The Source for Cyber Insurance News, Insights and Data
Mark Sauter “Another reason that risk matrices can be counterproductive is they act as an ‘analysis placebo,’ where decision-makers think they understand the risk because they have subjectively characterized the risk as ‘high,’ ‘low,’ etc. But, because the risk matrix is not based on hard data about the chance of loss and the potential magnitude of loss, … Read more
“The “vast majority” of cyber insurers plan to remain in the market over the next three years as the industry establishes an operations baseline to cope with very high claim volume, research from Panaseer released this week shows…There’s underlying confidence in how insurers evaluate customers’ security postures. Nine in 10 cyber insurance decision makers are … Read more
“Officials can look at the probabilities of attacks succeeding and probabilities that these result in different depths of financial losses. Then officials can factor in how adopting different preventive measures might draw down those costs. This lets officials estimate how much investing in a better backup system or in anti-phishing training, for example, might reduce … Read more
“’Unfortunately, the adversarial community, the hacking community, they don’t care,’ (Coalition Head of Insurance Shawn Ram) added. ‘Companies may elect to provide less resources toward cyber-related security and controls. The opportunity for adversaries to take advantage of that increases, so what we have seen is an increased demand and increased desire for cybersecurity.’” Some investors … Read more
“The increase in successful ransomware attacks is part of an increasingly challenging broader threat environment which has affected healthcare more than any other sector. Healthcare saw the highest increase in volume of cyber attacks (69%) as well as the complexity of cyber attacks (67%) compared to the cross-sector average of 57% and 59% respectively. In … Read more