October 8, 2024 at 02:17PM CrowdStrike’s software update caused 8 million Windows devices to go offline, impacting hospitals, airlines, payment platforms, and emergency services. The issue stemmed from poor patch management and violated risk management policies. Experts recommend staged rollout of patches and diversifying operating systems to mitigate vulnerabilities, and note potential implications for cyber … Read more
September 18, 2024 at 10:01AM The soaring cost of cyberattacks drives cyber insurers to reassess underwriting and promote greater cyber resiliency. With cyber-insurance claims rising and evolving, insurers are imposing stricter requirements, such as segmented, encrypted, and immutable backups, on companies seeking coverage. This shift incentivizes businesses to prioritize cyber resiliency to safeguard against evolving … Read more
August 2, 2024 at 08:11AM An unnamed Fortune 50 corporation paid a record $75 million to the ransomware gang Dark Angels to prevent terabytes of data from being leaked online. The gang targets one major victim at a time, files of businesses likely to pay up. Zscaler confirms the gang’s stealthy operations and suggests a … Read more
July 31, 2024 at 10:09AM According to Netwrix’s “2024 Hybrid Security Trends Report,” ransomware and other malware attacks are major security incidents. There’s debate about making ransomware payments illegal. While banning payments might eliminate cybercriminals’ incentive, it could lead to complex ethical and legal issues, including underreporting and disproportionate impact on small businesses. A multifaceted … Read more
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