#CyberInsurance

War or Cost of Doing Business? Cyber Insurers Hashing Out Exclusions

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January 11, 2024 at 09:43AM Merck settled a legal battle with insurance companies over $1.4 billion in claimed damages caused by the NotPetya cyberattack, challenging hostile/warlike act exclusion clauses. The resolution is significant for businesses amid increasing cyberattacks. Although insurance firms clarify act-of-war clauses, companies must carefully review coverage to mitigate risks from complex cyberthreats. … Read more

Getting off the Attack Surface Hamster Wheel: Identity Can Help

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January 10, 2024 at 07:22AM IT professionals have developed a deep understanding of the enterprise attack surface and the challenges it poses for cybersecurity. The expansion of the attack surface due to cloud services, remote working, IoT, supply chains, AI, and social networking requires a shift in security strategy. Prioritizing digital identities and investing in … Read more

Merck Settles NotPetya Insurance Claim, Leaving Cyberwar Definition Unresolved

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January 5, 2024 at 11:24AM A settlement between Merck and its insurers has been reached over the damage caused by NotPetya, an attack attributed to Russia. Merck made a $1.4 billion claim under its ‘all-risks’ coverage, but faced exclusion due to the standard war clause. Legal definition of cyberwar remains unresolved as the case settled. … Read more

Why CISOs Need to Make Cyber Insurers Their Partners

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December 27, 2023 at 10:05AM The relationship between cyber-insurance providers and policyholders is strained due to the complex underwriting process and rising premiums. Cyber insurance is still in its early stages, experiencing growing pains. To establish a partnership, both parties need to focus on risk reduction and share electronic metrics for accurate policy pricing. Trust … Read more

Refocusing on Cybersecurity Essentials in 2024: A Critical Review

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December 27, 2023 at 09:24AM In 2023, ransomware attacks and zero-day vulnerabilities in supply chains were the leading cyber threats, prompting the need for organizations to reassess their cybersecurity strategies. Despite increased spending in 2024, concerns about the effectiveness of security investments persist. To enhance security posture, organizations should prioritize data integrity, identity management, and … Read more

Strengthening Resilience: Navigating the Cybersecurity Landscape

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December 22, 2023 at 12:07PM Businesses worldwide face a surge in cyber threats, with ransomware attacks increasing by over 1,000% since 2019. Aon’s global survey identifies cyberattacks as the top risk for organizations, leading to a shift in cybersecurity investment in the Middle East. Organizations must prioritize a holistic, proactive approach to cyber resilience, including … Read more

Making Cyber Insurance Available for Small Biz, Contractors

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December 8, 2023 at 04:30PM The rising costs of recovering from security incidents and data breaches are spurring interest in cyber insurance. Traditionally seen as only for large organizations, there is now a focus on offering policies to small and midsize businesses and independent contractors. New tailored products are being introduced, but distinguishing between actual … Read more

ALPHV/BlackCat Take Extortion Public

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November 17, 2023 at 01:35PM ALPHV/BlackCat ransomware gang has changed their tactics by filing a complaint with the SEC against their victim, MeridianLink, for not disclosing a breach within the required timeframe. This is an attempt to pressure MeridianLink to pay the ransom sooner. Businesses should consider having an incident response plan, deciding on paying … Read more

Cybersecurity Investment Involves More Than Just Technology

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November 17, 2023 at 03:18AM Organizations prioritize “high value for money” when allocating cybersecurity budgets, focusing on cybersecurity technologies, threat intelligence, risk assessment, cyber-insurance, and third-party risk management. While fewer organizations see technology as good value for money compared to the previous year, there is an awareness that technology investments require investment in governance and … Read more

Travelers to Acquire Cyberinsurance Firm Corvus for $435 Million

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November 6, 2023 at 02:18PM Travelers, a property and casualty insurance company, will acquire Corvus Insurance Holdings for $435 million. Corvus, founded in 2017, specializes in cyber insurance and uses artificial intelligence for data analysis. The acquisition will help Travelers expand its presence in the evolving cyber insurance market and gain cutting-edge capabilities in underwriting … Read more