July 29, 2024 at 05:47PM Cowbell, a cyber insurance provider for small and medium-sized enterprises, has secured a $60 million Series C equity investment from Zurich Insurance Group. This investment will support Cowbell’s expansion in international markets, strengthen cyber resilience services, and enhance partnerships. Zurich’s CEO praised Cowbell’s data-centric approach to cyber risk management and … Read more
July 26, 2024 at 04:47PM The CrowdStrike Falcon outage has led to estimated $5.4 billion in losses for Fortune 500 companies, with healthcare and banking being the most impacted financially. The transportation and airlines sector experienced 100% impact, with estimated $0.86 billion in losses. The report suggests focusing on mapping, managing, and assessing cloud-based service … Read more
July 17, 2024 at 04:10PM QBE Insurance has unveiled QCyberProtect, a comprehensive global cyber policy offering tailored coverage for emerging cyber risks. The policy includes a network of cyber experts and QCyberPrepare, a risk management tool. Currently available in 10 countries, the policy will be launched in more countries. QBE North America, part of QBE … Read more
July 8, 2024 at 02:07PM The cyber-insurance market has seen a significant decline in premium rates, making coverage more accessible to organizations of all sizes. Factors contributing to this decrease include a more competitive marketplace, improved cyber hygiene, and better risk assessment by insurers. Despite a rise in cyber-attacks, prices are expected to remain stable … Read more
June 28, 2024 at 09:18AM ICE faced a $10 million fine from the SEC for delaying reporting a VPN breach, violating compliance requirements. No clear reason for the delay was provided. The case highlights risks of bypassing compliance for quick response, showing cybersecurity’s broad business impact and insurance implications. Boards are urged to ask better … Read more
June 27, 2024 at 06:47PM Beazley Security, a newly launched cyber-risk management company resulting from a merger between Beazley’s cyber services and Lodestone, will integrate risk management services with technical cybersecurity services. Led by CEO Alton Kizziah and reporting to Beazley’s head of cyber risks, the company will provide integrated cyber preparedness and response capabilities, … Read more
June 25, 2024 at 06:07AM SecurityWeek Network offers cybersecurity news, webcasts, and virtual events. It covers a wide range of topics, including malware, cybercrime, ransomware, vulnerability, threat intelligence, and CISO strategy. It also focuses on industrial cybersecurity and provides updates on cybersecurity funding and M&A activities. It seems like the meeting notes are a list … Read more
June 13, 2024 at 05:17PM In 2023, cyber-insurance claims hit a new high, with over 1,800 claims from the US and Canada. The surge was attributed to more complex cyberattacks, increased privacy claims, a rise in organizations purchasing cyber insurance, and the MOVEit file transfer supply chain breach. Healthcare had the highest claims at 17%, … Read more
May 29, 2024 at 04:42PM BforeAI unveiled the PreCrime Guarantee, a breach protection pledge in collaboration with a global cyber insurance provider. The initiative offers customers reimbursement up to ten times the service contract value if impacted by a cyberattack due to a failure in BforeAI’s predictive solution. The platform’s reliability was validated in a … Read more
May 29, 2024 at 06:53AM In litigation, the standard of proof varies for criminal and civil cases. Regulators overseeing enterprise cybersecurity practices rely on the concept of “reasonable cybersecurity,” which lacks a precise definition. Quantifying cyber risk is crucial in determining what constitutes a “reasonable” cybersecurity defense, with regulatory frameworks such as NIST CSF and … Read more