Cyber Insurance Best Practices

Got an Opinion on Whether the Feds Should Have a Cyber Insurance Program? Now’s Your Time to Comment 

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“Should an existing federal insurance program (e.g., NFIP or TRIP) or other U.S. or international public-private insurance mechanisms serve as a model for, or be modified to address, catastrophic cyber incidents?’ the notice asks…The (US Treasury) Department’s Federal Insurance Office—together with the Cybersecurity and Infrastructure Security Agency—is soliciting feedback in preparation for a report to … Read more

75% of Respondents Know They Need Cyber Insurance, But Far Fewer Say They Have It: Travelers Risk Index 

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Potential good news for cyber insurers: Awareness of need is high and perhaps sales will catch up to it… “Nearly 75% of respondents said they believe having a cyber insurance policy is critical, but the percentage who said their company has purchased coverage was 59%, up only 3 points from 2021.” Source: Travelers Risk Index … Read more

Ransomware Has CISOs on the Defensive; Cyber Insurance a Fallback 

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The statistics on how many CISOs have been hit by two to five ransomware attacks are sobering. “More organizations ‘have implemented ‘Plan B’ measures this year, from opening cryptocurrency accounts to purchasing ransomware insurance riders,’ which the report said, ‘suggest that organizations realize threats are slipping through their defenses and a ransomware attack is inevitable.’” … Read more

Better Not Fib on Your Cyber Application —  Insurers Clamp Down on Accuracy of Clients’ Self-Attestations of Security Controls

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A hacked company claimed damages but was sued and had its coverage voided for falsely claiming it had MFA… “‘The lawsuits and the rescinding of coverage, the calling out of the insured and the policyholders on little fibs that they told, or omission of details around how they’re protected in their secure practices’ appear to … Read more

Why Did the White House Decide NOT to Ban Ransomware Payments? 

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“’It is so hard and so much more work needs to be done to improve the security of tech, to improve the cybersecurity of systems, that we’d essentially be pressing victims to make their payments go undercover,’ (deputy national security advisor for cyber and emerging technology Anne) Neuberger said.” Source: US government rejects ransom payment … Read more

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