Cyber Insurance Best Practices

This Brings a New Element to Car Insurance — Cyber Attacks on “Connected Cars” Surge 

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“(T)he rise of smart, connective technology in vehicles has also exposed new weaknesses that hackers can exploit. A report by Upstream Security revealed that automotive cyber security incidents spiked 225% from 2018 to 2021. The majority (85%) of global attacks were conducted remotely.” Source: Automotive hacking – the cyber risk auto insurers must consider | … Read more

Companies Hoping Government Will Cover Cyber Losses: Survey 

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Hope of a government bailout doesn’t strike us as a realistic assumption for the vast bulk of ransomware attacks… “Only 19 percent of those surveyed have ransomware coverage limits above $600,000, while over half (59 percent) hoped the government would cover damages when future attacks are linked to other nation-states. Small-to-medium sized businesses (SMBs) – … Read more

Shop Early for Cyber Insurance and Don’t Forget Response Exercises: Wall Street Journal 

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[paywall] “Around 18 months ago, underwriters asked companies whether they required multifactor authentication when administrators accessed their system, said Tom Reagan, cyber practice leader in Marsh McLennan’s financial and professional products specialty practice. Today there’s an expectation that multifactor authentication is used throughout the organization, not just by administrators, he said. Insurers also expect organizations … Read more

Schools Slammed By Cyber Attacks, Struggle to Qualify for Affordable Cyber Insurance 

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“The 2022 ‘Cyber Market Conditions’ report indicates school districts may face a 100 to 300 percent increase in the cost of premiums if they don’t have ‘best in class’ security controls in place…In 2021, ransomware attacks cost U.S. schools $3.65 billion in downtime and recovery. That doesn’t include the additional cost to districts that paid multimillion-dollar ransoms.” Source: … Read more

Most School Districts Lack Even a Single Dedicated Cyber Security Employee and Colleges Are Losing Theirs to Outside Recruitment: Report 

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“Limited funds leaves (sic) K-12 districts struggling to make some cybersecurity investments or pay competitive cybersecurity salaries, (Amy) McLaughlin said. CoSN’s (K-12 professional association) most recent survey found a quarter of district respondents had a dedicated cybersecurity employee. Others might add cybersecurity to a staff members’ other duties or get part-time help from a virtual … Read more

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