Ransomware Insurance

Some Shrewd Underwriting in a Complicated Market

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Resilience CEO Mario Vitale recounts how his company found a vulnerability in the system of a client…and the client was still procrastinating about fixing the problem when the policy’s renewal date arrived. Techmonitor reports what happened next: “At first, Resilience refused to offer the company coverage – until their broker suggested a compromise. If you … 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

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

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

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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