The Source for Cyber Insurance News, Insights and Data
The 2023 U.S. Cyber Market Outlook provides useful information on issues such as the regulatory environment, causes of cyber claims, industry break-downs and some predictions for 2023. It also affirms the trend we’ve written about before — social engineering and fraudulent payment scams moving to the fore (by percentage of claims, not losses) as hybrid … Read more
“MFA (Multi-Factor Authentication) is good and everyone should use it where they can to protect valuable data and systems (says security expert Roger A. Grimes.) Unfortunately, the insurance industry and their customers are going to learn that using ANY MFA is not going to be as helpful in reducing risk as they thought. Unfortunately, about … Read more
The report concerns a March 2022 attack on the Canadian tourist town of Banff, which apparently cost over $500,000. “Municipalities can be favoured targets of cybersecurity attackers because their cyber defences aren’t as sophisticated as higher levels of government. Attackers believe cities and towns may be more willing to pay ransoms than other organizations because … Read more
“(T)he biggest risk hasn’t yet materialized: a cyberattack against a company or information services system so important to an economy, or to society as a whole, that it reaches systemic levels. One so big, perhaps, it might take down carriers. ‘I think it’s important we stress that the insurance industry has not had a catastrophic … Read more
This report provides useful information on holiday DDOS attacks, including the specter of combined attacks that use DDOS as a diversion while launching more serious hacks. But another lump of coal comes at the very end of the article: “Companies that have cyber insurance can attempt to recoup financial losses incurred from a DDoS attack … Read more