Mark Sauter

Mark Sauter's insights on the financial, policy and security elements of cyber insurance are based on years of experience in the investment banking, media and business worlds. Co-author of the McGraw Hill university textbook "Homeland Security: a Complete Guide," Sauter was also a consultant to one of the world's largest software companies and served as a US Army Special Forces and infantry officer.

Widespread MOVEit Attacks Highlight Difference in Coverage Between Encryption and Extortion 

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“While an insurance company may pay a ransom to get file decryption keys, ‘they won’t pay an extortion fee,’ Wisniewski said. ‘The conventional wisdom of insurers has been, ‘I’m buying encryption keys that are going to let me get this customer online faster, and that reduces my cost of the incident.’ They think they’re getting … Read more

Cannabis Companies Not High on Cyber Insurance 

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“Lastly, it is worth addressing that aside from larger companies and a few smaller businesses that recognize the importance of having cyber liability insurance, most operations are still declining this critical coverage. Today, an estimated 10% of cannabis companies are purchasing cyber insurance. While the cyber market in general has become more competitive, only a … Read more

How to Avoid Being on the Hook for Your Vendors’ Inadequate Cybersecurity 

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The report includes a description of the nightmare Laboratory Corporation of America endured after one of its vendors was hacked. You’ve likely heard some of these tips on how to start mitigating such risk, but the compilation here is useful. Source: Insure Against Data Breaches Suffered By Vendors and Service Providers

China Releases Plan for Cyber Insurance Development

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Xinhua, a state media outlet, reports the “guideline” comes from the Ministry of Industry and Information Technology and the National Financial Regulatory Administration. “The country will further improve the supporting policies and regulations, promote the application of cybersecurity insurance among enterprises, and cultivate more high-quality cybersecurity insurers, said the guideline.” Some might say the PRC … Read more

Nexus Completes Acquisition of Evolve Cyber Insurance as Industry Players Seek Scale 

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Nexus picks up app. 3,000 broking partners. “Nexus notes that this acquisition significantly expands both its cyber insurance capabilities and market reach. It’s hoped that Evolve’s strong distribution network and experienced team of cyber experts will complement Nexus’s existing technology-enabled data-driven underwriting.” This is reported to be Nexus’ 17th acquisition since 2008. Nexus Underwriting has … Read more

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