Cyber Insurance Best Practices

Got an Opinion on Government Financial Backing for the Cyber Insurance Industry? You’ve Still Got Time to Weigh In

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The new deadline to comment on the issue is December 14th. “Pursuant to a recommendation from the Government Accountability Office, under direction from Congress to investigate the question, the agencies are seeking answers on ‘the extent to which risks to critical infrastructure from catastrophic cyber incidents and potential financial exposures warrant a federal insurance response,’ … Read more

Should Ransomware Payments Be Banned?

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Australia’s Home Affairs Minister said the government is considering just such a move, following a dramatic ransomware attack (where the victim did not pay ransomware and had no cyber insurance).  A recent study reports that ransomware payments are far from guaranteed to produce system recovery. “(T)he Veeam report said: ‘One of the more notable statistics … Read more

Cyber Insurance Market Stabilizing, Reports Wall Street Journal 

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Premiums are growing less dramatically as the market adjusts to the increase in ransomware attacks and claims. This includes demands by carriers for clients to demonstrate strong security controls and monitoring. “With higher payouts by insurers came premiums rising at steeper rates. ‘It was kind of nasty there for a little bit,’ said Robert Parisi, … Read more

Most K-12 Schools Have Cyber Insurance, But Still Lack Basic Security Measures:  MS-ISAC Report 

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In our opinion, the report’s authors are diplomatic in their summary: “The K-12 community displayed an overall average maturity score of 3.55 on the 2021 NCSR’s 1 through 7 maturity scale. Results from the Nationwide Cybersecurity Review (NCSR) risk-based assessment have shown the K-12 sector is improving in its cybersecurity capabilities over time, though the … Read more

Inadequate Security + No Insurance + No Ransomware Payment = Disaster for Australian Health Insurer 

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Australian health insurance provider Medibank Private Ltd. refused to pay ransom. Now hackers are releasing records from some of the app. 10 million customers whose data was compromised. “Following through on a threat, the hackers began publishing the most private medical details of some of Medibank’s customers, including terminated pregnancies, treatment for drug and alcohol … Read more

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