The Source for Cyber Insurance News, Insights and Data
Analysts with Fox-IT (of the of NCC Group) created a database of more than 700 ransomware negotiations between 2019 and 2020. Tip 1: Don’t lose your cool with the hackers. “A crisis can be ‘an emotional rollercoaster,’ (Fox-IT cybersecurity analyst Pepijn Hack) said, and much is at stake. Business owners can understandably become emotive. Hack … Read more
Prediction comes from Forrester Senior Analyst Jeffery Williams: “Bottom line, insurers have been collecting small premiums while facing near-infinite risks. At least one top 10 cyber carrier will cease writing new business and selectively run off existing business in 2022.” Read the blog post here. “Download Forrester’s Predictions 2022 complimentary guide and find out what’s … Read more
“Jen Easterly, director of the Cybersecurity and Infrastructure Security Agency, known as CISA, told the House Homeland Security Committee Wednesday that ‘ransomware has become a scourge on nearly every facet of our lives, and it’s a prime example of the vulnerabilities that are emerging as our digital and our physical infrastructure increasingly converge.’” Source: ‘American … Read more
“James Burns, head of cyber underwriting at CFC, says that ransomware has ‘solely transformed’ the cyber market owing to the “astronomical increases” in the extortion amounts demanded in attacks over the last 18 months.” See more from this survey. Source: Captive insurance industry news | Airmic: cyber risks are the most likely new risks to … Read more
As more and more enterprises back up their data to protect it from being encrypted (and thereby made inaccessible) by ransomware attacks, criminals are now moving to steal the data first before they encrypt it. If the target does not pay up, the attacker releases sensitive data. “Threat actors are now shifting to the method … Read more