefield Research, also shows that the rise in cyberattacks has prompted organizations to increase focus on user access to critical data repositories.
Why automation is the future of incident response [Q&A]
A security breach can lead to serious reputational and legal issues for enterprises. The speed and effectiveness with which they are able to respond to incidents is therefore crucial.
Larry Gagnon, senior vice president, global incident response at eSentire, believes that the way to address this is by greater automation incident response. We talked to him to find out more.
Ransomware insurance claims are down and ransom payments are too
A new Risk Insights Index released today by Corvus Insurance reveals that the rate of ransomware claims reached in the final quarter of last year was just half of the peak seen in Q1.
At the same time the average ransom paid was around $167k, 44.2 percent less than the Q3 figure. Fewer ransoms are being paid compared to those demanded too. The percentage for the last quarter of 2021 held steady in the low twenties, down significantly from figures that once were over 50 percent. As recently as Q3 2020, the ratio was 44 percent.
Insurance businesses targeted for customer details
Insurance companies exist to offer protection but they're increasingly having to protect themselves against a range of cyberattacks.
A new report from IntSights looks at the threats faced by insurance businesses and why they’ve become a particular problem in recent times.
Cyber insurance ransomware claims decline but costs remain high
Research from commercial insurance provider Corvus reveals that the cost of ransomware to businesses remains high.
Ransomware claims that resulted in payments to fraudsters are down though, mostly due to improved backup processes and greater preparedness. In the third quarter of 2020, 44 percent of ransomware claims involved a successful payment, but that decreased to just 12 percent by Q3 of this year.
Staffing crunch forcing commercial insurance industry to embrace technology
The COVID-19 pandemic shone the spotlight on growing labor shortages throughout the U.S. economy. While most of the attention to find entry and mid-level workers has focused on retailers, restaurants, and other service industries, the reality is that the staff shortage is affecting Wall Street banks, construction, manufacturing, trucking, and more. The pandemic has exacerbated long-standing staffing issues for commercial insurance brokers and carriers and is driving more companies to look to technology to bridge the gaps.
Many common dynamics are driving the overall labor shortage. As the pandemic rose and fell, more Americans reassessed which types of jobs they wanted and at what pay. The rising acceptance of remote work, elimination of the daily commute, lack of access to childcare, desire and opportunity to start a business, and simply workers choosing to leave the workforce altogether are driving the staffing gap. Experts believe the staffing challenge is not a temporary issue but, in fact, the new normal.
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