The Source for Cyber Insurance News, Insights and Data
“’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
(TV station) KGW asked 20 of the largest cities in Oregon for a copy of their cyber insurance policies. Eighteen cities had coverage. Two did not — McMinnville and Redmond. KGW’s review found that in many cases cyber insurance costs have skyrocketed due to the surging attacks. In Portland, annual premiums jumped from $220,000 last … Read more
“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
“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
“The Hive group claims to have breached the system and then obtained details of its cyber insurance policy to use in negotiations. ‘We are very well informed and precise in our operations, so we know that Wootton have cyber insurance that reaches £500k,’ the group wrote in the message to students and parents.” Source: Ransomware … Read more